-
Bitcoin $88,354.9846
1.30% - Ethereum
$1,585.1570
-2.87% - Tether USDt
$1.0000
0.03% - XRP
$2.0950
-1.00% - BNB
$601.2750
0.03% - Solana
$138.7714
-1.69% - USDC
$1.0000
0.01% - Dogecoin
$0.1615
0.76% - TRON
$0.2468
0.27% - Cardano
$0.6281
-1.60% - Chainlink
$13.2373
-2.60% - UNUS SED LEO
$9.1021
-2.96% - Avalanche
$20.1085
0.64% - Stellar
$0.2508
0.12% - Toncoin
$2.9308
-3.06% - Shiba Inu
$0.0...01247
-1.43% - Sui
$2.2499
2.17% - Hedera
$0.1703
-0.51% - Bitcoin Cash
$344.9911
1.61% - Hyperliquid
$18.3271
0.87% - Litecoin
$78.9540
-0.58% - Polkadot
$3.7860
-3.64% - Dai
$0.9999
-0.01% - Bitget Token
$4.4576
-1.00% - Ethena USDe
$0.9991
-0.01% - Pi
$0.6327
-1.82% - Monero
$215.1854
-0.20% - Pepe
$0.0...08022
2.96% - Uniswap
$5.3079
-2.18% - OKB
$50.9891
-0.24%
What is SNX? What is SNX coin
The SNX cryptocurrency serves as the native token of the Synthetix platform, providing collateral, enabling governance, and facilitating rewards for staking within the DeFi ecosystem.
Oct 01, 2024 at 06:53 am
Understanding SNX and Its Cryptocurrency SNX
1. What is SNX?
Synthetix (SNX) is a decentralized finance (DeFi) protocol that allows users to trade synthetic assets, known as Synths, representing real-world assets such as stocks, commodities, fiat currencies, and cryptocurrencies. These Synths track the prices of the underlying assets without requiring users to hold the physical assets.
2. What is SNX Coin?
SNX is the native cryptocurrency of the Synthetix platform. It serves multiple functions within the ecosystem, including:
- Collateral: SNX is used as collateral to issue and back all Synths.
- Governance: SNX holders participate in the governance of the protocol through voting on key decisions.
- Staking: Users can stake SNX to earn rewards for supporting the network and reducing price volatility.
3. How Does Synthetix Work?
Synthetix operates on a permissionless blockchain and uses a two-token system:
- Synths: Represent synthetic assets and track their price movements.
- SNX: Provides collateral and supports the stability of the system.
Users can mint Synths by depositing SNX as collateral. The value of the collateral must cover the value of the Synths minted. When users sell or burn Synths, they receive back the corresponding amount of their collateral.
4. Advantages of Using Synthetix
- Access to Diverse Assets: Allows users to trade various synthetic assets without buying or selling the underlying assets.
- Flexibility and Leverage: Provides flexibility to adjust positions and use leverage in synthetic trading.
- Transparency and Security: Operates on a blockchain, ensuring transparency and security.
5. SNX Tokenomics
- Total Supply: 249,165,288 SNX
- Initial Circulating Supply: 105,045,719 SNX
- Inflation Rate: Approximately 1% per year
6. Conclusion
Synthetix (SNX) and its native coin, SNX, play a significant role in the DeFi ecosystem, allowing users to access and trade synthetic assets in a flexible and secure manner. The tokenomics of SNX support the stability and governance of the platform, making it an attractive option for decentralized finance enthusiasts.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
- Meteora Labs sued by investors over alleged M3M3 token price manipulation
- 2025-04-22 09:40:12
- This is a published version of our weekly Forbes Crypto Confidential newsletter. Sign up here to get Crypto Confidential days earlier free in your inbox.
- 2025-04-22 09:40:12
- Trump Token Unlocks Are When a Group of People—Usually Project Team Members, Early Investors or Advisors—Receive Their Allocated Tokens
- 2025-04-22 09:35:14
- Meme cryptocurrency Dogecoin is currently trading at an important support level against Bitcoin
- 2025-04-22 09:35:14
- Dogecoin (DOGE) Price Broke Out of Two Technical Patterns, Setting the Stage for a Bullish Run
- 2025-04-22 09:30:12
- Mutuum Finance (MUTM) Presale Raises Over $7M From 8400+ Buyers
- 2025-04-22 09:30:12
Related knowledge
What is impermanent loss insurance? What are the solutions?
Apr 12,2025 at 01:14am
What is Impermanent Loss Insurance? What are the Solutions? Impermanent loss is a significant concern for liquidity providers in decentralized finance (DeFi) platforms. It occurs when the price of tokens in a liquidity pool changes compared to when they were deposited, leading to a potential loss if the provider decides to withdraw their liquidity. To m...
What are algorithmic stablecoins? How do they maintain anchoring?
Apr 12,2025 at 11:35am
Algorithmic stablecoins represent a fascinating and innovative segment within the cryptocurrency ecosystem. These digital assets are designed to maintain a stable value, typically pegged to a fiat currency like the US dollar, through the use of algorithms rather than traditional collateral. This approach distinguishes them from other types of stablecoin...
What is leveraged mining? How is risk-return calculated?
Apr 11,2025 at 04:07pm
What is Leveraged Mining? How is Risk-Return Calculated? Leveraged mining is a strategy used in the cryptocurrency space where miners borrow funds to increase their mining capacity and potential returns. This approach can amplify both profits and losses, making it a high-risk, high-reward endeavor. Understanding how to calculate the risk and return asso...
What is an aggregator? How does 1inch optimize transaction paths?
Apr 12,2025 at 05:00pm
An aggregator in the cryptocurrency space is a tool that compiles and compares data from multiple decentralized exchanges (DEXs) to find the best possible trading routes and prices for users. Aggregators are essential for traders looking to optimize their transactions, as they can automatically search through various liquidity sources to ensure the most...
What is a flash exchange? How is it different from a normal exchange?
Apr 16,2025 at 03:43pm
A flash exchange, also known as a flash swap, is a relatively new concept within the cryptocurrency space that has gained significant attention due to its innovative approach to trading. Unlike traditional exchanges, flash exchanges leverage the power of decentralized finance (DeFi) protocols to enable instant, collateral-free trades. In this article, w...
What is impermanent loss? How to reduce risk?
Apr 16,2025 at 11:14pm
What is Impermanent Loss? How to Reduce Risk? Impermanent loss is a term that frequently surfaces in the world of decentralized finance (DeFi), particularly when discussing liquidity provision on automated market makers (AMMs) like Uniswap or SushiSwap. Understanding this concept is crucial for anyone looking to engage in liquidity provision, as it dire...
What is impermanent loss insurance? What are the solutions?
Apr 12,2025 at 01:14am
What is Impermanent Loss Insurance? What are the Solutions? Impermanent loss is a significant concern for liquidity providers in decentralized finance (DeFi) platforms. It occurs when the price of tokens in a liquidity pool changes compared to when they were deposited, leading to a potential loss if the provider decides to withdraw their liquidity. To m...
What are algorithmic stablecoins? How do they maintain anchoring?
Apr 12,2025 at 11:35am
Algorithmic stablecoins represent a fascinating and innovative segment within the cryptocurrency ecosystem. These digital assets are designed to maintain a stable value, typically pegged to a fiat currency like the US dollar, through the use of algorithms rather than traditional collateral. This approach distinguishes them from other types of stablecoin...
What is leveraged mining? How is risk-return calculated?
Apr 11,2025 at 04:07pm
What is Leveraged Mining? How is Risk-Return Calculated? Leveraged mining is a strategy used in the cryptocurrency space where miners borrow funds to increase their mining capacity and potential returns. This approach can amplify both profits and losses, making it a high-risk, high-reward endeavor. Understanding how to calculate the risk and return asso...
What is an aggregator? How does 1inch optimize transaction paths?
Apr 12,2025 at 05:00pm
An aggregator in the cryptocurrency space is a tool that compiles and compares data from multiple decentralized exchanges (DEXs) to find the best possible trading routes and prices for users. Aggregators are essential for traders looking to optimize their transactions, as they can automatically search through various liquidity sources to ensure the most...
What is a flash exchange? How is it different from a normal exchange?
Apr 16,2025 at 03:43pm
A flash exchange, also known as a flash swap, is a relatively new concept within the cryptocurrency space that has gained significant attention due to its innovative approach to trading. Unlike traditional exchanges, flash exchanges leverage the power of decentralized finance (DeFi) protocols to enable instant, collateral-free trades. In this article, w...
What is impermanent loss? How to reduce risk?
Apr 16,2025 at 11:14pm
What is Impermanent Loss? How to Reduce Risk? Impermanent loss is a term that frequently surfaces in the world of decentralized finance (DeFi), particularly when discussing liquidity provision on automated market makers (AMMs) like Uniswap or SushiSwap. Understanding this concept is crucial for anyone looking to engage in liquidity provision, as it dire...
See all articles
