The current price of Synthetix is $2.0210. Since 00:00 UTC, Synthetix has increased by +2.80%. It currently has a circulating supply of 339,466,217 SNX and a maximum supply of 339,889,850 SNX, giving it a fully diluted market cap of $686.74M. At present, the Synthetix coin holds the 74 position in market cap rankings. The Synthetix/USD price is updated in real-time.
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Amidst the Ethereum network's scalability issues and growing congestion, Synthetix has emerged as an innovative solution to these challenges. With its native token SNX, Synthetix provides a robust platform for synthetic assets in the decentralized finance (DeFi) arena. This platform goes beyond the typical DeFi offerings, presenting a distinctive approach to tokenization and asset management that unlocks numerous opportunities within the cryptocurrency space.
What is Synthetix?
Synthetix is a DeFi protocol operating on the Ethereum network, enabling the creation of synthetic assets. These assets, referred to as Synths, replicate the value of various other assets, including fiat currencies, cryptocurrencies, commodities, and stocks. The primary purpose of Synths is to offer users exposure to these assets without needing to possess them physically. The Synthetix Network Token (SNX) is the protocol's native token and is used as collateral for issuing Synths.
The Synthetix team
The Synthetix team, led by Kain Warwick, is a dedicated group of experienced developers and entrepreneurs. Some notable team members include Dustin Fontaine, the CTO; Justin Moses, the senior software engineer; Clint Ennis, the senior architect; and Sunny Vempati, the front-end architect. Additionally, the team is complemented by Andrew Porter, a non-executive director, Marcelo D., a partner at Cluster Capital, and Brian O'Farrell, the co-founder of Furthr.
How does Synthetix work?
Synthetix operates by utilizing decentralized oracles, which are smart contract-based price discovery protocols, to monitor the prices of specific assets. By doing so, the value of Synths becomes tied to the underlying assets, enabling users to gain exposure to these assets without holding them directly.
Users can lock up their SNX tokens as collateral to mint new Synths. These newly minted Synths can be traded on the Synthetix Exchange without experiencing slippage. This is achieved through a mechanism that burns the Synths being sold and mints new ones, ensuring the overall supply remains balanced.
SNX tokenomics
SNX tokens play a vital role in the Synthetix ecosystem as they serve as collateral for the creation of synths. When SNX holders stake their tokens within the protocol, they gain access to rewards and the ability to participate in the Synth exchange. Notably, the value of SNX tokens is directly tied to the value of the synths they are used to collateralize, establishing a crucial connection between the token and the underlying assets within the system.
Synthetix use cases
Synthetix offers various use cases that revolve around synthetic assets. Through Synths, users can gain exposure to a wide range of assets without needing to directly own them, as the Synths are tied to the value of the underlying assets.
The platform enables users to trade Synths directly on the Synthetix DEX without the involvement of intermediaries. Additionally, being built on the Ethereum blockchain, users can deposit Synths on select DeFi protocols, providing liquidity and earning interest.
SNX token holders can stake their tokens and earn Synths as rewards, further enhancing their participation within the ecosystem.
SNX distribution
The total supply of SNX tokens is capped at 259,562,746. The distribution is allocated as follows:
Sixty percent through the initial coin offering (ICO).
Three percent for bounties and marketing incentives.
Five percent for partnerships.
Twelve percent for the foundation.
Twenty percent for the team and advisors.
The road ahead of Synthetix
Synthetix's future roadmap involves the expansion of its synthetic asset offerings to include traditional assets such as stocks and bonds. This strategic move aims to bridge the gap between the traditional financial realm and the blockchain space, enabling users to access a broader range of investment opportunities.
Furthermore, the Synthetix team is committed to improving the user experience by enhancing the platform's accessibility and usability, catering to both seasoned and new users alike.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 719 new posts about Synthetix, driven by 120 contributors, and total online engagement reached 79K social interactions. The sentiment score for Synthetix currently stands at 86%. Compared to all cryptocurrencies, post volume for Synthetix currently ranks at 2931. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Synthetix.
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Posts
719
Contributors
120
Interactions
78,760
Sentiment
86%
Volume rank
#2931
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Posts
629
Interactions
76,157
Sentiment
87%
SNX FAQ
How much is Synthetix worth today?
Currently, one Synthetix is worth $2.0210. For answers and insight into Synthetix's price action, you're in the right place. Explore the latest Synthetix charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Synthetix, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Synthetix have been created as well.
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