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Cryptocurrencies/Coins/Synthetix Network Token (SNX)
Synthetix Network Token price, market cap on Coin360 heatmap

Synthetix Network Token(SNX)

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$2.986
(-15.22%)
0.00013931 BTC
Market Cap (Rank#113)
$342,919,452
15,998 BTC
Vol 24h
$41,030,388
1,914 BTC
Circulating Supply
114,841,533
Max Supply
210,952,392
9 days agocryptodaily
3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix
Blockchain-based assets like cryptocurrencies have paved the way for seismic shifts in the investment and financial services sector globally. As per Deloitte's 2021 Global Blockchain Survey, around 76% of the respondents claimed that digital assets like cryptocurrencies are likely to either replace or evolve as an alternative for fiat currencies globally over the next 5-10 years. The sentiment is mirrored by the rally in cryptocurrency prices and the launch of new products. Promising benefits like high returns that are immune to external factors, data privacy, and low transaction fees, these assets are disrupting the financial markets with global applications. For rookie investors who are looking for cryptocurrencies that could yield good returns even when crypto prices are going down, Dogeliens (DOGET), Cardano (ADA), and Synthetix (SNX) are good options. Here's a brief description of their key features. Dogeliens combines meme community power with utility In an effort to replicate the success stories of digital goods derived from dog memes, Dogeliens aims to catalyse the cryptocurrency universe with its niche features. Users can look forward to accessing cool DeFi features on the peer-to-peer platform without any interference from third parties. The open-source platform is built on Binance Smart Chain. The decentralized platform also has its own native token, DOGET, that can be used for a host of transactional purposes like staking and yield farming and also to earn rewards and voting rights. Users will be able to purchase it on presale. The platform's unique feature is that it takes a playful and engaging approach to users' experiences, right from amusing names of features to witty references to dogs, the platform is fun galore. For instance, the platform will offer free educational resources and courses to its users on blockchain technology, decentralized finance, and cryptocurrencies via its two initiatives, University of Barkington and Dogeliens Academy. At the University of Barkington, users could enroll themselves in a diverse program to learn everything under the sun about NFTs, DeFi, and blockchain technology. Meanwhile, at the Dogeliens Academy, users will be able to access a well-managed virtual classroom to educate them about cryptocurrencies, their scope and the course content would include informational videos and articles. A few areas of the facility would only be accessible by paying a fee or by token holders, but the majority of the facility would be free to use. The platform aims to donate 3% of the earnings made on each transaction to its charity wallet. At the end of each month, the Dogeliens community members would vote on the charities to which the assets would be sent. Cardano: Empowering developers with high-performance dApps The Cardano platform uses a proof-of-stake consensus protocol to enable its users to deploy scalable dApps. The network has its own native token, ADA, that can be used for staking, yield farming, and a host of other transactional purposes on the platform. Token holders also get to decide on key proposals concerning the platform's future development and how the treasury funds are utilised. ADA Token holders can earn rewards by participation either through their own stake pool or by delegating the task of staking to a third party. The quantum of rewards earned by a user depends on the number of tokens that are staked. Synthetix: Permissionless futures trading The platform enables its users to create synthetic assets with decentralized features and grants them exposure to real-world assets on a blockchain system. This way, investors can look forward to permissionless and hassle-free derivatives trading on blockchains. Users can also leverage Synthetix's liquidity and debt pools to get optimal prices with little scope for slippage. Synthetix members can use its native token, SNX, for any transactional purpose that they might encounter on the platform. Investors can earn weekly rewards and collateral with their staking activities. Dogeliens (DOGET) Presale: http://ufo.dogeliens.io/ Website: http://dogeliens.io/ Telegram: https://t.me/DogeliensOfficial Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
28 days agocoindesk
Synthetix's SNX Rises 14% on Liquidity Deal Renewal With Jump Crypto
Synthetix has traded over $2.8 billion worth of on-chain assets following the launch of atomic swaps earlier this year.
37 days agocryptodaily
Celsius Unlocks 400,000 stETH, Pays Off Debt To Aave
Celsius, the crypto lending firm which has recently been the subject of regulatory oversight for its operational failures due to insufficient liquidity, has confirmed that it has paid up 400,000 stETH (Lido Staked ETH) to Aave, another DeFi lending protocol. In addition, Celsius has also confirmed that they still have an outstanding balance of 10,000.94 wBTC to DeFi protocol Compound. This equates to roughly $199 million based on current pricing. Celsius has also disclosed that it has managed to unlock and shut down its MakerDAO vault which was worth roughly $456 million, with 21,962 wBTC in position recovered. The firm has been steadily easing off its positions from the DeFi space, in what has been considered as initiatives towards dealing with its ongoing liquidity crisis. According to on-chain data, an associated wallet with Celsius Network has repaid most of its debt to Aave by sending some $63.5 million in USDC to the lending protocol, hence unlocking the 400,000 of stETH, which is now worth roughly $418 million. For its debt to Compound, Celsius Network unlocked 350,020 UNI ($2 million) and 529,94 COMP ($25,600), redeeming 300,000 xSUSHI for 395,060.92 SUSHI ($458,200) from SushiSwap, a decentralized exchange. According to data from DeBank, Celsius still has another $27 million in LINK, stETH and SNX remaining locked on Aave's DeFi vault. To unlock these, Celsius would be required to shell out between $8.5 million to $50 million for each to be unlocked. It has not been ascertained whether Celsius' other private wallets have more DeFi debt, but the case remains open for public scrutiny. Celsius' liquidity crisis began during what it has called "extreme market conditions," with Bitcoin sliding off well below the $20,000 level and affecting the entire crypto industry to an extent that the industry, as a whole, has lost over $1 trillion in market capitalization in the span of a month or so. The firm has been the subject of controversy after it paused customer withdrawals in June, explaining that the move was necessary to leverage time and place itself into a "better position to honor, over time, its withdrawal obligations."Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
59 days agocryptopotato
Reasons Why Synthetix (SNX) Skyrocketed by Over 100%
Synthetix is leading the relief rally after a remarkable comeback, following massive trading volumes.
60 days agocoindesk
Dogecoin Sees Weekend Bump After Musk Tweets, Synthetix Volumes Grow to $200M
Over the weekend, separate catalysts lead to volatile trading in the two tokens with SNX rising as much as 85% in the past 24 hours.
60 days agocointelegraph
Synthetix racks up over $1M in daily fees as SNX token value surges 100%
L2 scaling solution Synthetix collaborated with Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC and sUSD/3CRV, allowing investors to convert synths into tokens.
113 days agocointelegraph
Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement
SNX price got a boost after the project geared up for participation in the L2 Curve Wars and Optimism airdrop hunters engaged with the protocol.
134 days agocoindesk
Grayscale Shuffles Mixed Crypto Funds: Adds AVAX, DOT, ATOM; Drops SUSHI, SNX
The asset manager announced changes to a trio of diversified crypto funds.
269 days agocryptodaily
How to Create a Leveraged Long-Position on DPI
Margin Trading, also known as Leverage Trading, is the use of borrowed capital to invest in cryptocurrency. If you want to deal with cryptocurrency, leverage trading is the way to go. It enables you to borrow capital from brokers in order to increase your purchasing capacity and offer higher profits. In simple terms, an investor or trader borrows funds to increase his exposure to a specific type of asset, project, or instrument beyond what would be possible if he relied solely on his own capital. Typically, leverage allows investors to multiply their purchasing power in the market. Leverage is applied in multiples of the trader's capital invested, such as 2x, 5x, or higher, and the broker lends this amount of money to the trader at the fixed ratio. Leverage can be used to buy (long) or sell (short) positions. It is important to note that both losses and profits will be multiplied. Leveraging In Crypto Trading Leverage is one of the most important and widely used features in cryptoasset trading. Trading with leverages became increasingly popular shortly after the establishment of centralized exchanges, despite the fact that the crypto market is volatile. The stock market gave an insight into how the crypto market could carry out leverage trading. Traders use leverage, just like in the traditional stock market, to either borrow money to increase their purchasing power or to exploit various types of financial derivatives, such as futures and options. Assume you want to invest $1,000 in Apple stock at a leverage ratio of one to ten. The margin will be 10%, which means you'll need to invest $100. If the current share price of Apple is $136, you will receive 7.35 Apple shares. It’s similar with crypto trading. In crypto margin trading, you can purchase $10,000 worth of Ethereum for $5,000. (by borrowing 50 percent or leveraging 2:1 or 2x). That is, you borrow the $5,000 you lack from a lender, whether an exchange or a lending platform, for which you may or may not pay a fee (interest on the money borrowed). This increases your potential gain (e.g., 5% returns on $10,000 of ETH instead of $5,000), but it also increases your potential loss (e.g., 5% loss on $10,000 of ETH instead of $5,000). And, if an interest fee is charged, it will accrue and be payable for the duration of your open position. On a platform like dYdX, users have the option of using isolated margin or cross margin. Isolated margin occurs when a specific amount of assets is "isolated" as part of a trade at a specific leverage. If a liquidation occurs, the losses are limited to your isolated position. Cross margin, on the other hand, uses all of the assets in your account and also considers the combined positions in your account when defining leverage and limits. The DeFi Pulse Index Leverage Trading The DeFi Pulse Index, launched in September 2020, includes the ten most popular DeFi tokens available on Ethereum: LEND, YFI, COMP, SNX, MKR, REN, KNC, LRC, BAL, and REPv2. Instead of purchasing all of these DeFi tokens and managing your own portfolio, you can simply purchase a single ERC-20 token that provides exposure to all ten tokens. The token is rebalanced on a monthly basis to reflect the current state of the market. The token can be used to hedge the market or as collateral on lending platforms like Aave or Compound, as well as yield farming protocols. Balancer is one of the most popular products on the index. They recently began offering a unique solution for traders struggling to pay high gas fees thanks to its integration with Gnosis protocol’s Cowswap. Trading ERC-20’s on Balancer’s DEX costs a fraction of transaction fees its competitors like Uniswap and Sushiswap Fuse created by Rari Capital, like Aave and Compound, is based on lending and borrowing pools where users can supply assets to earn interest while other users borrow those assets. All assets in Aave and Compound are combined into a single market and managed through governance; Fuse takes a different approach by introducing permissionless pools. Anyone can use this to set up their own isolated money markets. Because the pool is isolated, the pool creator can choose any assets, oracle, interest rate model, and so on. Risk Of Creating Position People frequently purchase leveraged tokens without fully comprehending how they work. There are a few risks you should know before you buy to avoid making a bad investment. Smart contract risk: Whenever you interact with a smart contract, there is always the risk of exploits that can jeopardize your funds. Most credible platforms conduct security audits, which are critical for getting an outside perspective on the code to ensure that everything is working as it should and that there are no edge cases, overflows, or other issues that hackers can exploit. Liquidation Risk: If you use a CDP, there is always the possibility of liquidation if the value of your collateral falls and you exceed your collateral ratio. Volatility: Volatility or the negative impact of volatility on the investment, is one of the most significant risks of leveraged tokens. A comparison is the best way to grasp this concept. Assume you want to buy Bitcoin and decide to spend $100 on it. After one day, the price has risen by 10%, and your investment is now worth $110. However, the price drops by 10% the next day, resulting in a $11 decrease. Your investment is worth $99. Tips To Maintain Position Pick carefully: As with any investment, proper due diligence should be performed before purchasing a new asset. This is especially true when purchasing on margin. Consider instruments with strong fundamentals and a track record of long-term growth. Don't follow the crowd and buy the latest hot stock or cryptocurrency. Test on a small scale: What better way to understand and succeed with margin than to start with it? Begin investing on margin to gain an understanding of the risks and costs involved, but start small. Set a target price: Always remember to set a target price and avoid becoming greedy, even if the asset has been performing well. This applies to both the winning and losing sides; however, make sure to set a limit for how much loss you are willing to accept. Holding on too long is a common trading mistake made by many investors. If you need to save yourself from extreme loss, use a DAO like Coordinape. DPI is leveraging on the future Leverages can increase profits while also increasing risks. Different financial products may provide traders with leveraged exposure in very different ways. Leveraged products, particularly in DeFi, may be powered by innovative models and new liquidity solutions not seen in traditional finance. Margin trading, when used correctly and as part of an overall risk management strategy, can be a very effective tool in your trading toolbox. DPI is the ideal index for anyone interested in leveraging DeFi. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
338 days agocointelegraph
​​Governance proposals and layer-two launches provide a boost to altcoins
RGT, CRV and SNX saw double-digit rallies after new governance proposals and migrations to layer-2 platforms.
365 days agocryptodaily
Bloomberg and Galaxy Digital expand crypto offering with launch of new DeFi index fund
It was announced by Bloomberg today that it has partnered with Galaxy Digital to launch the Bloomberg GalaxyDeFiIndex (DEFI). The Index will track the largest decentralised finance (DeFi) protocols by market value. According to the PRarticleprovided by Bloomberg, the Index will be able to track certainDeFiprotocols that have the advantages of having no central financial intermediaries, such as brokers, exchanges or banks. The benchmark service will be owned and operated by Bloomberg Index Services Limited, and will be co-branded with Galaxy Digital. Galaxy Digital’s fund platform, Galaxy Fund Management, will also offer the GalaxyDeFiIndex Fund, which will track the performance of DEFI. According toAlan Campbell, Head of Product Management for Bloomberg's Multi-Asset Index business: "Decentralized finance is growing as the next major investment theme within crypto. As liquidity and institutional custody solutions continue to grow,DeFihas become an increasingly compelling option for institutional investors, and we'll continue working with Galaxy to expand our crypto index offering." On behalf of Galaxy, Steve Kurz, head of Asset Management, said: "Galaxy continues to pioneer inroads for institutions seeking exposure to the innovation happening within the crypto ecosystem. The blockchain-based infrastructure behindDeFiis maturing at an accelerating rate and clear examples of how this new technology can disrupt financial services are emerging in real-time. This partnership with Bloomberg and ourDeFiIndex Fund provides investors with data and tools that deliver calculated exposure to the future of financial services." The index will be made up ofDeFiprotocols that will have no less than 1% and no more than 40% of the index. On launch, the protocols included in the index will consist of the following: UNIUniswap40.0% AAVEAAVE18.0% MKRMaker12.7% COMPCompound10.0% YFIYearn.Finance5.4% SNXSynthetix5.0% SUSHISushiSwap4.3% ZXR0x2.8% UMAUMA1.8% Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Synthetix Network Token

The live price of Synthetix Network Token (SNX) today is 2.986 USD, and with the current circulating supply of Synthetix Network Token at 114,841,533 SNX, its market capitalization stands at 342,919,452 USD. In the last 24 hours SNX price has moved -0.2353 USD or -0.07% while 21,637,442 USD worth of SNX has been traded on various exchanges. The current valuation of SNX puts it at #113 in cryptocurrency rankings based on market capitalization.

Learn more about the Synthetix Network Token blockchain network and how it works or follow the price of its native cryptocurrency SNX and the broader market with our unique COIN360 cryptocurrency heatmap.

Synthetix is an open-source derivatives liquidity DeFi (Decentralised Finance) protocol deployed on Ethereum and Optimism blockchains. Founded in 2017 as Havven by Kain Warwick, Synthetix allows users to seamlessly create highly liquid ‘synthetic’ assets called ‘Synths’ which work just like derivatives and track the price movements of real-world assets. Users can gain exposure to any asset of their choice, be it crypto, commodities, indices or stocks, without the need to actually own it. The Synths can then be freely traded on the Synthetix Exchange, in a permissionless environment, with low to zero slippage, and by paying a nominal trading fee.  

The platform is powered by its native token SNX, which is based on Ethereum's ERC-20 token standard. Synthetix was created with the aim of broadening the scope of the DeFi industry, by providing easy access to non-blockchain assets, and thus, creating a more robust financial market. As of writing, the total value locked in Synthetix amounts to $250+ million dollars, and increasing. In addition, there are many third-party DeFi platforms built using the Synthetix protocol, such as Kwenta, Lyra and Thales. The other well-known brands that constitute the Synthetix ecosystem include 1Inch, Dhedge, Curve, Aelin and Yearn. 

SNX price

SNX coin was launched in March 2018 as HAV (of Havven, the former name of the Synthetix protocol) through an Initial Coin Offering (ICO). Its price remained well under a dollar till November 2019 when boosted by a handful of important upgrades — Canopus Release, Rigil Release, Arcturus Release and Vega Release — it breached the $1 level for the very first time. However, SNX price slid back under the one-dollar level once again by February 2020. 

As per our SNX live price chart, the next noteworthy surge in the price of SNX came in June 2020 when the token rallied on to reach almost $8 in September 2020. Thereafter, SNX coin remained range-bound between $3 to $6 till the end of the year. However, with the wider crypto market entering the first bullish phase of 2021, SNX too rode the positive market sentiment and breached multiple resistance levels to register its all-time high of nearly $29 on Feb. 14, 2021. SNX’s fully diluted valuation stood at well above $8 billion at its ATH. 

After trading sideways for almost the next four months, SNX price dropped to $5.5 on June 22, 2021. Despite regaining some lost ground in the following months, SNX coin closed 2021 at $5.58. 2022 hasn’t been great for it either, with unforgiving bearish forces pulling the token’s price well below $3 level by the end of June. 

How SNX works

The Synthetix protocol works by serving as a synthetic asset issuance protocol that accepts the native SNX token as collateral. SNX tokens, when locked in the staking contract through the Synthetix Staking application, enable the issuance of Synths. These Synths are represented by sTokens, for instance, sBTC for Bitcoin, sJPY for Japanese Yen and sDEFI for the DeFi index. The pooled collateral model allows for easy and direct conversions between the Synths, without the involvement of any counterparties. This largely resolves the slippage and liquidity problems experienced by the decentralized exchanges. 

Synths are currently minted at a 400% collateralization ratio for SNX. However, ETH coins can also be used for the generation of sETH, at a collateralization ratio of 150%. These collateralization ratios may, however, be lowered or raised from time to time through Synthetix’ community governance system.

Besides Synth generation, SNX tokens are also used to earn staking rewards created by the protocol’s inflationary monetary policy. The stakers are also rewarded with a share from the transaction fees collected on the Synthetix exchange.

Being deployed on Ethereum and Optimism, Synthetix is secured by the same mechanisms that safeguard the Ethereum blockchain. 

SNX news, updates and highlights

The Synthetix team announced via an onsite blog post in July 2021 that the protocol would be successfully launched on Optimism, an Ethereum Layer 2 scaling solution, towards that month’s end. It termed the Optimism deployment as one of the most important milestones in the project’s history.

In another significant SNX news, the Synthetix platform racked up more than $1 million in daily fees in June 2022. The development came on the back of extensive trading activity, with the platform overshadowing Bitcoin’s daily performance by 5x. The massive trading surge also pushed up SNX price by more than 100%, taking it well over $3 on June 20, 2022.

Frequently asked questions about SNX

  • Can you mine or stake SNX?

While you cannot mine SNX, it is possible to stake SNX to generate Synths and earn staking rewards.

  • Which are some of the best SNX wallets?

Being an ERC-20 token, SNX can be stored in any Ethereum-compatible wallet. Some of the best SNX wallets are MetaMask, Trezor, Ledger and Atomic Wallet.

  • What can you do with SNX cryptocurrency?

You can use your SNX to obtain Synths, and can also earn staking rewards. It’s also possible to trade SNX against other prominent crypto assets on exchange portals.

  • How can you buy SNX?

The best way to buy SNX is from crypto exchanges, through trading pairs like SNX/BTC, SNX/USDT, SNX/BUSD, SNX/ETH etc.

Synthetix Network Token Price2.986 USD
Market Rank#113
Market Cap342,919,452 USD
24h Volume41,030,388 USD
Circulating Supply114,841,533 SNX
Max Supply210,952,392 SNX
Yesterday's Market Cap374,146,460 USD
Yesterday's Open / Close3.4932 USD / 3.2579 USD
Yesterday's High / Low3.5707 USD / 3.2579 USD
Yesterday's Change
-0.07% ( 0.2353 USD )
Yesterday's Volume21,637,442 USD
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