What is Synthetix (SNX) Coin
Synthetix is a protocol for issuing and trading synthetic assets (Synths) on the Ethereum blockchain. Each Synth is an ERC-20 token that tracks the price of an external asset. For example, each sUSD token tracks the price of the US dollar while sBTC tracks the price of BTC. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets.
Synths are collateralized with the Synthetix Network Token (SNX). The platform utilizes a pooled collateral model that enables users to perform conversions between Synths directly with the smart contract, avoiding counterparty risks as well as liquidity and slippage issues experienced by many decentralized exchanges (DEXs). Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short), commodities, and equities.
- Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets.
- Traders and other market participants can gain on-chain exposure to a variety of assets without slippage on the Synthetix exchange.
- SNX tokens are used to earn exchange fees for collateralizing the protocol. SNX tokens can be staked on Mintr. In addition, network statistics are open to public.
- In the Synthetix protocol, collateralized assets are combined together to act as a counterparty debt pool to all minted assets (e.g., synthetic assets like sUSD and sBTC). It allows users to trade synthetic assets directly without the need for direct counterparties while solving liquidity and slippage issues.
- As of July 9th 2020, Synthetix is one of the largest DeFi protocols on Ethereum based on total net asset locked value; its on-chain collateral is worth more than $350 million.
How To Buy Synthetix (SNX) Coin
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Synthetix coin question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy Snx coin, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Synthetix (SNX) Coin
Synthetix (SNX) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Synthetix (SNX) Coin Review
You can learn more about Synthetix (SNX) coin reviews and information on cryptocurrencies by visiting their official page available in the following.