MASTER OF DEFI TECHNOLOGY: SNX TOKEN
The Synthetix network was launched by Kain Warwick in September 2017 under the name Havven (HAV). About a year later, the company rebranded as Synthetix. Kain Warwick is best known as the founder of Synthetix coin and a non-executive director of the blueshyft retail network. Before founding the Synthetix coin, Warwick worked with several other cryptocurrency projects. He also founded Pouncer, which serves as an Australian-exclusive live auction site. Peter McKean, CEO of the Synthetix coin project, has more than twenty years of experience in software development. He previously worked as a programmer at ICL Fujitsu. Jordan Momtazi, COO of Synthetix coin, is a market analyst, business strategist and sales leader with several years of experience with blockchain, cryptocurrency, e-commerce systems and digital payments. Justin J. Moses, who serves as CTO, was vice president of engineering practice at Lab49 and former director of engineering at MongoDB. He also serves as the co-founder of Pouncer.
What Does Synthetix Coin Do?
Synthetix coin is a decentralized platform for synthetic assets and exchange (DEX). The protocol was designed in a way that exposes users to the most fundamental assets through synths without having to hold any underlying assets. The platform, in turn, allows users to exchange and trade synths autonomously. It also has a staking pool where holders can easily stake SNX tokens where they are rewarded with a portion of trading fees on the Synthetix Exchange. This platform tracks the most fundamental assets using a smart contract price distribution protocols called oracles. Synthetix also allows users to trade synths seamlessly without facing resource and liquidity issues.
Market Statistics
Its market value is $723,228,825.
There are 253,077,018 SNX in circulation.
Maximum Supply is 308,069,419 units of SNX.
SNX Tokenomik
According to the table above, 24 million tokens are planned to be released in the 2nd Quarter and 3rd Quarter, respectively.
What makes the Synthetix project special?
Synthetix (SNX) protocol aims to ensure that traditional financial systems are adapted to blockchain technology and to prevent centralized management. The most important instruments of the traditional financial world are fiat currencies, stocks, precious metals and precious metals. When you want to trade with these instruments, you have to apply to an institution affiliated with the central structure.
Syntehtix has focused exactly on this point. Thanks to the Syntehtix system, users can trade virtually at the same prices as these assets traded in the real world.
Synthetix tracks real assets and creates price balance using smart contract price determination protocols called Oracle. Synthetix synthesizes the real value of the instruments of the financial world and enables buying and selling with crypto assets, in their own words, 'Synths'.
Synthetix (SNX) performs all these transactions with the Ethereum blockchain. Thanks to the Ethereum blockchain, central intervention in transactions is prevented and assets are secured.
