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Synthetix Network Token
SNX Synthetix Network Token thumbnail icon

$9.090 USD

0.00022720 BTC

0.00395437 ETH

Market CapTotal Value LockedDominanceMcap TVL Ratio
$1530568676 USD$1574289095 USD1.40 %1.020

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="https://blog.havven.io/havven-is-transforming-into-synthetix-2fdf727b8892">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$9.090
Price Change % 24H-2.565%
24H High$9.420
24H Low$8.830
Market Rank67
Market Cap$1530568676
Market Change 24H-25448258.579%
Market Change 24H %-1.635%
Circulating Supply168466170 snx
Total Supply230563547 snx
Total Value Locked$1574289095 USD
Dominance$1.40 USD
Mcap TVL Ratio1.020
All Time High$28.530
All Time High Change %$-68.197%
All Time High Date2021-02-14T01:12:38.000Z

Coin Scores

mkt_cap_rank67
coingecko_rank35
coingecko_score54.824
developer_score75.201
community_score37.953
liquidity_score60.505
public_interest_score0.043
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