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Synthetix Network Token SNX

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1. Summary

Fundamental Rank
Developer Rank
Social Rank
Coinrank
Description

Synthetix is essentially a token trading platform that is built on Ethereum and allows for the creation of real-world assets such as stocks and shares to be bought and traded through the usage of cryptocurrencies. It started out as a stablecoin, and over time went into DeFi.

Synthetix is essentially a token trading platform that is built on Ethereum and allows for the creation of real-world assets such as stocks and shares to be bought and traded through the usage of cryptocurrencies. It started out as a stablecoin, and over time went into DeFi.

In other words, Synthetix allows users to bet on crypto assets, stocks, currencies, and metals in the form of ERC20 tokens. These assets are known as Synths and copy the price of an asset in the real world, and bring it to the Ethereum blockchain which gives a Synth all of the properties of ERC20 tokens.

Synthetix allows this through code alone, without a need for a financial intermediary. It is simply a collection of smart contracts that runs on the Ethereum blockchain, and this means that it does not need to trust a particular institution or person to manage the crypto assets that they create.

These can also be generated through collateralization.

The SNX Token Explained

To collateralize an asset on Synthetix, you have to purchase the SNX cryptocurrency, where once it is locked in a contract, it can be used to generate new assets known as Synths.

Synths are then able to track the value of other assets through the usage of special data feeds known as oracles, and these enable users to gain exposure to gains or losses.

Synthetix uses two cryptocurrencies in order to offer its synthetic asset minting service, where the first is its native cryptocurrency known as SNX while the second is the Synths.

A user has to acquire SNX, deposit it in the Synthetix platform, and in turn, a Synth token is generated.

Features of Synthetix

Synthetic is designed in a way that exposes users to the underlying asset through Synths, without needing to actually hold the underlying asset.

This platform allows users to trade and exchange Synths autonomously, and has a staking pool where holders can actually stake their SNX tokens and are rewarded with a share of the transaction fees that occur on the Synthetix Exchange.

These underlying platforms are tracked through the usage of smart contract price delivery protocols known as oracles. Users can trade Synths seamlessly and without liquidity issues, which also eliminates the use of third parties.

Founders of Synthetix (SNX)

Discussing the founders of Synthetix, the network was launched in September of 2017 by Karin Warwick as Havven (HAV). A year later, it became what we know today as Synthetix through rebranding.

Now, discussing Kain Warwick, aside from this project, he is a non-executive director at the blueshift retail network, and he also worked on Pouncer, of which he is the founder, which is a live auction site in Australia.

Then you have Peter McKean, who’s the CEO of the project and has decades of experience in software development, as well as Jordan Momatzi, who is the COO of the project as well as a business strategist, and last but not least, Justin J. Moses who fills the role of the CTO and is a former director of engineering at MongoDB.

2. Price

$SNX / USD

2.1. Market Performance

How does Synthetix Network Token's (SNX) performance compare to assets of a similar market capitalization?

30 Day Return

-19.3%

SNX

-24.3%

Similar Market Cap

60 Day Return

1.8%

SNX

23.5%

Similar Market Cap

1 Year Return

90.8%

SNX

545.3%

Similar Market Cap

3. Developer Activity

We're monitoring 70 Synthetix Network Token Github repos for commits, code additions and deletions. This data is factored into the Developer Rank.

Weekly Commits (All Synthetix Network Token Repos)

Commits vs. The Market

  • Past 4 weeks: 452 commits vs. an average of 40
  • Past 12 weeks: 1,243 commits vs. an average of 144
  • Past year: 7,611 commits vs. an average of 980

Most Active Repos

Past week 8
Past 12 weeks 102
Past year 1034
Past week 19
Past 12 weeks 136
Past year 995
Past week 16
Past 12 weeks 91
Past year 745
Past week 36
Past 12 weeks 169
Past year 700
Past week 0
Past 12 weeks 53
Past year 444
4. Social Activity
Reddit Subscribers 7,716
Active Reddit Users (past 24h) 24
Telegram Users 11,257
Twitter followers 157,375
5. News
6. More Information

Always do your own research (DYOR) before making any investment. Here's some links you might find helpful:

Website https://www.synthetix.io/
Explorer https://etherscan.io/token/0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Twitter @synthetix_io
reddit /r/synthetix_io
Whitepaper https://www.synthetix.io/uploads/synthetix_whitepaper.pdf
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