On NN September, Emirex listed Synthetix Network Token (SNX) for trading on the Emirex exchange. Below is detailed information about the project’s current condition and perspective.
Current available trading pair on the Emirex exchange: SNX/USDT and SNX/BTCSynthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. The synthetic assets can track the price of any other asset, whether that’s currencies, equities, bonds, commodities, or even other cryptocurrencies. SNX tokens are used to earn exchange fees for collateralizing the protocol. In the Synthetix protocol, collateralized assets are combined to act as a counterparty debt pool to all minted assets. CryptoCurrency Profile Token Standard - ERC-20 SNX Price - $5.18 USD SNX ROI - 1,040.64% Market Rank - #36 Market Cap - $498,871,782 USD 24 Hour Volume - $75,026,335 USD Circulating Supply - 96,323,990 SNX Total Supply - 201,300,246 SNX All Time High - $7.86 USD (Sep 01, 2020) All Time Low - $0.032420 USD (Jan 05, 2019) About Project
Synthetix Network Token (SNX) Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. Formerly known as Havven, the project has undergone a significant rebranding to expand its use cases and future potential. Essentially, synthetic assets are a combination of securities to model the price of another underlying asset. This way, users can access any supported derivative without even worrying about the storage of the underlying asset itself. This allows users to quickly switch between abstract assets (like ETH and APPL) without any delay or exchange fees.
Using Mintr, synthetic assets called Synths are created by placing Synthetix Network Tokens (SNX) as collateral. Synthetix uses a private oracle to obtain real-time information from trusted financial market resources. The protocol currently supports synthetic fiat currencies, digital assets, and commodities...