Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived.

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Coin’s Details

  • Market Capitalization

    $497.3 M

  • Volume 24H

    $45.8 M

  • Blockchain

    ERC-20

  • Circulating supply

    101 521 896

  • Total supply

    203 011 783

  • Proof type

    Proof of Work (PoW)

  • Algorithm

    Delegated Proof of Stake (DPoS)

  • Team Location

    Sydney, Australia

  • First announced

    Nov 20th, 2017