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Synthetix is a decentralized protocol built on Ethereum that allows users to trade synths, which are synthetic assets tracking the value of underlying assets like cryptocurrencies and fiat currencies. Similar to derivatives in traditional finance, synths provide exposure to various financial instruments without requiring direct ownership of the assets. This approach enables deep liquidity and decentralized finance (DeFi) accessibility.
This coin is available on Newton.
The protocol facilitates the issuance of synthetic assets through collateralized SNX tokens. Holders stake their SNX tokens to mint synths such as sBTC, sUSD, and other synthetic versions of cryptocurrencies and fiat currencies. Staking SNX tokens also contributes to the liquidity of the decentralized exchange, reinforcing the Synthetix ecosystem.
Beyond synthetic assets, Synthetix supports spot and futures trading, offering infrastructure for financial instruments like derivatives. The decentralized exchange does not function as a standalone trading platform but provides the necessary liquidity for platforms such as Kwenta. With atomic swaps, liquidity can be more efficiently accessed across various decentralized platforms without the need for intermediaries, further enhancing the Synthetix ecosystem.
Governance within the Synthetix ecosystem is decentralized, allowing SNX holders to participate in decision-making processes. Holders of SNX tokens engage in governance through community-led proposals and voting mechanisms. This decentralized model allows the protocol to evolve based on collective input rather than a centralized authority.
By supporting the issuance of synthetic assets, facilitating price discovery, and enhancing liquidity, Synthetix plays a crucial role in the DeFi ecosystem. It allows users to gain exposure to a broad range of financial instruments without needing to hold the actual underlying assets. With its decentralized exchange and collateralized SNX model, Synthetix continues to expand its role in decentralized finance.
Synthetix operates on Ethereum (ETH) and also utilizes Optimism, a Layer 2 scaling solution that helps reduce transaction costs. This allows traders to access the platform with lower gas fees while maintaining fast and efficient transactions. By leveraging Layer 2, Synthetix enhances its functionality without compromising security.
The protocol enables users to create synthetic assets, which can be traded within the Synthetix Exchange. To mint these assets, users must provide collateral by staking SNX tokens, with the staked value exceeding the synthetic assets’ worth to account for price movements. Those who stake SNX receive additional tokens as incentives for contributing liquidity to the platform.
The price of Synthetix Network synthetic assets is determined by the usage of off-chain oracles that track and provide returns based on current market data. These oracles continuously update price data, helping synthetic assets maintain accurate values. For example, the price of sBTC, a synthetic version of Bitcoin, is directly linked to BTC’s price through oracle feeds.
Synthetix provides liquidity for derivatives trading, particularly in the form of perpetual futures, or perps. Traders can post collateral to gain access to larger amounts of capital, similar to traditional margin trading. Liquidity within the system comes from the supply of SNX, which is staked by users to support the trading ecosystem.
Protocols integrated with Synthetix include Kwenta, which specializes in perpetual futures, Lyra, which offers automated options trading, and Decentrex, a futures exchange and leverage aggregator. These integrations expand trading opportunities on the platform, making Synthetix a key player in decentralized derivatives markets.
The price of SNX influences trading strategies by affecting staking rewards, collateral requirements, and synthetic asset liquidity.
SNX stands out due to its role in enabling decentralized synthetic asset trading and its unique staking model.
SNX serves as the primary collateral for issuing synthetic assets (Synths) within the Synthetix protocol, enabling decentralized trading.
SNX staking allows users to lock their tokens as collateral to support the Synthetix protocol and earn rewards.
Synthetix (SNX) is a cryptocurrency used within the Synthetix protocol to create and trade synthetic assets. These assets track the value of real-world assets without requiring direct ownership. The protocol allows users to trade on crypto platforms or exchanges and interact with decentralized finance platforms.
Synthetic assets are minted by staking SNX tokens as collateral. The staking process requires maintaining a specific collateral ratio, which helps support the system. Stakers receive rewards in SNX, adding an incentive for participation.
The SNX has a circulating supply of 339 million tokens which includes both large amounts of SNX tokens held by active participants and smaller amounts of SNX tokens held by casual users. Those holding small amounts of SNX may not stake but can still trade on crypto platforms The platform allows users to manage their SNX tokens based on their level of participation.
Synthetix also plays a role in governance, where SNX holders influence protocol updates. Decisions about exciting upcoming releases from SNX and changes to collateralization are made through community proposals. Governance shapes the evolution of the system.
The price of SNX fluctuates based on market conditions and demand. Traders can track the latest price using the SNX price chart or view the price today on various platforms. The protocol continues to expand, with releases from SNX perps and improvements like Synthetix V3 bringing new features.
Synthetix was originally launched in September 2017 as Havven, founded by Kain Warwick who is also a non-executive director at the blueshyft retail network. The whitepaper was written by Warwick, Samuel Brooks, Anton Jurisevic, and Michael Spain. Initially, the goal of the project was to create a decentralized stablecoin system similar to Maker’s DAI. However, in 2018, the project rebranded to Synthetix and shifted its focus to synthetic assets.
Synthetix raised funds through an ICO in 2018, which helped in the development of the platform. Since then, Synthetix has undergone multiple funding rounds, including one in 2023 from DWF Labs. The funds supported the creation of synthetic assets that track real-world securities like AAPL, TSLA, and GOOG. Additionally, Synthetix offered inverse synths like iBTC, which allowed users to short Bitcoin. However, these offerings were eventually abandoned due to regulatory concerns.
As the project developed, the supply of Synthetix grew. SNX tokens were used as collateral to mint synthetic assets, and users could stake SNX to back these assets. This mechanism was central to the platform, enabling users to engage in the creation and trading of synths. SNX tokens also played a role in governance, allowing holders to participate in platform decisions.
Synthetix’s platform evolved, shifting its focus to synthetic assets. The price of SNX tokens was influenced by crypto market trends, with the live price of SNX being a key metric for traders. The market remained volatile, with the Synthetix price reflecting broader trends in the crypto space. Traders could use SNX tokens for trading and to provide liquidity for synths.
Behind the platform's technical advancements is Justin Moses, the Chief Technology Officer (CTO) of Synthetix. Moses, who joined the project early on, brings a wealth of experience from his previous role as Director of Engineering at MongoDB. His expertise in large-scale system design and deployment has played a crucial role in Synthetix’s continued development, particularly as it transitioned to its current form of synthetic assets and DeFi offerings.
SNX is the native token of Synthetix and is specifically designed to function as collateral for issuing synthetic assets.
Synthetix has gone through major upgrades, transforming the decentralized derivatives market.
Synthetix allows traders to gain exposure to various assets without holding them directly, creating a more flexible trading environment.
Users can store their SNX tokens in a personal wallet or on a platform like Newton to manage their SNX. Tracking the latest crypto prices and reviewing SNX’s highest price can provide insight into market trends and past performance. Staying informed about market movements and security updates can help you manage your SNX holdings more effectively.
SNX staking allows users to participate in the Synthetix protocol by locking their tokens as collateral to mint synthetic assets (Synths). Stakers earn rewards in exchange for helping to maintain the system’s liquidity and stability. Each platform that supports SNX staking may have different requirements, so reviewing the terms and risks is recommended.
You may use Synthetix (SNX) for purchases where cryptocurrency payments are accepted. As merchant acceptance varies, reviewing transaction costs and market conditions beforehand can provide clarity on potential fees and pricing at the time of purchase.
Any amount of SNX tokens can be transferred between digital wallets through blockchain transactions. Before initiating a transfer, it is advisable to verify the recipient’s address carefully. Reviewing market conditions from the last 24 hours can also provide insight into potential fees and price fluctuations.
Some charitable organizations accept SNX as a donation method through direct transfers to a designated wallet. Since not all organizations support cryptocurrency donations, confirming their policies in advance can help maintain a smooth contribution process.
SNX can be exchanged for other cryptocurrencies on trading platforms that support it. Exchange availability, trading pairs, and liquidity conditions may influence the process. Checking recent market trends can help guide trading decisions effectively.
*Newton does not currently support staking, governance, interest-earning, or other utility functions, where applicable, for this asset.
Ordering SNX tokens from unknown individuals or unregulated markets may expose you to various potential problems. Without the protection of a regulated platform, you may come across untrustworthy sellers or perhaps fraudulent transactions. It is best to proceed with caution when getting SNX from direct sources, as these transactions may lack the protection that regulated platforms provide.
The straightforward and secure way to buy SNX tokens in Canada is through a regulated platform like Newton. Newton allows you to fund your account easily via Interac e-Transfer or wire transfer, providing access to 70+ cryptocurrencies, including SNX. With Newton, you can track the current price of Synthetix Network Token and updates offering a more reliable and safe approach to investing.
Newton offers competitive prices for SNX tokens, allowing traders to access the market efficiently. Whether you're new to crypto or an experienced trader, Newton provides a wide range of digital assets, including Synthetix, with pricing designed for a seamless trading experience.
Security is a key focus at Newton. With features like Multi-Factor Authentication, login history tracking, and an anti-phishing code, Newton helps protect your SNX tokens. Users can also manage their devices and set up trusted contacts for additional account protection.
Newton makes it affordable to buy and sell SNX, with a 1.50% - 1.60% fee. For more information about fees, see our Prices page. Newton covers up to $5 of network fees on your first daily withdrawal. For additional withdrawals, or if network fees exceed $5, the estimated network fee is confirmed prior to withdrawal.
Newton’s platform is available on both desktop and mobile devices, allowing users to manage their SNX tokens from anywhere. Whether at home or on the go, you can monitor the market, trade, and stay updated on Synthetix developments.
Newton’s platform is designed for simplicity and ease of use. Whether you're managing your first crypto purchase or actively trading, tracking SNX prices, viewing holdings, and making transactions is straightforward.
Newton is developed with Canadian users in mind, offering a platform tailored to the needs of traders in Canada. With access to a secure and user-friendly interface, Canadians can buy and sell SNX and other digital assets with ease.
The first step to your SNX journey on Newton is by signing up. After completing the verification process, you’ll be ready to buy Synthetix (SNX) tokens and access the tools needed to manage your holdings.
Next, fund your account using your preferred method, such as Interac e-Transfer or wire transfer. Newton provides convenient options for Canadian traders to add funds, allowing you to start your SNX journey without unnecessary delays.
Once your account is funded, you can purchase SNX directly through the platform. Newton provides real-time price chart updates, giving you the latest market data before placing a trade.
Navigate to the list of available cryptocurrencies on Newton and select SNX. This gives you access to buy, sell, and manage your SNX holdings securely through Newton’s platform.
Decide how many SNX tokens you'd like to purchase based on your investment strategy and financial considerations. Conducting research and assessing your investment goals beforehand can help guide your decision.
Once you’ve reviewed and confirmed your order, your SNX tokens will be credited to your account. You can then choose to hold or transfer your SNX based on your needs.
A personal wallet allows you to manage your SNX tokens independently. This option provides greater privacy and control, but it also requires careful management of private keys. If private keys are lost, access to the tokens cannot be recovered.
SNX tokens can also be stored and managed on Newton, which offers security features such as Multi-Factor Authentication, login history tracking, and an anti-phishing code. Users can manage trusted devices and add a trusted contact for additional security, providing a convenient way to store SNX.
Your security is important. Newton is committed to being a leader in compliance, security, and technical protocols.
For additional information and to review the risks associated with Synthetix, please see our Asset Statement.
