You can read synthetic defi review,synthetic token review in here in our website. Synthetix Network (SNX) is a decentralized synthetic property exportation protocol that was built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) that when it is in the contract allows the emission of synthetic assets (Synths). This pooled collateral model allows the users to carry out transformation between Synths directly with the smart contract, passing the need for counterparties. This workmanship will solve the liquidity and the errors experienced by DEX’s. Synthetix, at this moment it supports synthetic sentence currencies, cryptocurrencies (long and short) and materials. SNX holders are provoked to bet their tokens as they are paid a pro-rata share of the fees produced by the activity on Synthetix. Exchange, based on their share to the network. It is the right to take part in the network and catch the fees begotten from Synth exchanges, where the value of the SNX token is originated. Trading on Synthetix.Exchange does not need you to hold SNX.
|Chainlink Price||$6.21 USD|
|Token Name||Synthetix Network|
|Market Cap||$588,132,179 USD|
|Circulating Supply||94,691,447 SNX|
More about synthetix.io:
All Synths are supported by SNX tokens. Synths are minted when SNX holders bet their SNX as collateral using Mintr, a decentralised app for cooperation with the Synthetix contracts. Recently synths are supported by a 750% collateralization ratio, however this may be get raised or lowered in the future from community governance mechanisms. SNX stakers incur debt when they mint Synths, and to leave the system they must pay back this debt by burning Synths.
These days Synthetix is also trialling Ether as an alternative form of collateral that means traders can borrow Synths against their ETH and begin trading straightly, rather than needing to sell their ETH. Staking ETH needs a collateralisation ratio of 150% and produced a debt denominated in ETH, so ETH stakers mint sETH rather than sUSD and wont takes part in the ‘pooled debt’ perspective of the system. Here, ETH stakers don’t get fees or rewards as they take no risk for the debt pool.
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