$294,210,437
Total Market Cap
339,889,850 SNX
Circulating Supply
$45,632,884
24h Volume
$294,210,437
Total Market Cap
339,889,850 SNX
Circulating Supply
$45,632,884
24h Volume
# | Signal | Exchange | Type | Age |
---|
Logo | Exchange | Price | Pair | Spread | 24h Volume |
---|---|---|---|---|---|
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Binance | $0.875 | SNXUSDT | $0.00 | $6,176,156 |
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Binance.us | $0.841 | SNXUSDT | $0.03 | $1,910 |
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BingX | $0.875 | SNX/USDT | $0.00 | $96,454 |
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BitMart | $0.8752 | SNX/USDT | $0.00 | $345,205 |
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Bybit | $0.8747 | SNX/USDT | $0.00 | $775,000 |
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Coinbase Advanced | $0.874 | SNX-USD | $0.00 | $855,194 |
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Crypto.com | $0.8725 | SNX/USD | $0.01 | $29,966 |
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HitBTC | $0.011 | SNX/USDC | $0.00 | $0 |
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HTX | $0.8744 | SNX/USDT | $0.00 | $3,730,140 |
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Kraken | $0.874 | SNX/USD | $0.00 | $165,821 |
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KuCoin | $0.874 | SNX/USDT | $0.00 | $303,515 |
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OKX | $0.8737 | SNX/USD | $0.00 | $5,556 |
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Poloniex | $0.877 | USDT_SNX | $0.07 | $119 |
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ProBit Global | $0.8726 | SNX/USDT | $0.01 | $14,267 |
Synthetix Network (SNX) is a decentralized finance (DeFi) protocol built on the Ethereum blockchain that enables the creation of synthetic assets. These synthetic assets, known as "Synths," track the value of real-world assets like cryptocurrencies, fiat currencies, commodities, and stocks. Launched in 2018 (originally as Havven before rebranding), Synthetix has become one of the pioneering projects in the DeFi ecosystem, offering users exposure to a wide range of assets without requiring them to actually own the underlying assets.
The Synthetix Network operates through a complex system of smart contracts that enable the minting of synthetic assets. Here's how it works:
At its core, SNX tokens serve as collateral for the Synthetix ecosystem. Users lock up SNX to mint synthetic assets (Synths) through a process called staking. The system requires overcollateralization, typically at a ratio of 400-750%, to ensure the stability and solvency of the protocol even during market volatility.
Once created, Synths can be freely traded against one another on Synthetix's exchange, Synthetix.Exchange. Unlike traditional exchanges, trades on Synthetix occur against the smart contract rather than between buyers and sellers, providing infinite liquidity and zero slippage (up to the available collateral in the system).
All SNX stakers share collective debt in the system. When a user stakes SNX and mints Synths, they take on a portion of the network's debt. This means stakers' returns are affected by the performance of all Synths in the ecosystem, not just the ones they've minted.
Staking is a fundamental aspect of the Synthetix Network ecosystem:
To stake SNX, users lock their tokens in a smart contract and mint sUSD (the network's USD-pegged stablecoin). The amount of sUSD that can be minted depends on the collateralization ratio, which is maintained to ensure system stability. Stakers receive two types of rewards:
Synthetix Network (SNX) does not utilize traditional mining like Bitcoin or early Ethereum. Instead of proof-of-work mining, SNX uses a staking mechanism as described above. Since it's built on Ethereum, the underlying transaction validation is handled by Ethereum's consensus mechanism, which has moved from proof-of-work to proof-of-stake with the Ethereum 2.0 upgrade.
The SNX token serves several critical functions within the Synthetix ecosystem:
The primary use of SNX is as collateral to mint Synths. This collateralization is what gives Synths their value and stability.
SNX holders can participate in the governance of the protocol through the Synthetix Improvement Proposal (SIP) process, voting on changes to the system parameters, new Synth additions, and protocol upgrades.
Trading fees generated on the platform are distributed to SNX stakers, providing an incentive for users to stake their tokens and support the network.
The high collateralization ratio required for minting Synths helps secure the network against extreme market volatility.
The distribution of Synthetix Network Token (SNX) has evolved since its launch:
When Synthetix launched (as Havven) in February 2018, the initial token sale distributed 60 million SNX tokens (60% of the initial 100 million supply). The remainder was allocated to the team, advisors, and the community foundation.
In March 2019, Synthetix implemented an inflationary monetary policy to incentivize staking. The supply was programmed to increase from 100 million to approximately 245 million over a five-year period, with new tokens distributed to stakers.
The protocol has undergone several governance proposals that have adjusted the inflationary schedule to balance staking incentives with token value preservation.
Synthetix Network has established itself as a cornerstone of the DeFi ecosystem with several notable features:
Synthetix Network Token (SNX) is available for trading on numerous cryptocurrency exchanges. Investors and traders can easily trade SNX using Cryptohopper's automated trading bot, which allows for efficient trading strategies across multiple exchanges. The Cryptohopper platform enables users to set up advanced trading strategies, implement technical indicators, and automate their SNX trading operations without needing to constantly monitor the markets.
When engaging with Synthetix Network (SNX), consider the following:
As with any cryptocurrency investment, conducting thorough research and understanding the unique mechanisms of the Synthetix Network is essential before participating in the ecosystem.
Below are the most popular denominations to convert to USD and back into SNX
SNX | US Dollar |
---|---|
0.01SNX | 0.01USD |
0.1SNX | 0.09USD |
1SNX | 0.87USD |
2SNX | 1.74USD |
3SNX | 2.60USD |
5SNX | 4.34USD |
10SNX | 8.68USD |
25SNX | 21.70USD |
50SNX | 43.40USD |
100SNX | 86.80USD |
250SNX | 217.01USD |
500SNX | 434.02USD |
1000SNX | 868.04USD |
10000SNX | 8,680.36USD |
50000SNX | 43,401.80USD |
100000SNX | 86,803.60USD |
US Dollar | SNX |
---|---|
0.01 USD | 0.01152026SNX |
0.1 USD | 0.11520260SNX |
1 USD | 1.15202595SNX |
2 USD | 2.30405191SNX |
3 USD | 3.45607786SNX |
5 USD | 5.76012976SNX |
10 USD | 11.52025953SNX |
25 USD | 28.80064882SNX |
50 USD | 57.60129764SNX |
100 USD | 115.20259528SNX |
250 USD | 288.00648821SNX |
500 USD | 576.01297642SNX |
1000 USD | 1,152.02595284SNX |
10000 USD | 11,520.25952841SNX |
50000 USD | 57,601.29764203SNX |
100000 USD | 115,202.59528407SNX |