We present a complete guide to understanding Synthetix (SNX) Crypto and it’s technology in the field of cryptocurrency development. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market
Synthetix Cryptocurrency
The Synthetix Network is an Ethereum-based blockchain platform that allows for derivative tokens to be created to match the price and price movements of a specific asset. Synthetix refers to these derivitives as Synths and have an s preceding the asset, popular tokens are currency stablecoins such as sUSD or sEUR.
The Synthetix Network is greatly involved in other DeFi projects such as holding the highest TVL for any protocol on Optimism. They have expanded their platform to carry options, DeFi protocols, Yield farming, and extended cryptocurrency derivatives.
See Synthetix Official Website
Key Points of Synthetix
- Platform for derivative cryptocurrency tokens and options
- Used to create mirrored assets in crypto (ex. sUSD, sEUR)
- Has multiple crypto financial tool sets
- Popular in yield farming and DeFi software on Ethereum
Synthetix (SNX) Price Chart
Synthetix (SNX) Historical Price Chart
History of Synthetix Crypto
Before the project took the name Synthetix, a blockchain project named Havven (HAV) was made by Kain Warwick in 2018. The project rebranded later that year, taking the name Synthetix and token SNX.
The founding team initially fundraised for $30 Million before launching the roughly $4 Million Initial Coin Offering for the SNX token in 2019.
By 2020 the organization structure moved away from the original non-profit model and shifted to become a Decentralized Autonomous Organization (DAO) which delegated decision making power through the SNX token.
Synthetix FAQ
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What is SNX Token?
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Image Source: Synthetix Token SNX – AtaiX.com