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    What is Synthetix (SNX) token? Everything about SNX token price, chart, market cap

    Synthetix is ​​a decentralized synthetic asset issuance protocol built on top of Ethereum. In this article, VakaFx shares to everyone all information about SNX token.

    What is Synthtix? 

    Synthetix is ​​a decentralized synthetic asset issuance protocol built on top of Ethereum. These synthetic assets are collateralized by SNX tokens, as they are locked in a contract allowing the issuance of the aggregate assets (also known as Synth).

    Synthetix's asset exchange model allows users to make the switch between Synths directly with the smart contract, avoiding third-party interference.

    Synthetix allows users to "contact" assets such as fiat money (USD, EUR, JPY), Cryptocurrency (BTC, ETH, BNB), Commodities (XAU, XAG).

    In the future, it is possible to add stocks and financial indicators.

    What does Synthetix (SNX) solve?

    - The issue of opportunity cost

    We all have limited capital. Investing in a project means that part of our capital will be locked and cannot be used for other things.

    - The issue of transparency

    Stablecoins are essential for the development of the Cryptocurrency market. But, around that, there is still a lack of transparency in issuing coins to the market.

    This could be a potential threat to the development of the common market in the typical future here is Stablecoin Tether.

    How does Synthetix (SNX) solve the above problems?

    In Synthetix model, users will lock their SNX to:

    - Stake and receive a SNX token reward

    Issue Synths at the specified rate and can then exchange them on the Synthetix DEX. When users want to unlock their SNX, they have to burn the Synth number according to the original proportion they released.

    - Share transaction fees generated when users transact Synths with each other through Synthetix DEX exchange.

    What is SNX Token? 

    • Blockchain: Ethereum
    • Token type: Utility
    • Token Standard: ERC-20
    • Ticker: SNX
    • Contract: 0xC011A72400E58ecD99Ee497CF89E3775d4bd732F
    • Total supply: 245,312,500 SNX
    • Circulating Supply: 128,846,153 SNX (~ 52.52% of total supply)

    SNX Allocation

    SNX-allocation

    Token Sales

    SNX-token-sale

    What is outstanding about Project Synthetix (SNX)?

    The highlight of Synthetix is ​​the idea that allows users to optimize their capital through the issuance of Synths.

    At the same time, make them liquidation by allowing the trading of these Synths on its DEX platform.

    Before going to the components inside Synthetix, first, you need to understand Synths:

    So, what are Synths?

    In the Synthetix ecosystem, Synths are understood as synthetic assets. Synths here are sUSD. You can understand it as a token whose price is equivalent to the price of the coin anchored and its value is backed by the SNX Token.

    Synthetix's ecosystem includes:

    • DEX exchange: https://synthetix.exchange/

    A place to exchange between Synth and SNX without the need for a third party.

    • Dapp: https://mintr.synthetix.io/

    Is a decentralized application for SNX owners to release synthetic assets (Synths) and join the Synthetix Network.

    • Dashboard: https://dashboard.synthetix.io/

    Provide users with an overview and honesty about the Synthetix ecosystem.

    Synthetix-exchange

    How does Synthetix work?

    SNX holders lock their tokens as collateral: To staking to receive a reward is the SNX token.

    Release Synths: Synths are released to the market based on the value of the locked SNX. Synths can be used for some purposes such as transactions and money transfers.

    SNX holders who have locked their tokens for the above 2 purposes will share a portion of the Transaction Fee: All Synth transactions on Synthetix. Exchange generates fees that are distributed to SNX owners.

    What SNX is intended for in the Synthetix ecosystem

    The SNX token used in the Synthetix ecosystem is as follows:

    • SNX is used to Stake and receive Reward as a SNX token.
    • Used to lock as collateral to release Synth to the market.
    • Pay transaction fees on DEX Synthetix.

    SNX token transaction fees

    On the Synthetix exchange, the transaction fee on the exchange is 0.3% per transaction. Besides, SNX tokens are also ERC-20 so transaction fees are also charged when transferring tokens in the Ethereum Blockchain network.

    Other exchanges: When trading on the exchange, you will be charged with withdrawal fees and transaction fees.

    How to earn and own SNX tokens? 

    The only way now is to buy SNX on exchanges for trading SNX tokens like Kucoin, Bittrex, Gate.io, Synthetix Exchange.

    The future of SNX Token

    In the short term, locking the SNX tokens to issue Synth and receiving the Staking reward makes the supply scarce, which makes the demand for buying increase.

    In the long run, when the Staking reward drops so slowly that the majority of users find blocking the SNX to receive a Reward is no longer attractive, what keeps them going to lock the SNX is to share the Transaction Fee as owner.

    So in the future, 3-5 years from now, the development of Synthetix Exchange is decisive to the survival of the project.

    Exchanges are generally one of the most fiercely competitive segments in this space. Before the big names Binance, Houbi, Binance Dex ... will the Synthetix Exchange get a large enough piece of cake for itself in this market.

    Should you invest in SNX token?

    Before answering the above question, I want to review some important information related to the project and SNX token so that you can learn more carefully and then make your own investment decisions.

    • Product

    Currently, the dex team has launched 3 products:

    DEX exchange: https://synthetix.exchange/ - Place of delivery of Synths and SNX tokens.

    Dapp: https://mintr.synthetix.io/ - Supports users to lock SNX tokens to stake and receive rewards easily.

    Dashboard: https://dashboard.synthetix.io/ - Provides overview information about DEX Synthetix exchange.

    • Roadmap

    Synthetix does not public any roadmap. You can follow the group's dynamics through notifications on official notification channels.

    At the moment, Synthetix team is focusing on developing features for Synthetix Exchange such as Margin trade, supporting other types of synthetic assets.

    • Market

    At the time of writing, according to Coingecko, the Crypto market capitalization is about 290 billion USD, Vol 24h is about 70 billion USD.

    Transaction fee on DEX Synthetix is ​​0.3% / transaction.

    •  Competitor

    Major CEXs like Binance, Coinbase, Huobi ...

    Major DEXs such as Binance DEX, IDEX, Kyber, Uniswap ...

    • Mainnet

    The development project on the Ethereum platform, DEX Synthetix, went into operation in March 2018

    Conclusion

    Hopefully, with this article, you will have an overview of this project. If you have any questions about this project, do not hesitate to comment below!

    Follow our official channels for up-to-date the latest information: 

    - Website: https://vakafx.com

    - Email: [email protected]

    - Telegram: @vakaxasupport

    ➤ Learn more: What is Polkadot (Dot) token? All Information About Price, Chart, Marketcap

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