Synthetix Price Tops $2.49 on Top Exchanges (SNX)

Synthetix (SNX) traded 6.7% higher against the U.S. dollar during the 24 hour period ending at 19:00 PM Eastern on January 25th. In the last seven days, Synthetix has traded up 20.5% against the U.S. dollar. One Synthetix coin can currently be bought for approximately $2.49 or 0.00010762 BTC on popular exchanges. Synthetix has a total market capitalization of $621.08 million and approximately $49.55 million worth of Synthetix was traded on exchanges in the last day.

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

  • Aidi Finance (BSC) (AIDI) traded up 2.4% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded up 3.7% against the dollar and now trades at $0.0611 or 0.00000264 BTC.
  • CareCoin (CARES) traded up 3.7% against the dollar and now trades at $0.0759 or 0.00000328 BTC.
  • OmniaVerse (OMNIA) traded 21% lower against the dollar and now trades at $0.0016 or 0.00000007 BTC.
  • Kitty Inu (KITTY) traded up 3.7% against the dollar and now trades at $93.95 or 0.00406323 BTC.
  • Lunar (LNR) traded 2.6% lower against the dollar and now trades at $0.0278 or 0.00000120 BTC.
  • Hokkaidu Inu (HOKK) traded 11.6% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
  • QANplatform (QANX) traded 3.7% higher against the dollar and now trades at $6,594.55 or 0.28520853 BTC.
  • 2G Carbon Coin (2GCC) traded up 0.3% against the dollar and now trades at $135.76 or 0.00587151 BTC.
  • Lego Coin (LEGO) traded down 5.7% against the dollar and now trades at $0.0406 or 0.00000176 BTC.

Synthetix Profile

Synthetix launched on March 11th, 2018. Synthetix’s total supply is 313,040,451 coins and its circulating supply is 249,684,581 coins. Synthetix’s official message board is research.synthetix.io. The official website for Synthetix is www.synthetix.io. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here. 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.”

Buying and Selling Synthetix

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

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