Synthetix (SNX) traded 3.7% higher against the US dollar during the 1 day period ending at 12:00 PM ET on March 19th. In the last week, Synthetix has traded up 37.9% against the US dollar. One Synthetix coin can currently be purchased for about $2.97 or 0.00010592 BTC on cryptocurrency exchanges. Synthetix has a total market cap of $752.32 million and approximately $67.00 million worth of Synthetix was traded on exchanges in the last 24 hours.
Here is how related cryptocurrencies have performed in the last 24 hours:
- KILT Protocol (KILT) traded down 7.4% against the dollar and now trades at $0.40 or 0.00001424 BTC.
- Aidi Finance (BSC) (AIDI) traded 0% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
- Zoo Token (ZOOT) traded up 1.6% against the dollar and now trades at $0.0693 or 0.00000250 BTC.
- CareCoin (CARES) traded 1.6% higher against the dollar and now trades at $0.0860 or 0.00000310 BTC.
- OmniaVerse (OMNIA) traded down 6.8% against the dollar and now trades at $0.0011 or 0.00000004 BTC.
- Kitty Inu (KITTY) traded up 1.6% against the dollar and now trades at $102.79 or 0.00371065 BTC.
- FEG Token (FEG) traded up 1.6% against the dollar and now trades at $0.0008 or 0.00000003 BTC.
- QANplatform (QANX) traded 1.6% higher against the dollar and now trades at $7,471.04 or 0.26970295 BTC.
- Hokkaidu Inu (HOKK) traded 0.7% higher against the dollar and now trades at $0.0007 or 0.00000002 BTC.
- Lego Coin (LEGO) traded 7.9% lower against the dollar and now trades at $0.0164 or 0.00000059 BTC.
Synthetix Coin Profile
Synthetix launched on March 11th, 2018. Synthetix’s total supply is 315,996,212 coins and its circulating supply is 253,622,178 coins. 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. The official message board for Synthetix is research.synthetix.io. Synthetix’s official website is www.synthetix.io.
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 possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to acquire Synthetix should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Synthetix using one of the exchanges listed above.
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