The Synthetix system is a decentralized financial platform that allows users to gain direct access to a wide variety of digital assets such as gold, stock, and cryptocurrencies without having any holdings in the underlying resource. The protocols being used by the system are based on the Ethereum blockchain and offer participants on the network unhinged access to highly liquid synthetic assets known as Synths.
Synths are used by the participants on the network to track the digital assets, they also provide returns on these digital assets without any requirements for the participants to directly hold the asset. The assets are also backed by the network’s native cryptocurrency which can be piled as collateral in order to build collateral.
In general, the Synthetix platform is directed towards widening the cryptocurrency space to include more than just crypto assets by introducing other types of digital assets, thus providing access to a larger financial market.
Who are the Founders of Synthetix (SNX)?
The Synthetix was launched by Kain Warwick in September 2017, under a name recorded as Havven. A year after, the company was rebranded and had its name changed to Synthetix.
Apart from being the platform’s founder, Kain Warwick also serves as a non-executive director at the blueshyft retail network. Before joining the Synthetix team, Warwick had previously worked on several cryptocurrency projects and also founded an Australian live auction site by the name of Pouncer.
The project is currently under the supervision of Peter McKean who serves as the project’s CEO and has over two decades of experience in software development. Before joining the team, McKean worked at ICL Fujitsu as a software programmer.
Jordan Momtazi is a business strategist, sales leader, and market analyst with several years of experience in the blockchain industry. He also serves as the current COO of the Synthetix network due to his vast experience in digital currencies and e-commerce platforms.
Justin J. Moses was the former director of Engineering at MongoDB. He also served at Lab49 as the deputy practice head of engineering. Currently, he serves as the CTO of the Synthetix network and is also one of the co-founders of Pouncer.
What is Synthetix (SNX) used for?
The Synthetix system is used as a bridge to close the existing gap between the market for digital assets such as cryptocurrency including DAL and USDT, as well as non-crypto currency assets. Thus, this opens up an Avenue for its participants to dabble into the world of assets such as gold and provides access and profit-making possibilities for such assets without requiring the participants to hold those assets.
In addition to its provision of a generally wider sphere in the financial market, it also has a dedicated cryptocurrency token known as SNX which can be traded for other cryptocurrency pairs, providing another Avenue for its users to make a profit.
What Is the Unique Point of Synthetix (SNX)?
The Synthetix system is a platform for synthetic assets, as well as a decentralized exchange. The systems underlying protocol was designed in such a way that it exposes participants on the network to assets via its synths and does not require them to hold any underlying assets for the process.
The users are allowed to independently exchange and trade synths. Additionally, it also has a staking pool where participants are able to stake their SNX tokens and are later awarded a portion of the Synthetix exchange transaction fees.
Synthetix also has a feature that allows it to track underlying assets via the use of a smart contract price delivery protocol known as oracles. This allows participants on the network to trade their Synths seamlessly without any issues from slippage or liquidity. It also cancels the need for a third-party facilitator.
The Synthetix assets minted in the network can be assessed by the participants by using their SNX tokens as collateral. This implies that upon every release of Synths, some SNX tokens are locked up in the process.
Ever since the network was launched, it has moved to the Ethereum network in order to reduce the network’s gas fees, as well as a reduction of oracle latency.
How many Synthetix (SNX) coins are in circulation?
The maximum available supply of SNX tokens is capped at 212,424,133 coins, and out of those, 114,841,533 were in circulation as of February 2021.
At the token sale stage and the seed ground, the Synthetix network sold over 60 million tokens, a process that raised a total of $30 million. Out of the total 100 million coins issued at the time of the ICO, 20% was assigned to the advisors and the team, 3% was allocated to marketing incentives and bounties, 5% was assigned to partnership incentives and the foundation got a total of 12%.
Is the Synthetix (SNX) Network secured?
The Synthetix native cryptocurrency, SNX was created with the Ethereum network’s ERC-20 compatibility. As such, the network is secured through the same proof of stake consensus mechanism used by the Ethereum network as a whole. This means that participants on the network who hold SNX tokens are required to stake their tokens in order to earn rewards from transaction fees on the network.
The users of the Synthetix network can also earn rewards from its native protocol of inflationary monetary policy, which is known as staking rewards.
How do I buy Synthetix (SNX)?
The Synthetix network is bringing an entirely different service to the market by expanding the financial limits of the world of digital assets by introducing non-crypto assets to its system. This gives its users a chance to have investments in other financial assets outside the world of cryptocurrency. Because of this, it has gained interest on a global scale and is currently available across several exchanges. To buy SNX tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy SNX through your trading account.
Which Cryptocurrency Wallet Supports Synthetix (SNX)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Synthetix tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Synthetix wallet as it offers a simple and interactive interface, making it easy to navigate its system.