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Synthetix Network Token SNX

Synthetix Network Token header image

1. Summary

Fundamental Rank
98
Developer Rank
96
Social Rank
97
Coinrank
98
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.

In other words, Synthetix allows users to b...

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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

-43%

SNX

-26%

Similar Market Cap

60 Day Return

-55%

SNX

-52%

Similar Market Cap

1 Year Return

350%

SNX

95%

Similar Market Cap

3. Developer Activity

We're monitoring 66 Github repos for the Synthetix Network Token project.

Commits vs. The Market

  • Past 4 weeks: 247 commits vs. an average of 58
  • Past 12 weeks: 1,218 commits vs. an average of 244
  • Past year: 8,185 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 32
Past 12 weeks 135
Past year 991
Past week 13
Past 12 weeks 108
Past year 859
Past week 65
Past 12 weeks 211
Past year 687
Past week 1
Past 12 weeks 37
Past year 562
Past week 2
Past 12 weeks 10
Past year 447
Past week 5
Past 12 weeks 77
Past year 394
Past week 1
Past 12 weeks 52
Past year 311
Past week 34
Past 12 weeks 72
Past year 283
Past week 0
Past 12 weeks 48
Past year 222
Past week 0
Past 12 weeks 0
Past year 220
Past week 2
Past 12 weeks 52
Past year 216
4. Social Activity
Reddit Subscribers (synthetix_io) 6,914
Active Reddit Users 57
Telegram Users 11,257
Twitter followers 137,104
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