Synthetix (SNX) Trading 31.9% Higher Over Last 7 Days

Synthetix (SNX) traded down 7.1% against the dollar during the 1 day period ending at 8:00 AM Eastern on March 19th. One Synthetix coin can currently be purchased for approximately $2.87 or 0.00010492 BTC on cryptocurrency exchanges. In the last seven days, Synthetix has traded 31.9% higher against the dollar. Synthetix has a total market capitalization of $728.44 million and approximately $82.60 million worth of Synthetix was traded on exchanges in the last day.

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

• KILT Protocol (KILT) traded down 7.2% against the dollar and now trades at $0.41 or 0.00001486 BTC.
• Aidi Finance (BSC) (AIDI) traded down 0% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2% lower against the dollar and now trades at $0.0680 or 0.00000251 BTC.
• CareCoin (CARES) traded 2% lower against the dollar and now trades at $0.0844 or 0.00000311 BTC.
• OmniaVerse (OMNIA) traded 38.7% higher against the dollar and now trades at $0.0012 or 0.00000004 BTC.
• Kitty Inu (KITTY) traded 2% lower against the dollar and now trades at $100.97 or 0.00371989 BTC.
• FEG Token (FEG) traded 2% lower against the dollar and now trades at $0.0008 or 0.00000003 BTC.
• Hokkaidu Inu (HOKK) traded down 3.1% against the dollar and now trades at $0.0007 or 0.00000002 BTC.
• QANplatform (QANX) traded down 2% against the dollar and now trades at $7,338.91 or 0.27037433 BTC.
• Lego Coin (LEGO) traded 8.5% lower against the dollar and now trades at $0.0164 or 0.00000060 BTC.

About Synthetix

Synthetix was first traded on March 11th, 2018. Synthetix’s total supply is 315,996,212 coins and its circulating supply is 253,622,178 coins. The official website for Synthetix is www.synthetix.io. The official message board for Synthetix is research.synthetix.io. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed 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.”

Buying and Selling Synthetix

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

SNX/USD price chart by TradingView