Synthetix Achieves Self Reported Market Cap of $292.05 Million (SNX)

Synthetix (SNX) traded down 2.3% against the US dollar during the 24-hour period ending at 10:00 AM ET on November 5th. Synthetix has a total market cap of $292.05 million and approximately $44.19 million worth of Synthetix was traded on exchanges in the last 24 hours. One Synthetix coin can currently be purchased for $0.86 or 0.00000832 BTC on exchanges. In the last week, Synthetix has traded 24.1% lower against the US dollar.

Here is how other cryptocurrencies have performed in the last 24 hours:

• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded down 1.5% against the dollar and now trades at $102,544.29 or 0.99150730 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded 1.8% lower against the dollar and now trades at $101,766.85 or 0.99730202 BTC.
• Lumi Credits (LUMI) traded up 8.9% against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.

Synthetix Coin Profile

Synthetix launched on March 11th, 2018. Synthetix’s total supply is 343,889,850 coins and its circulating supply is 339,466,216 coins. 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. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here. The official message board for Synthetix is research.synthetix.io.

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.”

Buying and Selling Synthetix

It is usually not currently possible to purchase alternative cryptocurrencies such as Synthetix directly using U.S. dollars. Investors seeking to acquire Synthetix should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Synthetix using one of the exchanges listed above.

SNX/USD price chart by TradingView