Synthetix

How to buy Synthetix (SNX) Token. Project explained, price and risks

Synthetix Exchanges

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What is Synthetix (SNX)? Synthetix is ​​a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synthesizers track and generate returns on the underlying asset without the need for you to hold the asset directly. The platform aims to expand the cryptocurrency space by introducing non-blockchain assets, providing access to a stronger financial market. Who are the founders of Synthetix? The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later, the company was renamed Synthetix. Kain Warwick is the founder of Synthetix and a non-executive director of the blueshyft retail network. Before founding Synthetix, Warwick worked on several other cryptocurrency projects. He also founded Pouncer, an Australia-only live auction site. Peter McKean, CEO of the project, has more than two decades of software development experience. He previously worked as a programmer at ICL Fujitsu. Jordan Momtazi, COO of Synthetix, is a business strategist, market analyst, and sales leader with several years of experience in blockchain, cryptocurrencies, digital payments, and e-commerce systems. Justin J Moses, the CTO, was former Director of Engineering at MongoDB and Deputy Director of Engineering at Lab49. He also co-founded Pouncer. What makes Synthetix unique? Synthetix is ​​a decentralized exchange (DEX) and synthetic asset platform. The protocol is designed to expose users to underlying assets via synths, without having to own the underlying asset. The platform allows users to trade and trade synths on their own. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a portion of the transaction fees on the Synthetix Exchange. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to seamlessly trade synths with no liquidity/slippage issues. It also eliminates the need for external facilitators. SNX tokens are used as collateral for synthetic minted assets. This means that every time synths are issued, the SNX tokens are locked into a smart contract. Since its launch, the protocol has been moved to the Optimistic Ethereum core network to help reduce gas fees on the network and reduce latency for Oracle. How many Synthetix (SNX) coins are in circulation? The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX are in circulation as of February 2021. In the token sale and seed round stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% went to the team and consultants, 3% to rewards and marketing incentives, 5% to partnership incentives, and 12% to the foundation. How is the Synthetix network protected? The SNX token is compatible with the ERC20 standard of Ethereum. The Synthetix network is protected through Proof-of-Stake (PoS) consent. Synthetix owners stake their SNX and earn from network commissions. Another way SNX staking can earn rewards is through the protocol's inflationary monetary policy, known as reward staking. Where can you buy Synthetix (SNX)? SNX tokens can be purchased from major exchanges such as: BinanceOKExCoinbase ProUniswap (V2) If you are interested in learning more about how to buy Bitcoin, read CoinMarketCap's full guide here.