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Synthetix(SNX)

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$4.1164
(5.87%)
0.00007977 BTC
Market Cap (Rank#68)
$1,253,992,355
24,300 BTC
Vol 24h
$26,614,323
515.737 BTC
Circulating Supply
304,636,454.33
Max Supply
323,506,696
18 days agocoindesk
Social App Friendzone to Start Operations on Polygon Network This Month
Friendzone was built by early team members from Band Protocol, Synthetix and Koinly and targets the social application space.
49 days agonulltx
Decentralized Finance Trends: Aave (AAVE) and Synthetix (SNX) Align with Pullix (PLX) Momentum
The DeFi market is growing daily as traditional investors show interest in decentralized platforms. New entrants like Pullix set the pace for old coins like Aave and Synthetix to follow. Pullix has now reached stage 6 of its presale, having raised over $3million and selling over 60million PLX tokens. Aave […]
66 days agonulltx
Uniswap, Synthetix, NuggetRush – The Best Bet for Maximum ROI?
TLDR Uniswap stands out for its automated trading system where you can simplify the investments with a user-friendly platform. Synthetix is a good option as it offers synthetic versions of real-world assets. NuggetRush excels in the P2E gaming sector so that players can earn real money through gameplay. There are […]
78 days agonulltx
Hype Builds as SEC Postpones Decision, Paving the Way for Potential Mass Approval of Bitcoin ETFs; Synthetix and Pullix Anticipate Significant Profits
The US Securities and Exchange Commission (SEC) recently postponed its decision regarding Bitcoin ETFs. While many are skeptical about the SEC’s stance, others believe this would give way for mass approval. Meanwhile, Synthetix and Pullix are looking to benefit from the launch. The DeFi coins are hoping to see more […]
153 days agocryptodaily
Analyst Set's Bullish Outcomes From Synthetix (SNX), Render (RNDR) And Shiba Budz (BUDZ), BUDZ on Track to 10X first
Innovative initiatives like Shiba Budz (BUDZ), Render (RNDR), and Synthetix (SNX) are catching the attention of both investors and enthusiasts in the constantly changing world of blockchain technology and cryptocurrencies.
171 day agocointelegraph
Synthetix DEX launch to join efforts reducing the 'serious friction' in DeFi
Kain Warwick tells Cointelegraph that Infinex will help reduce friction in DeFi and close the usability gap between DEXs and CEXs.
174 days agocoindesk
Synthetix Posts 12.5% Gain Amid Binance Outflows, Bucks Bearish Bitcoin Trend
The native token of decentralized liquidity platform Synthetix (SNX), rose by 12.5% during European hours on Monday following significant outflows on Binance.
216 days agonulltx
Here’s Why Investors Will Like Borroe ($ROE) More Than Chainlink (LINK) and Synthetix (SNX)
Top crypto experts believe that Chainlink (LINK) and Synthetix (SNX) holders will soon start to abandon ship and turn to Borroe ($ROE). This valuable hidden gem offers fantastic real-world utility and scalability solutions and is predicted to reshape the Web3 community. Let’s see why Borroe ($ROE) has received such high praise while the token is […]
217 days agocointelegraph
Bitcoin’s dull price action ignites buying interest in LINK, FIL, SNX and THETA
LINK, FIL, SNX and THETA are starting to look bullish right as Bitcoin prepares for a volatile price move.
219 days agocryptopotato
Bitcoin Ping Pongs at $30K as Synthetix (SNX) Leads Altcoin Rally: Market Watch
Bitcoin seems unable to break away from $30K but that may be about to change soon.
224 days agocryptodaily
Crypto Weekly Roundup: $XRP Soars After SEC Victory And More
The most exciting news in the industry this week has been Ripple’s partial win in the SEC case. Experts are opining that it could shake the market out of its rut. Let’s find out more. Bitcoin Judge Analise Torres of the Southern District of New York handed a partial win over to Ripple Labs after its three-year-long battle with the SEC. Bitcoin miners may face significant challenges due to the upcoming halving event, according to a new report by analysts from banking and finance firm JP Morgan. Europe’s highly anticipated and long-delayed spot Bitcoin ETF is finally set to debut later this year amidst huge anticipation surrounding its imminent arrival. The US Department of Justice is finally moving the BTC reserves it seized from the Silk Road, the notorious online marketplace predominantly used for illicit activities. Vanguard Group, which manages $7.2 trillion in assets, has significantly ramped up its investments in the bitcoin mining sector, with its total stake now exceeding $560 million. The UK’s FCA has shut down 26 cryptocurrency ATMs this year following a coordinated investigation with other law enforcement agencies. Standard Chartered Bank has presented an optimistic forecast for Bitcoin, suggesting that the leading cryptocurrency could touch the $50,000 milestone by the end of 2021. Satoshis are now being given out as rewards on Satlantis, a unique Bitcoin-themed Minecraft server. Democratic presidential candidate Robert F. Kennedy Jr had recently stated that he has not invested in Bitcoin, even though financial records prove otherwise. Ethereum The transactions per second on the Etheruem blockchain will receive a significant boost now that Starknet’s Quantum Leap upgrade has been deployed on the Ethereum mainnet. The Aave community members will be voting on whether to finally deploy gho ($GHO) on the Ethereum chain. DeFi protocol, Rodeo Finance, lost $1.53 million in Ethereum due to a code vulnerability exploitation in its Oracle. ConsenSys has announced the launch of its layer-2 network Linea, as the Ethereum ecosystem welcomed yet another scaling solution. DeFi 20-year-old Argentinian Federico Jaime has publicly claimed responsibility for the $200 million Euler Finance exploit and is now under arrest in a Paris prison. Kain Warwick, the founder of the Synthetix derivatives protocol, has introduced Infinex, a new decentralized perpetuals exchange. Uniswap users can now start swapping their Avalanche tokens on the Uniswap website, as the decentralized exchange has now launched on the Avalanche network. DeFi platform Arcadia Finance has reportedly been the victim of an exploit which allowed hackers to drain roughly $455,000. Altcoins The pronouncement by the SDNY judge that XRP can only be partially classed as a security led to a massive market surge. Polygon, the prominent Ethereum layer 2 scaling solution, is making strides towards a significant upgrade, changing its token from $MATIC to $POL. Technology Polkadot's founder, Gavin Wood, has proposed a major shift in how the blockchain network allocates resources. Coinbase has launched an encrypted messaging service on its self-custodial wallet app, using the open-source Web3 messaging network of Texas-based startup XMTP. Business Indonesia’s Futures and Commodity Trading Regulatory Agency will launch a national cryptocurrency exchange this month. Court documents have revealed that Zac Prince, CEO of bankrupt crypto lending firm BlockFi, ignored warnings from the company’s risk management team regarding exposure to FTX and Alameda Research. After a significant downturn in the crypto market, it appears that in the first half of 2023, the venture investment market, much like the price of Bitcoin, has found its bottom. Sam Altman’s Worldcoin has surpassed 2 million sign-ups for its World ID program in half the time it took to reach the first million sign-ups. Failed cryptocurrency exchange FTX recently launched its claims portal, allowing users from around the world to file a claim. Crypto data firm Arkham Intelligence is under fire after privacy-conscious users discovered that the firm has been irresponsible about user data. Regulation Ripple’s XRP skyrocketed by around 70% in the 24 hours after its landmark partial win over the SEC. Australian crypto investment firm, Monochrome Asset Management is working to introduce spot Bitcoin ETF on the Australian Securities Exchange. Coinbase has paused its staking operations in California, New Jersey, South Carolina, and Wisconsin as it continues discussions with their respective regulators. Alex Mashinsky, the former CEO of cryptocurrency lending platform Celsius Network, appeared in federal court last week, pleading not guilty to numerous charges, including securities fraud, commodities fraud, and wire fraud. Ripple CEO Brad Garlinghouse recently made statements which predicted a long wait before the SEC can file an appeal following Judge Torres' ruling on the Ripple case. NFT Starbucks’ Web3 loyalty program Odyssey has announced a collaboration with the Aku NFT collection. Security Blockchain security and analytics firm Chainalysis has suggested that the multimillion-dollar exploit of the Multichain Protocol could be indicative of a rug pull. Approval management platform Revoke introduced a new feature to combat a new crypto scam after users reported receiving "fake approval" requests that led to exuberant transaction fees. 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.
225 days agocointelegraph
Synthetix takes on counterparty risks with Infinex derivatives exchange
The upcoming exchange, Infinex, will cater to both novice and experienced traders by offering features similar to centralized exchanges (CEX).
226 days agocryptodaily
Synthetix Founder Launches Infinex Perpetuals Exchange $SNX
Kain Warwick, founder of the Synthetix derivatives protocol, has introduced Infinex, a new decentralized perpetuals exchange. The venture sets its sights on challenging the dominance of centralized exchanges such as Binance by prioritizing user experience, marking a notable shift in the DeFi status quo. Infinex: Reinventing DeFi User Experience The inception of Infinex reflects a crucial shift among blockchain developers. Increasingly, these innovators recognize that improving user experience is key to onboarding new users and expanding the DeFi sector. In a significant departure from typical DeFi user interfaces, Infinex eliminates the need to use a crypto wallet to sign transactions. Instead, it adopts a common approach: users create a username and password. Their private keys, still essential for signing transactions, are stored in their browsers. However, according to Warwick, these keys will not be able to withdraw deposited funds, prioritizing user security. Centralized Exchanges in Infinex’s Sights Warwick has a clear vision for Infinex: directly compete with centralized exchanges like Binance. To achieve this, the exchange needs to balance several factors. It must ensure a user experience on par with centralized counterparts, maintain a genuinely decentralized framework, and address potential security concerhns of storing private keys in the browser. Infinex also recognizes the importance of regulatory compliance. The exchange is defsigned to minimize proprietary components, emphasizing its decentralized foundations and reshaping the traditional concept of liability. Infinex Governance and Operational Design According to details on the project shared via Mirror.xyz, Infinex won't issue its own token for governance purposes. Instead, it will use Synthetix's SNX token to manage its governance. Infinex's initial target market comprises existing crypto traders. To kickstart their trading on Infinex, users will need to deposit either USDT or USDC, both dollar-pegged stablecoins. The exchange is expected to generate revenue from several sources, including trading fees, integration fees from a rewards program, and fees from staking SNX. With the unveiling of Infinex, Warwick brings a fresh perspective to the DeFi sector, placing a premium on user experience. This approach underscores a shift in priorities within the industry and sets a new standard for decentralized exchanges. By focusing on existing crypto traders, Infinex makes a calculated move to attract a significant segment of the market that currently operates on centralized exchanges. The success of this approach will undoubtedly be observed closely by other players in the DeFi sector. 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.
269 days agocoindesk
Synthetix Community Approves Plan to Nudge Positions Off Soon-to-Shut Version One of Its Perpetuals Market
The market, which was replaced by a new version, has been in close-only mode for months, but about $150,000 remains on the original platform.
276 days agocointelegraph
Synthetix (SNX) trading volume overtakes GMX, but is the DEX token rally sustainable?
Volumes at Synthetix surpassed it’s nearest DEX competitor, but contracting user activity across decentralized exchanges could be a red flag.
283 days agocryptopotato
PEPE Madness Transitions: Synthetix (SNX) Soars 10% on Proposal to Add Pepe Coin
PEPE coin mania is fueling intense rallies across the altcoin landscape in May. SNX is soaring Thursday after a proposal to add support for PEPE to the Synthetix blockchain.
283 days agocryptodaily
LayerZero and Immunefi Unveil $15m Bug Bounty
LayerZero Labs and Immunefi have announced their collaboration to launch an unprecedented $15 million bug bounty program. The initiative sets a new benchmark in the crypto industry, surpassing the previous record holder, MakerDAO’s $10 million bug bounty. LayerZero Labs, renowned for its omnichain interoperability protocol LayerZero, and Immunefi, a leader in bug bounty and security services, have partnered to stimulate the work of smart contract information security researchers and white hat hackers in identifying potential vulnerabilities and attack vectors on blockchain protocols such as LayerZero. The sheer size of this bounty sets it apart from LayerZero’s previous initiatives and underlines its prioritization of smart contract security. The reward fund is earmarked to come from the equity entity of LayerZero Labs. LayerZero's CEO, Bryan Pellegrino, emphasized the commitment to security over all other facets: “The security of [a] protocol comes before anything else.” Immunefi, on the other hand, is no stranger to the security challenges of the crypto sector. Providing security services for over $60 billion in user funds across a wide range of crypto-based projects and blockchain firms such as SushiSwap, Optimism, Polygon, Synthetix, and Chainlink, among others, Immunefi has paid out over $75 million in bug bounties to date. LayerZero's recent $120 million Series B funding round has catapulted its valuation to $3 billion. Its distinctive messaging protocol allows for various types of message exchanges between blockchains, eliminating the need for intermediaries. LayerZero currently connects over 30 mainnet blockchains, including two non-Ethereum Virtual Machines (EVMs) and Aptos. However, the crypto world hasn't been without its fair share of financial damages of late. According to Immunefi’s Crypto Losses 2022 report, over $3.9 billion was "lost" last year. Notably, this represents a 51.2% reduction compared to 2021's loss figures. Specifically, $3.77 billion of the 2022 losses resulted from 134 hacking incidents, and fraud accounted for another $175 million lost over 34 incidents. LayerZero, launched in March 2022, has seen a transaction volume exceeding $15 billion within its first 14 months. Demonstrating its stringent adherence to security measures, LayerZero has not experienced a security exploit or hack since inception. Last year, the blockchain infrastructure firm invested around $5 million in auditing to ensure the security of its code before its release to the public. While the overall crypto market has seen fewer losses recently, the actual amounts involved are still substantial. For instance, in March, a massive $200 million was pilfered from the crypto lending platform, Euler Finance. This exploit, albeit substantial, only ranks among the top 20 in recent crypto history. Security stands as a paramount concern for anyone involved in the crypto space. As Pellegrino asserts: “For anyone building in the space, security should be the priority above all else. If you don’t have good security, eventually you will be hacked.” The bug bounty program offers a substantial maximum reward of $15 million for the discovery of a high-severity vulnerability. The precise payout is determined based on the Immunefi Vulnerability Severity Classification System, which assesses the impact of the identified vulnerability. Bug reports submitted to the program need to include a viable proof-of-concept (PoC) that demonstrates a tangible impact on the scoped assets. The terms explicitly state that theoretical explanations or statements alone cannot be accepted as PoCs – concrete code is required. The program outlines that critical smart contract vulnerabilities found on major blockchains and Layer 2 protocols such as Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and Fantom may garner a reward of either $250,000 or 10% of the endangered asset's value at the time of reporting, whichever is higher. For all other chains, the payout for critical vulnerabilities starts at $25,000. Rewards for non-critical vulnerabilities are evaluated based on internal criteria. 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.
286 days agocryptodaily
Bakkt Axes 25 DeFi and NFT Tokens from Apex Crypto
Digital asset firm Bakkt has delisted 25 out of the 36 tokens on its recently acquired Apex Crypto platform. The decision was presumably made in compliance with regulatory guidance, and the delisted tokens mainly belong to popular decentralized finance (DeFi) and nonfungible token (NFT) ecosystems. The announcement comes after the digital asset firm's finalized acquisition of Apex Crypto in April, with negotiations that began in November 2022. Another influence to the decision is a perceived shift on Bakkt's overall strategy from crypto retail towards business-to-business (B2B) services. A Bakkt spokesperson claims that the delisting decision was made in the interest of consumer and client protection, based on the firm's regular, internal review of listed coins. Among the tokens delisted are Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Tezos (XTZ), Uniswap (UNI), and Yearn Finance (YFI). Bakkt's acquisition of Apex Crypto, an unprofitable platform, cost the company $55 million in cash and $145 million in stock. Apex Crypto is a "turnkey" service that provides execution, clearing, custody, cost basis, and tax services to 5 million customers through 30 financial technology partners. Bakkt secured a broker-dealer license from Bumped Financial earlier in February this year, which it disclosed in a financial statement. The license was part of Bakkt's strategy to expand its presence in the fintech market, catering to a growing clientele. However, Bakkt's focus shifted when it decided to shut down its retail-oriented app in March, concentrating instead on business-to-business (B2B) operations. Bakkt now aims to provide crypto and loyalty solutions to businesses through Software-as-a-Service (SaaS) and API solutions. Intercontinental Exchange, the majority owner of Bakkt, also owns the New York Stock Exchange. Bakkt's stock experienced a 7% decline on May 12, the day of the announcement. However, it is also down by 40% over the last six months, although it is up 3.45% on a year-to-date basis. 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.
291 day agocryptodaily
Synthetix Network (SNX) Price Prediction: Why Uwerx (WERX), StableXSwap (STAX), and NEAR Protocol (NEAR) Will Moon in 2023
Cryptocurrency is a constantly evolving space, and Q2 2023 is expected to be a breakout season for several promising projects. This article will discuss four cryptocurrencies that could become very valuable and popular this year. These coins include StableXSwap (STAX), NEAR Protocol (NEAR), Synthetix Network (SNX), and the soon-to-be-launched Uwerx. StableXSwap (STAX) and NEAR Protocol (NEAR): Dynamic Duo for Stablecoin Trading and Blockchain Development StableXSwap (STAX) and NEAR Protocol (NEAR) are two unique projects within the cryptocurrency ecosystem. While StableXSwap (STAX) is a stablecoin-focused AMM-style decentralized exchange built on Binance Smart Chain, NEAR Protocol (NEAR) is a cutting-edge Layer-1 blockchain project that provides a secure, scalable, and user-friendly network for developers looking to create endless decentralized applications and other projects. StableXSwap (STAX) is currently ranked #1035 with a circulation supply of 13,646,645 and a market cap of $3,738,155, while NEAR Protocol (NEAR) is ranked #35 with a market cap of $1,674,799,229 and a current price of $1.93. StableXSwap (STAX)'s price is expected to reach a maximum value of $0.63 in 2024, while NEAR Protocol (NEAR) can reach a maximum of $4.36 in the same year. Synthetix Network (SNX): Decentralized Exchange For The New Era Of Finance Synthetix Network (SNX) is a cryptocurrency protocol designed to enable investors to create synthetic assets called “Synths.” This approach has proven to be a savvy move by Synthetix Network (SNX) as it significantly enhances the network's liquidity, benefiting all parties involved and providing unique tradable assets. The Synthetix Network (SNX)’s price currently stands at $2.18, with a 24-hour trading volume of $237,317,442. Synthetix Network (SNX) has experienced a 9.67% decline in the last 24 hours. The coin holds the #68 ranking on CoinMarketCap, with a market cap of $692,393,721. Industry experts predict that Synthetix Network (SNX) may potentially reach a minimum price of $4.91 by the year 2024 due to the increasing demand for synthetic assets, which Synthetix Network provides. Uwerx (WERX): Redefining The Freelance Experience There is a rising demand for skilled freelancers in the market. With so many talented freelancers out there, it's no surprise that the freelance industry is continuing to expand at a remarkable pace. But with that growth comes a challenge: how do we create platforms that can keep up with the ever-evolving needs of freelancers and their clients? Uwerx is the answer! Uwerx will provide its users with enhanced trust and security as well as a significant reduction in fees for both businesses and freelancers. The platform will charge its users 1% as opposed to 20%, which is the current rate on most traditional freelance platforms. Furthermore, Uwerx will implement a liquidity lock for 25 years to ensure platform stability as well as audit the platform with the help of InterFi Network and SolidProof. To prevent potential scams or rug pull, the Uwerx team plans to renounce ownership of the project’s contract. Technical analysis of the project forecasts that the token could reach $1.2 by the first quarter of 2024. WERX tokens are currently preselling for $0.0225 per token. Investors who take advantage of the presale may benefit from the potential growth of WERX and the freelance industry as a whole and enjoy a 20% purchase bonus as well as front seats to check out the Alpha version of the platform! For More Information, Click The Links Below: Presale: invest.uwerx.network Telegram: https://t.me/uwerx_network Twitter: https://twitter.com/uwerx_network Website: https://www.uwerx.network/ 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.
293 days agocryptodaily
Price Prediction for Synthetix Network (SNX) Token, Liquity (LTQY), and Uwerx (WERX): These Cryptos Are Expected to Deliver Significant Gains This Year
Synthetix Network (SNX) is a decentralized crypto project that rose to popularity with its non-blockchain assets. Liquity (LTQY) is another innovative project based on Ethereum that enables users to draw loans. Uwerx is an upcoming project that intends to revolutionize the freelance industry and provide numerous benefits to freelancers and investors. The price prediction for Synthetix Network (SNX), Liquity (LTQY), and Uwerx is expected to be positive this year. Read on to know more about the expected gains of these three projects in 2023. Synthetix Network (SNX) Price Surges With Its Robust Liquidity Synthetix Network (SNX) provides deep liquidity and low fees. Its popularity is due to its role as a backend for multiple projects built on Ethereum and Optimism. Synthetix Network (SNX) focuses on widening the crypto space by including non-blockchain assets, which results in easy access to a robust financial market. The current price of Synthetix Network (SNX) is $2.37, and its 24-hour trading volume is $31,427,115. Analysts predict a positive price momentum for Synthetix Network (SNX). The token is expected to increase to $4.13 by the end of 2023. Uwerx (WERX) to Outperform Other Cryptos With Its Unique Features Uwerx will focus on the freelance industry, aiming to bring about better rewards for freelancers and substantial returns for investors. The freelance industry is undergoing rapid growth due to the increasing shift of businesses toward the gig economy. As per a Forbes report, 20% of companies stated that they will increase their dependence on freelancers in 2021, with an additional 60% stating their dependence was consistent with the previous year. While the freelance sector is burgeoning, it also faces many problems like lack of trust, overt control by middlemen, transactional hurdles, expensive fees, and more. Uwerx is expected to overcome the obstacles faced by the industry with its decentralized blockchain technology. Being built on the Polygon network, it grabs attention with its unique characteristics, such as: ● Incentivization that will serve as motivation and increase engagement for freelancers ● Integrated collaboration tools for efficient work processes ● Personalized matching that will help freelancers find the right projects ● Transparent pricing that would ensure increased trust and an equitable marketplace ● An inbuilt conflict resolution system Liquity (LTQY) Shows Positive Price Prediction Liquity (LTQY) is a decentralized crypto platform that focuses on enabling efficient loan processing. Built on the Ethereum network, the Liquity (LTQY) platform allows Ether holders to draw loans in LQTY form. Loan issuance fees and redemption are algorithmically adjusted. Liquity (LTQY) is now available at the price of $1.47 and has a 24-hour trading volume of $10,197,324. Price prediction for Liquity (LTQY) indicates a positive uptrend in 2023, and the price is expected to increase to a maximum value of $3.49 by the end of 2023. Uwerx (WERX) Price Prediction The current price of the Uwerx token is $0.012 and is expected to increase as the ongoing presale progresses. Once the presale ends, the liquidity will be locked and remain so for 25 years. As a project with real-world value and tangible users, Uwerx could solve many of the issues that plague the freelance market. Its full audit approval by InterFi Network and Solidproofcompanies is an encouraging sign to prospective investors. Additionally, an announcement was made by the team that they gave up the ownership of smart contracts once taxes were reduced to zero. We believe Uwerx can likely become a future blue-chip crypto used by millions worldwide. Analysts expect its price to increase to $1.20 by Q3/Q4 2023. Uwerx (WERX) Presale Grabs the Attention of Whales Synthetix Network (SNX) and Liquity (LTQY) have good price predictions, but the future outlook for Uwerx is excellent. Uwerx presale is in progress, and the huge response for the presale indicates the popularity and inherent value of the project. As experienced investors know, early projects with high growth potential, like Uwerx, can provide substantial gains. The various advantages and growth potential of Uwerx make it an ideal investment choice. With its immense growth potential, its current price of $0.012 will increase as the presale progresses. Now is the best time to grab this crypto before it explodes in value. Visit the links below to know more about the Uwerx presale. Presale: invest.uwerx.network Telegram: https://t.me/uwerx_network Twitter: https://twitter.com/uwerx_network Website: https://www.uwerx.network 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.
317 days agocoindesk
Market Maker DWF Labs’ More Than $200M in Deals Blur What ‘Investing’ Means
DWF Labs made headlines with flurry of investments in crypto projects such as CryptoGPT or Synthetix. A closer examination reveals that many of their deals aren’t typical venture capital investments. However, the firm says it’s all a misunderstanding.
325 days agocryptodaily
PostFinance Bank To Offer Customers Bitcoin And Ethereum Services
PostFinance Bank, a financial services firm owned by the Swiss Government, has stated that it would offer its customers various regulated crypto services. These services will be delivered thanks to a partnership with Sygnum Bank. Bitcoin And Ethereum Services For Clients According to the announcement by PostFinance Bank, the partnership with digital assets bank Sygnum will allow customers to access, purchase, and store cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). PostFinance Bank is Switzerland’s fifth-largest financial services company, with an estimated 2.5 million users. Speaking about the partnership, Sygnum Bank’s chief B2B officer Josh Fritz stated, “This partnership illustrates how digital assets are now an integral part of the financial landscape in Switzerland. In this sense, the PostFinance and Sygnum partnership represents an important and fully regulated step towards increased asset class adoption. Switzerland as an investment ecosystem offers a number of strategic advantages, including regulatory clarity for cryptocurrencies and off-balance sheet segregation of crypto assets, which eliminates credit risks.” PostFinance’s Chief Investment Officer Philip Merkt, releasing a statement about the partnership, stated, “Digital assets have become an integral part of the financial world, and our customers want access to this market at PostFinance, their trusted principal bank. A reputable and established partner like Sygnum Bank with an excellent service offering is more important than ever.” Sygnum Bank also separately announced the news of the partnership on its Twitter handle. Institutional Grade Staking The partnership between PostFinance and Sygnum also allows the former to provide other revenue-generating services, such as crypto staking. Staking refers to a process in which a user’s assets are locked for a specified duration to secure a blockchain and receive rewards in return. Currently, Sygnum’s staking services include Ethereum, Cardano (ADA), Tezos (XTZ), and Internet Computer (ICP). Fritz added, “Our continually expanding B2B offering, which currently includes 25 leading cryptocurrencies, including DeFi-focused, 60+ trading pairs, and four leading fiat currencies, is available for deployment by PostFinance on a flexible basis. Additional details about the token and staking offering roadmap will be communicated by PostFinance in the lead-up to launch,” Sygnum also launched custody and trading services for USDC and a number of decentralized finance (DeFi) projects and tokens. These include Aragon (ANT), Aave (AAVE), Maker (MKR), Synthetic (SNX), Curve (CRV), 1inch (1INCH), and Uniswap (UNI). Customers Demand Access To Crypto With cryptocurrencies and non-fungible tokens (NFTs) growing in popularity, customers of various banks have been demanding more exposure to these emerging asset classes. Customers at PostFinance have been no different. According to a spokesperson for PostFinance, the institution’s customers have long been demanding access to the crypto ecosystem. “Our analyses show that our customers want access to the crypto market. The past few months have shown that customers want more security, regulation, and trust. We can offer this. Our top priority is to offer trading and safekeeping within a secure framework for our customers and to ensure the highest level of regulatory compliance.” Crypto Adoption On The Rise Again The pivot towards crypto once again is not just occurring in Switzerland. In fact, countries across Europe are embracing the asset class, with several major developments taking place. Liechtenstein’s VP Bank announced that it is partnering with Metaco as recently as Tuesday. The partnership will allow it to provide tokenization and digital asset custody services to customers. DekaBank and DZ Bank, two of Germany’s largest banks, have also partnered with Metaco to provide crypto custody services to institutional clients. The Neobank N26 has also expanded its services to provide crypto trading services in countries such as Switzerland, Ireland, Germany, Portugal, and Belgium. Meanwhile, Bitcoin’s price has jumped by over 70% since the beginning of the year. 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.
331 day agocoindesk
Decentralized Liquidity Platform Synthetix Sees Jump in Fees Collected Amid Incentive Campaign
Synthetix generated more than $730K in fees on March 30 ahead of the start of its allocation of 200,000 OP tokens to traders.

About Synthetix?

The live price of Synthetix (SNX) today is 4.1164 USD, and with the current circulating supply of Synthetix at 304,636,454.33 SNX, its market capitalization stands at 1,253,992,355 USD. In the last 24 hours SNX price has moved -0.1208 USD or -0.03% while 27,806,163 USD worth of SNX has been traded on various exchanges. The current valuation of SNX puts it at #68 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 Price4.1164 USD
Market Rank#68
Market Cap1,253,992,355 USD
24h Volume26,614,323 USD
Circulating Supply304,636,454.33 SNX
Max Supply323,506,696 SNX
Yesterday's Market Cap1,198,329,287.66 USD
Yesterday's Open / Close4.0545 USD / 3.9337 USD
Yesterday's High / Low4.0839 USD / 3.8794 USD
Yesterday's Change
-0.03% ( 0.1208 USD )
Yesterday's Volume27,806,163.40 USD
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