Synthetix (SNX)

Synthetix (SNX)

Rank #96

$2.62

0.26%

0.0001 BTC

SNX
USD

MARKET CAP

$301.176M

ALL TIME HIGH

$28.77

VOLUME 24H

$74.788M

CIRC. SUPPLY

114.842M

VOL/MCAP

25.00%

TOTAL SUPPLY

215.259M

DILUTED MCAP

$557.09M

MAX SUPPLY

212.424M

1H USD

0%

24H USD

0.26%

7D USD

10.36%

30D USD

0%

60D USD

0%

90D USD

0%

Tag:

servicesdecentralized-exchangedefiderivativesView all

Synthetix Price Chart

24h Change

0.26 %

Synthetix - SNX Profiles

Overview & History

Synthetix is a token for minting synthetic assets on the Synthetix Network, built on Ethereum.

History

Synthetix is a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. These synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Synthetix Exchange without liquidity limitations. Previously, this project was launched as Havven (HAV), a decentralized stablecoin protocol. The published white paper still refers to the previous project, Havven.

What Is Synthetix (SNX)?

Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.

The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.

Who Are the Founders of Synthetix?

The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.

Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.

Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu.

Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems.

Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.

What Makes Synthetix Unique?

Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset.

The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.

The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators.

SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract.

Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.

How Many Synthetix (SNX) Coins Are There in Circulation?

The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021.

At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation.

How Is the Synthetix Network Secured?

The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees.

Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards.

 

 

 

People

We found 3 people related to snx-synthetix-network-token, include Jordan Momtazi

Organizations

We found 1 organizations related to Synthetix has Synthetix

Synthetix

Synthetix

2017
San Francisco, California, United States
About

Synthetix Network, previously known as Havven, is a software and blockchain development company focused on creating on-chain synthetic assets pegged to fiat currencies, metals, and indices. Synthetix is developing Mintr, a dapp for SNX holders to create synthetic assets (called Synths) and Swappr, a decentralized exchange (DEX) for buying Synthetix's stablecoins with ether.

Highlight

Funding Rounds:

5

Total Funding Amount:

$ 46.05M

Individuals Investors:

1

Organizations Investors:

10

Funding Rounds

Synthetix has raised a total of $46.05M in funding over 5 rounds. Their latest funding was raised on December 15, 2020 from a Venture Round - Synthetix round.

Announced Date
Transaction Name
Number of Investors
Money Raised
Lead Investors
December 15, 2020
Venture Round - Synthetix
3
$12M
Coinbase Ventures, IOSG Ventures, Paradigm
September 3, 2020
Convertible Note - Synthetix
1
October 29, 2019
Venture Round - Synthetix
1
3800000
Framework Ventures
March 1, 2018
Initial Coin Offering - Synthetix
2
$30M
September 29, 2017
Seed Round - Synthetix
1
$250K
Investors

Individuals Investors

George Burke

George Burke

Synthetix Price Live Data

SNX Price

$2.62

Trading Volume

$74.79 M

All Time High

$28.77

1hour Change

-0.24%

24hours Change

0.26%

24hours Range

-0.26%

24hours Low

$5.71

24hours High

$5.99

Liquidity ±2%

$50,339.65 B

Bids -2%

$5.03 M

Asks +2%

$4.35 M

Market Cap

$301.18 M

Fully Diluted Market Cap

557.09 M

Circulating Supply

114.84 M

Total Supply

215.26 M

Max Supply

212.42 M

Synthetix Markets

See All Market
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