Synthetix (SNX)

Official Website: https://www.synthetix.io/

What is Synthetix?

Synthetix is a derivatives liquidity protocol that runs on the Ethereum network. SNX allows for the issuance and trading of synthetic assets. Each of the synthetic assets, or ‘synths’, are ERC20 tokens that track the price of an external asset. An example of this is the sUSD token which tracks the price of the US dollar. A wide range of Synths exist within Synthetix, including fiat currencies, commodities, cryptocurrencies, and inverse indexes. Theoretically, the system can support and sustain any asset with a clear price and supports on-chain exposure to limitless range of real-world assets. The protocol will allow a range of trading features including binary options, futures, and more.

Synthetix is sustained by a smart contract infrastructure and a combinaton of incentives that manages Synth prices. It is reinforced by the value of the Synthetix Network Token (SNX). SNX functions as collateral; staking a proportionate value of SNX is necessary to mint Synths. Stakers are compensated for strengthening the system with a pro-rata share of the fees produced by activity in the system. The value of SNX is therefore immediately linked with the usage of the network it collateralizes.

This system enables Synthetix to sustain an instant, near-frictionless conversion between different flavours of Synths minus the liquidity and slippage problems that are experienced by other decentralized exchanges. The resulting network of tokens supports a broad range of use cases which include trading, loans, payments, remittance and eCommerce.

Team

Synthetix Network was known as Havven previously. It is a software and blockchain development company concentrated on producing on-chain synthetic assets pegged to fiat currencies, metals, and indices. Synthetix is also expanding Mintr, the dapp SNX holders can use to create synthetic assets, known as ‘Synths’. They are also overseeing the development of Swappr, a decentralized exchange (DEX) for buying Synthetix's stablecoins with ether.

Roadmap

February 2020 - Betelgeuse Release

•   SIP-40 - Includes a time-lock on burning after minting to prevent front-running
•   SIP-41 - Move Synthetix contracts owner to a Gnosis multisig wallet
•   SIP-42 - Optimizes gas on calls to issueSynths by 35% & burnSynths by ~45%

March 2020- Hadar Release

•   SIP-9 - Alters the claim window to one-week claim window
•   SIP-10 - Includes the ability for delegators to mint and burn on owners behalf
•   SIP-21 - Restore the doubling of fees when moving from long to short Synths
•   SIP-44 - Allows both synth pausing and system upgrades, as well as other security measures
•   SIP-46 - Reduces the amount of gas used
•   SIP-47 - Prevent exchanges, burns and transferAndSettles from succeeding with 0 amounts

Where to Store Synthetix (SNX)

You can store your Synthetix in Exodus along with various other cryptocurrencies. Exodus is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.

Trust wallet is a wallet that can hold a wide variety of cryptocurrencies such as Synthetix making it highly desirable for users who wish to have a varied portfolio. Being owned Binance, it also a very trusted wallet in the crypto community.

Leading hardware wallet providers such as Ledger are integrated with Synthetix and SNX wallets will come as standard on their devices. 

Where to Buy and Sell Synthetix (SNX)

You can Buy & Sell Synthetix (SNX) by heading over to the Buy Coins page of our website. Synthetix (SNX) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Synthetix  has never been easier, simply place your order and provide your wallet address.

Once your payment arrives Synthetix will be sent directly to your wallet. If you choose to Sell Synthetix (SNX) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.

Synthetix (SNX) Resources

Website: https://www.synthetix.io/
Block Explorer: https://etherscan.io/
Twitter: https://twitter.com/synthetix_io
GitHub: https://github.com/Synthetixio/synthetix

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.