Synthetix (SNX) Price Reaches $1.66 on Major Exchanges

Synthetix (SNX) traded down 4.9% against the U.S. dollar during the 1 day period ending at 0:00 AM E.T. on November 24th. One Synthetix coin can now be bought for approximately $1.66 or 0.00010129 BTC on popular exchanges. Synthetix has a total market capitalization of $510.86 million and $21.94 million worth of Synthetix was traded on exchanges in the last day. During the last week, Synthetix has traded 4.8% lower against the U.S. dollar.

Here is how other cryptocurrencies have performed during the last day:

  • KILT Protocol (KILT) traded down 11% against the dollar and now trades at $0.38 or 0.00002291 BTC.
  • Aidi Finance (BSC) (AIDI) traded up 6.8% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded 1.6% higher against the dollar and now trades at $0.0456 or 0.00000275 BTC.
  • CareCoin (CARES) traded up 1.6% against the dollar and now trades at $0.0566 or 0.00000341 BTC.
  • OmniaVerse (OMNIA) traded 5.1% higher against the dollar and now trades at $0.0012 or 0.00000007 BTC.
  • 2G Carbon Coin (2GCC) traded 3% higher against the dollar and now trades at $1,436.69 or 0.08662447 BTC.
  • Kitty Inu (KITTY) traded 1.6% higher against the dollar and now trades at $80.13 or 0.00483120 BTC.
  • Lunar (LNR) traded 3.1% higher against the dollar and now trades at $0.0602 or 0.00000363 BTC.
  • Hokkaidu Inu (HOKK) traded down 15.4% against the dollar and now trades at $0.0004 or 0.00000002 BTC.
  • QANplatform (QANX) traded up 1.6% against the dollar and now trades at $4,916.09 or 0.29641368 BTC.

Synthetix Coin Profile

Synthetix’s genesis date was March 11th, 2018. Synthetix’s total supply is 308,069,419 coins and its circulating supply is 307,345,511 coins. The official message board for Synthetix is research.synthetix.io. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here. The official website for Synthetix is www.synthetix.io. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed here.

According to CryptoCompare, “Synthetix (SNX) is a rebranding of Havven.io (HAV).Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.This mechanism is designed to solve the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.How SNX backs SynthsAll Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% collateralisation ratio, although this may be raised or lowered in the future through community governance mechanisms. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.Synthetix is also currently trialling Ether as an alternative form of collateral. This means traders can borrow Synths against their ETH and begin trading immediately, rather than needing to sell their ETH. Staking ETH requires a collateralisation ratio of 150% and creates a debt denominated in ETH, so ETH stakers mint sETH rather than sUSD and do not participate in the ‘pooled debt’ aspect of the system. In this model, ETH stakers do not receive fees or rewards as they take no risk for the debt pool.”

Synthetix Coin Trading

It is usually not presently possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to trade Synthetix should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Synthetix using one of the exchanges listed above.

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