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

Synthetix(SNX)

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$1.9159
(6.2%)
0.00011274 BTC
Market Cap (Rank#76)
$474,117,858
27,900 BTC
Vol 24h
$33,780,443
1,988 BTC
Circulating Supply
247,461,700.73
Max Supply
308,069,419
3h agonulltx
Next Level Yields Will Drive Oryen Network Further Than GMX And SNX
Users can receive cryptocurrency rewards through staking by either contributing assets to a pool or a contract, similar to how depositors get interest on their savings in conventional banks. Utilizing this concept, the new DeFi startup Oryen (ORY) is generating customers an incredible passive income through its Initial Coin Offering (ICO). The price of the […] The post Next Level Yields Will Drive Oryen Network Further Than GMX And SNX appeared first on NullTX.
13 days agocryptodaily
FTX Hacker Dumps ETH On Markets, Price Plummets
Users affected by the FTX collapse now have another major problem to deal with, as it emerged the hacker responsible for the subsequent hack has begun manipulating the price of ETH. As a result of the hacker dumping ETH on the market, the price of the asset fell by over 7% in just a few hours. Hacker Moving Funds The hacker behind the attack on the FTX exchange has started offloading millions of dollars worth of ETH, resulting in a dramatic drop in the price of the cryptocurrency. The hacker had gotten away with nearly $300 million worth of crypto and, at the time of writing, was the 35th largest holder of ETH in the world. Chainalysis broke the news of the stolen funds being on the move again and urged exchanges to be alert in case the hacker tried to cash out. “Funds stolen from FTX are on the move, and exchanges should be on high alert to freeze them if the hacker attempts to cash out.” On Sunday, the hacker moved 50,000 ETH, worth over $59 million, to a new address. The receiving address swapped the ETH for renBTC, a type of BTC that can run on the Ethereum blockchain. After this, the address made separate transfers totaling around $59 million, according to data from Etherscan. According to on-chain researcher ZachXBT, the hacker is using the Ren Bridge to move the renBTC to the Bitcoin blockchain. This is the latest development stemming from the fallout of the FTX exchange that has gripped the cryptocurrency markets. ETH Plummets With the hacker dumping ETH on the market, the cryptocurrency price dropped by nearly 3% in the past 24 hours. On the other hand, Bitcoin was down only by 0.6%. Currently, the price of ETH is down by 3.09%, with the asset trading at $1099. According to available data, the hacker still possesses around 200,735 ETH, worth nearly $236 million at current prices. The hacker’s wallet was first identified by crypto sleuth ZachXBT on the 11th of November. FTX Issues Statement FTX issued a statement urging cryptocurrency exchanges to be on high alert and secure any funds they can, which can be traced back to the hacker. Any funds recovered could be used in the bankruptcy proceedings. FTX tweeted, “Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets. Exchanges should take all measures to secure these funds to be returned to the bankruptcy estate.” The trades in question came after the hacker sold a host of crypto assets, such as the DAI stablecoin, Synthetix’s SNX, Aave’s AAVE, LINK, and several other assets for ETH on the CowSwap exchange. The largest of these trades was a $48 million swap of DAI for ETH. The Securities and Exchange Commission of the Bahamas also issued a statement on the 12th of November, stating that it was facilitating the withdrawal of Bahamian funds. This led to significant speculation that the flow of funds from FTX on the 11th of November was the handiwork of the Securities and Exchange Commission of the Bahamas. However, this was refuted by ZachXBT, who tweeted, “The first clue that 0x59 was a blackhat and neither Bahamian officials nor FTX team was when 0x59 began selling tokens for ETH, DAI, and BNB and using a variety of bridges so crypto couldn’t be frozen on 11/12.” Ethereum Users Appeal For Help Some Ethereum users have started sending coded messages to the hacker, asking for a share of the stolen funds. One user appealed to the hacker, stating they had lost a significant sum due to the FTX collapse, asking the hacker to reimburse them. The user in question sent multiple small transactions to the hacker’s address in an attempt to catch their attention. Several other Ethereum users tried the same trick to get the hacker’s attention. Whether they were successful or not remains to be seen. 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

The live price of Synthetix (SNX) today is 1.9159 USD, and with the current circulating supply of Synthetix at 247,461,700.73 SNX, its market capitalization stands at 474,117,858 USD. In the last 24 hours SNX price has moved 0.1596 USD or 0.09% while 29,895,686 USD worth of SNX has been traded on various exchanges. The current valuation of SNX puts it at #76 in cryptocurrency rankings based on market capitalization.

Learn more about the Synthetix 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 Price1.9159 USD
Market Rank#76
Market Cap474,117,858 USD
24h Volume33,780,443 USD
Circulating Supply247,461,700.73 SNX
Max Supply308,069,419 SNX
Yesterday's Market Cap475,823,200 USD
Yesterday's Open / Close1.7632 USD / 1.9228 USD
Yesterday's High / Low1.9228 USD / 1.7617 USD
Yesterday's Change
0.09% ( 0.1596 USD )
Yesterday's Volume29,895,686 USD
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