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Synthetix Network TokenSNX
Synthetix Network Token (SNX)
Synthetix Network Token Conversion Calculator
Synthetix Network Token To USD
What is Synthetix Network Token?
Built on Ethereum, the Synthetix Network is a token trading platform established in 2017. The network has plans to bring the same sort of commodities, currencies, stock trading, and other assets ruled by traditional financial centers in Hong Kong, Wall Street, and London, into the decentralized, economic world of cryptocurrencies.
Users of Synthetix are able to use ERC-20 tokens to bet on stocks, crypto assets, currencies, precious metals, and other financial assets. The price of “real world” assets, such as precious metals are copied over into digital, synthetic assets or “Synths.” These Synths are tokenized on the Ethereum blockchain with all the qualities of ER-C20 tokens.
However, holding a real-world asset isn’t the same thing as holding a Synth. For instance, real and Synth MKR tokens each have exactly the same price, but the holder of a Synth token doesn’t have the same voting rights that the holder of a real MKR token does. In essence, Synthetix users are able to benefit from an upswing in an asset’s price without actually holding that asset.
Based on a system of staking, inflation, fees, and collateral, the Synthetix Network uses an infrastructure made up of more than one token, generally one of two types. They include the previously mentioned Synths and the main Synthetix Network Token itself.
In the Synthetix Network, synthetic U.S. dollars are created by locking up the Synthetix Network Token. It’s a similar system to that of MakerDAO where DAI is created by locking up ETH. In Synthetix, SNX acts as collateral while Synthetic USD stands in as debt. The biggest difference between MakerDAO and Synthetix is that SNX can conceivably create any synthetic asset. In other words, SNX isn’t just the collateral used to create synthetic USD.
One of the Synthetix Network’s core benefits is its ability to gather accurate data from networks outside of the blockchain. That information may take the form of prices of various stocks or currencies around the world, such as the Swiss Franc or Japanese Yen. To gather this data, the Synthetix Network has partnered with ChainLink and their oracle system to dependably bring data to the Ethereum blockchain in a decentralized way.
Synthetix Network Token Market Price Ticker Chart
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Synthetix Network Token Frequenty Asked Questions
Where does Synthetix Network Token (SNX) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Synthetix Network Token currently ranks in position 29 out of the top 1000 cryptocurrencies. Another important factor in popularity is Synthetix Network Token‘s market capitalization – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Synthetix Network Token has a market cap of $ 2,584,811,662, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 830,530,031,224, Litecoin at $ 10,853,933,229, Ethereum at $ 160,939,373,553, Tether at $ 35,198,057,071, and XRP at $ 18,909,007,446.
What is the price of Synthetix Network Token (SNX) today (updated in realtime)?
The current price of Synthetix Network Token is $ 17.51 in USD. (The price in Euros is 14,50 €; and the price in Bitcoin is Ƀ 0.00039300 BTC.)
How has Synthetix Network Token (SNX) performed recently?
Synthetix Network Token‘s price has decreased in the last 24 hours by -12.35%. The change in price over the last seven days was -24.91%. The trading volume over the last 24 hours was $ 247,893,120. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds, and it is considered a good indicator of popular interest in the currency.
What is Synthetix Network Token‘s (SNX) market supply?
The total circulating (available) supply of Synthetix Network Token is 147,148,488 SNX. The total supply of Synthetix Network Token is 219,252,220 SNX.
What is the 24 hour volume for Synthetix Network Token (SNX)?
The 24 hour volume of Synthetix Network Token is $ 247,893,120.
What is Synthetix Network Token (SNX) official website?
Synthetix Network Token‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
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