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Currently trading at $ 0.3116 , which has fallen by -4.36% over the last 24 hours . Market capitalization is $107.3M (market down -4.36% in 24h) . 24h volume: $15.1M. Circulating supply: 344,516,234 SNX. Hourly change: +0.02%. Weekly change: -1.81%.
| Date | Price | % Change |
|---|---|---|
| Now | $ 0.3116 | - |
| 1 Hour | $ 0.3116 | +0.02% |
| 1 day | $ 0.2980 | -4.36% |
| 7 days | $ 0.3059 | -1.81% |
| 30 days | $ 0.3279 | +5.24% |
| 60 days | $ 0.2020 | -35.16% |
| 90 days | $ 0.2505 | -19.6% |
| Rank | #156 |
| Price | $0.31 |
| Market Cap | $107.3M |
| Trading Volume (24h) | $15.1M |
Synthetix (SNX) is ranked #156 based on its market cap of $107,345,402.00. SNX is trading at $0.31 where the total trading volume in the last 24h was $15,055,212.00.
Synthetix is a decentralized finance (DeFi) platform that allows users to trade synthetic assets or 'Synths' that are pegged to the value of real-world assets such as commodities, cryptocurrencies, and fiat currencies. Synths are ERC-20 tokens that can be traded on the Ethereum blockchain, and they allow users to gain exposure to various assets without actually owning them.
The Synthetix platform was launched in 2018 as part of the trend towards decentralized finance that seeks to replace traditional financial intermediaries with smart contracts and blockchain technology. It was created by Kain Warwick, who also founded the blockchain-based gaming platform, Blueshyft.
Synthetix uses a system of collateralization and staking to maintain the value of its synthetic assets. Users can stake the Synthetix Network Token (SNX) as collateral in order to mint Synths. The amount of SNX required to mint a Synth depends on its value and volatility. For example, the amount of SNX required to mint a Synth that tracks the price of Bitcoin will be higher than the amount required to mint a Synth that tracks the price of gold.
Once a user has minted a Synth, they can trade it on the Synthetix exchange, which is also built on the Ethereum blockchain. The exchange uses a mechanism called 'price discovery' to determine the price of Synths relative to each other and to the assets they track. This mechanism relies on a network of 'oracles' that provide price feeds for various assets. These oracles are trusted third-party providers that have been vetted by the Synthetix community.
The Synthetix platform has several advantages over traditional financial systems. First, it allows for the creation and trading of synthetic assets 24/7, without the need for intermediaries such as banks or brokers. This means that users can access a wider range of assets at any time, from anywhere in the world. Second, because the platform is decentralized, it is more resistant to censorship and manipulation. Third, because Synths are ERC-20 tokens, they can be easily traded and integrated with other DeFi protocols and platforms.
One potential use case for Synths is as a hedge against volatility in traditional financial markets. For example, a user who is concerned about inflation could mint Synths that track the price of gold or other commodities, which tend to hold their value during periods of inflation. Similarly, a user who is concerned about the value of their fiat currency could mint Synths that track the price of stablecoins such as DAI or USDC.
Another potential use case for Synths is as a way to gain exposure to assets that are difficult to access or trade directly. For example, many investors are interested in the potential of cryptocurrencies such as Bitcoin or Ethereum, but find it difficult or risky to purchase them directly. By minting Synths that track the price of these assets, users can gain exposure to their potential gains without the need to hold the underlying asset.
Synthetix has also been used for various yield farming strategies, where users can earn rewards by providing liquidity to the platform. Users can provide liquidity in the form of Synths or SNX, and in exchange, they receive a share of the trading fees generated on the platform. This has led to a vibrant ecosystem of liquidity providers and yield farmers that contribute to the overall stability and growth of the platform.
However, Synthetix is not without its challenges. One of the biggest challenges is maintaining the peg of Synths to the assets they track. This requires a robust network of oracles that provide accurate and timely price feeds, as well as a system of incentives and penalties to ensure that the value of Synths remains stable. Additionally, the high volatility of some assets
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