SynthetixSNX to BTC

What is Synthetix? (SNX)

Synthetic assets, or Synths, can include a variety of assets. It applies to anything with a reliable price feed. Cryptocurrencies such as Bitcoin and Ethereum, commodities such as gold and silver, and fiat currencies such as USD are some examples. Traders can even use inverse Synths to gain short exposure or hedge existing holdings and yield farming positions, allowing them quick exposure on inverse assets.

A trader can access assets that aren't available on the blockchain using Synthetix. In addition to creating indexes, Synthetix allows users to create baskets of multiple DeFi assets that track their prices.
 

Primary features of Synthetix Network Token

• An asset insurance protocol based on blockchain technology.
• Users can create synthetic decentralized assets and exchange them using Synthetix (SNX), an Ethereum-based project.
• Funds from traders can be used to reward other components of the Synthetix ecosystem.
• Among the DAOs that took over in 2020 are ProtocolDAO, GrantsDAO, and SynthetixDAO.

How Does Synthetix Network Token Work?

• Multiple methods are available for trading Synths. Kwenta (a dApp that allows users to sell on the Synthetix network) is one dApp that will enable users to purchase ETH and then swap it for sUSD. SUSD can be traded for other Synths, such as sBTC, using both methods. 
• To trade SNX tokens on Kwenta, you must purchase them on an exchange, stake them on Mintr, and create synths while selling them.

A maximum collateralization ratio of 750% backs every Synth created on Synthetix in the form of staking SNX tokens (and is subject to change). When a balance on Mintr reaches a certain threshold, a user must mint sUSD individually or burn sUSD manually.

Through staking SNX and minting sUSD, users are essentially taking on debt, which reflects the amount of sUSD that has to be burned to un-stake their SNX. This, in turn, represents a portion of all of the debt on Synthetix and is denominated in sUSDT, and that debt increases or decreases in accordance with the supply of Synths and their exchange rates. 

Who Are the Founders of Synthetix Network Tokens?

Synthetix, a protocol to trade derivatives on Ethereum, was founded by Kain Warwick, who currently leads the team developing the protocol. 

The biggest cryptocurrency platform in Australia is Blueshyft, which he built in the past. In addition, he served as a non-executive director of the company. 

Also, Warwick was an Advisory Council Member at Blockchain Australia and a member of The Burger Collective's Advisory Board before joining Blockchain Australia. 

Initial Coin Offerings (ICOs) and the sale of SNX, their native token, raised $30 million in early 2018 through Havven's Initial Coin Offering (ICO).  

• Additionally, Justin Moses and Clinton Ennis are vital members of the Synthetix core team.

Moses has worked on Synthetix since its inception and is the company's CTO. As Director of Engineering at MongoDB, Moses was before joining Synthetix. His expertise lies in the design and deployment of large-scale systems. 

Clint Ennis, Synthetix's Senior Architect, has more than 18 years of software engineering experience. Formerly an architect lead at JPMorgan Chase, Ennis has a background in traditional finance.

 

How to use Synthetix Network Token?

Stake SNX: One way to build new Synths is to stake SNX. Staking can lead to prizes, rewards, and a larger holding.

Trade Synths: SNX coins are used for exchanging Synths between users.

• Trade SNX: SNX can be traded and invested by investors and traders.
  
   

Why Should I use SNX?

A decentralized exchange or synthetic assets may be more popular in cryptocurrency in the future, so you may want to use SNX.

Further, if you buy SNX and stake it, you'll gain rewards, including a percentage of network trade fees and newly minted SNX.

Also, the platform may appeal to traders because of its variety of synthesizers. Synthetix will likely continue to be used by crypto asset traders due to the SNX token.

Synthetix Token Metrics

Where is the Synthetix (SNX) coin available?

Synthetix (SNX) is available on a variety of cryptocurrency exchanges. The list of quick, secure, and easy exchanges is listed below.

• Binance
• Coinbase
• Kucoin
• Kraken

You can check the whole list of exchanges here to buy Synthetix (SNX)