Synthetix Reaches Market Cap of $742.19 Million (SNX)

Synthetix (SNX) traded 1.6% lower against the US dollar during the 1-day period ending at 20:00 PM Eastern on March 18th. Synthetix has a total market cap of $742.19 million and approximately $125.46 million worth of Synthetix was traded on exchanges in the last day. In the last week, Synthetix has traded up 34.8% against the US dollar. One Synthetix coin can currently be purchased for $2.93 or 0.00010826 BTC on popular cryptocurrency exchanges.

Here’s how other cryptocurrencies have performed in the last day:

• KILT Protocol (KILT) traded down 11.4% against the dollar and now trades at $0.40 or 0.00001484 BTC.
• Aidi Finance (BSC) (AIDI) traded 0.8% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 1.9% lower against the dollar and now trades at $0.0667 or 0.00000246 BTC.
• CareCoin (CARES) traded down 1.9% against the dollar and now trades at $0.0827 or 0.00000306 BTC.
• OmniaVerse (OMNIA) traded up 35.8% against the dollar and now trades at $0.0011 or 0.00000004 BTC.
• Kitty Inu (KITTY) traded 1.9% lower against the dollar and now trades at $98.93 or 0.00365664 BTC.
• FEG Token (FEG) traded down 1.9% against the dollar and now trades at $0.0008 or 0.00000003 BTC.
• Hokkaidu Inu (HOKK) traded 1.3% lower against the dollar and now trades at $0.0007 or 0.00000002 BTC.
• QANplatform (QANX) traded 1.9% lower against the dollar and now trades at $7,190.88 or 0.26577750 BTC.
• Lego Coin (LEGO) traded up 21.3% against the dollar and now trades at $0.0172 or 0.00000063 BTC.

About Synthetix

Synthetix’s launch date was March 11th, 2018. Synthetix’s total supply is 315,996,212 coins and its circulating supply is 253,622,423 coins. The official message board for Synthetix is research.synthetix.io. Synthetix’s official website is www.synthetix.io. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed here. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here.

According to CryptoCompare, “Synthetix (SNX) is a rebranding of Havven.io (HAV).

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 is designed to solve 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. Trading on Synthetix.Exchange does not require the trader to hold SNX.

How SNX backs Synths

All Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% collateralisation ratio, although this may be raised or lowered in the future through community governance mechanisms. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.

Synthetix is also currently trialling Ether as an alternative form of collateral. This means traders can borrow Synths against their ETH and begin trading immediately, rather than needing to sell their ETH. Staking ETH requires a collateralisation ratio of 150% and creates a debt denominated in ETH, so ETH stakers mint sETH rather than sUSD and do not participate in the ‘pooled debt’ aspect of the system. In this model, ETH stakers do not receive fees or rewards as they take no risk for the debt pool.”

Synthetix Coin Trading

It is usually not currently possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to acquire Synthetix should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Synthetix using one of the aforementioned exchanges.

SNX/USD price chart by TradingView