What is Synthetix($SNX) | Complete Set Of SNX Cryptocurrency

What is Synthetix?

Synthetix (SNX) is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain. Synthetix supports synthetic commodities like gold and silver, synthetic cryptocurrencies, synthetic inverse cryptocurrencies, synthetic cryptocurrency indexes, and synthetic fiat currencies. The platform brings non-blockchain-based asset exposure to the crypto ecosystem, thus creating a more mature financial market.

Outstanding Features

What is the unique selling point?

The problem Synthetix poses

There were two main issues that the dev team came up with:

• The Opportunity Cost Problem: We all have finite capital. Investing in a project means that some of our capital will be locked up and cannot be used for other things.
• The issue of transparency and adoption of Stablecoins: Stablecoins are necessary for the development of the Cryptocurrency market in general. But around that there is still a lack of transparency in the issuance of coins to the market. This could be a potential threat to the development of the common market in the future, as featured here is the stablecoin of Tether.

Synthetix’s solution

I will simply describe it as follows. In Synthetix’s model, users lock their SNX to:

• Staking and receiving rewards are SNX tokens.
• Issue Synths at the specified rate and then exchange them on Synthetix DEX. When users want to unlock their SNX, they have to burn the Synth according to the rate they originally issued.
• Shared transaction fees are generated when users trade Synths against each other through Synthetix’s DEX.

Synthetix Highlights

The highlight of Synthetix is ​​the idea of ​​allowing users to optimize their capital, through the issuance of Synths. Also, create liquidity for them by allowing trading of these Synths on our DEX platform.

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

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

In a nutshell, Synthetix’s ecosystem includes:

• Synthetix Exchange: A place to exchange between Synths and SNXs without the need for a third party.
• Dapp: A decentralized application for SNX holders to issue synthetic assets (Synths) and join the Synthetix Network.
• Dashboard: Provides users with an honest overview of the Synthetix ecosystem.

Synthetix will work like this:

• SNX holders lock their tokens as collateral: For staking, the reward is SNX tokens.
• Release of Synths: Synths are released to the market against the value of the locked SNX. Synths can be used for a number of purposes such as transactions and remittances.
• SNX holders who have locked tokens for the above 2 purposes will share a portion of Transaction Fee: All Synth transactions on Synthetix. Exchange generates fees that are distributed to SNX holders.

Roadmap

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Technical Data

Token Metrics

• Token Name: Synthetix.
• Ticker: SNX.
• Blockchain: Ethereum.
• Token type: Utility.
• Token Standard: ERC-20.
• Ticker: SNX.
• Contract: 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
• Total supply: 100,000,000 SNX.
• Circulating Supply: Updating.

Token Allocation

Token Sale

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Token Release Schedule

Token Use Case

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

Backers

Team

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Partners

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Investors

Verdict

Synthetix is a software that allows users to mint new crypto assets that mimic both real-world assets (like the U.S. dollar) and crypto assets (like Bitcoin). 

One of an emerging number of decentralized finance (DeFi) cryptocurrencies, Synthetix enables this service through code alone, without the need for a financial intermediary. Rather, Synthetix is simply a collection of smart contracts running on the Ethereum blockchain. 

Find more information about: Synthetix

Website: https://synthetix.io/

Whitepaper: https://docs.synthetix.io/litepaper

Twitter: https://twitter.com/synthetix_io

Discord: https://discord.com/invite/AEdUHzt

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures