All about Synthetix
All about Synthetix
Synthetix is an Ethereum-based decentralized liquidity provisioning protocol. The Synthetix Network Token (SNX) enables the issuance of synthetic assets (synths).
Synthetix is an Ethereum-based decentralized liquidity provisioning protocol. The Synthetix Network Token (SNX) enables the issuance of synthetic assets (synths).
Synthetic assets (synths) are assets voted into existence by the community and can be fiat currencies, cryptocurrencies, stocks, commodities, etc.
Decentralized exchanges suffer from 2 major problems - liquidity and slippage. Synthetix solves these by enabling conversions between synths directly with the smart contract.
Synthetix comprises:
Synthetix Protocol - which is a suite of smart contracts that enable various financial derivative products.
Synthetix Staking Interface - which is a web interface for interacting with Synthetix products.
Synthetix Governance - which is a 4 council system that governs Synthetix.
Synthetix Partners & Integrators - which are protocols that have integrated with Synthetix products and liquidity.
Synthetix Spot Synths are synthetic assets that track the value of real-world assets like cryptocurrencies, fiat currencies, commodities, etc. Spot Synths enable users to get exposure to multiple assets without holding the actual underlying asset.
Synthetic Perpetual Futures is a low-fee decentralized perpetual futures exchange. Users can trade perps and get exposure to multiple assets without holding the actual assets.
Core metrics
As of 29 June 2023, the core metrics of SNX are:
Price Metrics
Current Price: $ 2
All-time high (Feb 14, 2021): $ 28.77
All-time low (Jan 05, 2019): $ 0.03258
Supply metrics
Circulating supply: 264 million SNX
Total supply: 321 million SNX
Marketcap & Volume metrics:
Market Cap: $ 551 million
Fully Diluted Market Cap: $ 641 million
Volume (24h): $ 37 million
Volume / market cap: 6.65%
Notes:
Circulating Supply is the number of coins / tokens in public hands.
Total Supply is the number of coins / tokens created minus the number burned.
Maximum Supply is the maximum amount of this crypto that can ever exist
Figures have been rounded off for convenience
Market cap = Current Price x Circulating Supply
Fully Diluted Market Cap is the market cap if the maximum supply was in circulation
Volume (24h) is the fiat value of this crypto traded over the last 24 hours
Volume / market cap = 24h Volume / Marketcap
Figures have been rounded off for convenience
The data is from CoinMarketCap and may be rounded off.