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Synthetix Network Token
SNX Synthetix Network Token thumbnail icon

$10.370 USD

0.00017106 BTC

0.00249735 ETH

Market CapTotal Value LockedDominanceMcap TVL Ratio
$1826100286 USD$2038303599 USD0.84 %1.110

About Token Synthetix Network Token thumbnail icon

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was <a href="">rebranded</a> from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

Coin Statistics

Price Change % 24H4.999%
24H High$10.970
24H Low$9.850
Market Rank83
Market Cap$1826100286
Market Change 24H95492315.000%
Market Change 24H %5.518%
Circulating Supply176356829 snx
Total Supply236464141 snx
Total Value Locked$2038303599 USD
Dominance$0.84 USD
Mcap TVL Ratio1.110
All Time High$28.530
All Time High Change %$-63.873%
All Time High Date2021-02-14T01:12:38.000Z

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