SNX

Synthetix price

SNX
|
3.8/5
CyberScope
4.2
04/17/2024
TokenInsight
3.3
11/09/2022
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USD
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$2.9030
+0.58%
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Synthetix price live data

The current price of Synthetix is $2.9030. Since 00:00 UTC, Synthetix has increased by +0.59%. It currently has a circulating supply of 327,769,196 SNX and a maximum supply of 328,193,104 SNX, giving it a fully diluted market cap of $952.83M. At present, Synthetix holds the 72 position in market cap rankings. The Synthetix/USD price is updated in real-time.

Synthetix price performance in USD

Time periodChange amount%Chg
Today$0.017000 +0.58%
7 days-$0.97800 -25.20%
30 days-$0.97500 -25.15%
3 months-$1.7600 -37.75%

Synthetix market information

24h low/high
The highest, lowest, and last prices in 24 hours
24h low$2.7000
Last price $2.9030
24h high$2.9350
Heat index ranking
184
Market cap ranking
72
Market cap
$952.83M
Favorited rate
Percentage of users who favorited this asset to all users
1.85%
All-time high
$28.9900
-89.99% (-$26.0870)
Feb 14, 2021 (3 years ago)
All-time low
$1.3960
+107.95% ($1.5070)
Dec 30, 2022 (2 years ago)
ICO date
03/12/2018
ICO price
The price at which this crypto was first traded
$0.90000
Circulating supply
The amount of this crypto that is publicly available in the market
327,769,196 SNX
Market cap at circulating supply
Market cap = Circulating supply × Last price
$954.06M

About Synthetix (SNX)

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.

Learn more about Synthetix (SNX)

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SNX FAQ

How does Synthetix enable the creation of synthetic assets?

Synthetix (SNX) is a decentralized protocol on the Ethereum blockchain that facilitates the creation of synthetic assets, known as "synths." These synths mimic the value of real-world assets like cryptocurrencies, commodities, and fiat currencies. By leveraging smart contracts, oracles, and the SNX token, Synthetix enables users to access various assets without owning them directly. This opens up a new horizon of financial opportunities within the decentralized finance (DeFi) space.

What role does the SNX token play within the Synthetix ecosystem?

The SNX token plays a crucial role within the Synthetix ecosystem, serving multiple functions. Primarily, it acts as collateral to back the value of issued synths. Holders can lock their tokens as collateral and mint synths, earning a proportionate share of fees generated by the Synthetix protocol. Additionally, SNX token holders can participate in the protocol's governance, giving them a voice in decision-making processes.

How do I buy and store SNX?

Easily buy SNX tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include SNX/USDT and SNX/USDC. You can also swap your existing cryptocurrencies, including Bitcoin (BTC),Cardano (ADA), Tether (USDT), and USD Coin (USDC), for SNX with zero fees and no price slippage by using OKX Convert.

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1 SNX ≈ $2.9030 USD
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