Synthetix Network – SNX

Synthetix Network Info
Today Price 2.46$
ATH (ALL TIME HIGH) 28.53$
ATH Price Percentage Change To Now -91.349340786125%
ATH Date 2021-02-14T01:12:38.505Z
ATL (ALL TIME LOW) 0.0347864$
ATL Price Percentage Change To Now 6995.39%
ATL Date 2019-01-06T00:00:00.000Z
Market Cap 587571443$
Total Volume 79055602$
High 24h 2.49$
Low 24h 2.16$
Price Change Percentage in 7 Day 4.66538%
Price Change Percentage in 30 Day -17.64644%
Price Change Percentage in 60 Day -39.77523%
Price Change Percentage in 200 Day -41.01708%
Price Change Percentage in a Year -74.95695%

Synthetix Network is the Number 75 Cryptocurrency in the World.
The 2.46 symbol is snx and Market Cap is 587571443 Dollars.
snx ATH Was 28.53 at 2021-02-14T01:12:38.505Z and ATL was 0.0347864 at 2019-01-06T00:00:00.000Z.
In the last 24h, snx high was 2.49$ And the low was 2.16$

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 rebranded 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.

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