Synthetix Hits Market Cap of $598.45 Million (SNX)

Synthetix (SNX) traded 1.2% lower against the US dollar during the 1 day period ending at 22:00 PM Eastern on September 22nd. Synthetix has a market capitalization of $598.45 million and approximately $32.73 million worth of Synthetix was traded on exchanges in the last day. During the last week, Synthetix has traded 11% lower against the US dollar. One Synthetix coin can currently be purchased for about $2.51 or 0.00013006 BTC on major cryptocurrency exchanges.

Here is how similar cryptocurrencies have performed during the last day:

  • Binance USD (BUSD) traded up 0% against the dollar and now trades at $1.00 or 0.00005187 BTC.
  • BITCOIN ADDITIONAL (BTCA) traded 1.8% higher against the dollar and now trades at $19,290.91 or 0.99992806 BTC.
  • Toncoin (TON) traded up 8% against the dollar and now trades at $1.47 or 0.00007642 BTC.
  • Mammoth (MMT) traded down 4.8% against the dollar and now trades at $0.93 or 0.00004831 BTC.
  • Geegoopuzzle (GGP) traded 0.8% higher against the dollar and now trades at $11.57 or 0.00059950 BTC.
  • Quantum (QUA) traded up 1.5% against the dollar and now trades at $2.07 or 0.00010708 BTC.
  • Theta Network (THETA) traded 5.4% higher against the dollar and now trades at $1.14 or 0.00005929 BTC.
  • TrueUSD (TUSD) traded up 0% against the dollar and now trades at $1.00 or 0.00005182 BTC.
  • Axie Infinity (AXS) traded 1.8% higher against the dollar and now trades at $12.61 or 0.00065354 BTC.
  • VRES (VRS) traded down 7.6% against the dollar and now trades at $0.38 or 0.00001962 BTC.

Synthetix Coin Profile

Synthetix (CRYPTO:SNX) is a coin. Its launch date was March 11th, 2018. Synthetix’s total supply is 297,650,364 coins and its circulating supply is 238,500,594 coins. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here. Synthetix’s official message board is research.synthetix.io. The official website for Synthetix is www.synthetix.io. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed here.

According to CryptoCompare, “Synthetix (SNX) is a rebranding of Havven.io (HAV). Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism is designed to solve the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX. How SNX backs Synths All Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% collateralisation ratio, although this may be raised or lowered in the future through community governance mechanisms. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths. Synthetix is also currently trialling Ether as an alternative form of collateral. This means traders can borrow Synths against their ETH and begin trading immediately, rather than needing to sell their ETH. Staking ETH requires a collateralisation ratio of 150% and creates a debt denominated in ETH, so ETH stakers mint sETH rather than sUSD and do not participate in the ‘pooled debt’ aspect of the system. In this model, ETH stakers do not receive fees or rewards as they take no risk for the debt pool.  Discord | GitHub | Reddit Litepaper “

Buying and Selling Synthetix

It is usually not currently possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to trade Synthetix should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Synthetix using one of the exchanges listed above.

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