Synthetix price

in USD

$0.57680

+$0.024000 (+4.34%)

USD

$198.32M #55

343.47M / 343.89M

$28.9900

$8.08M

4.0 / 5

USD

SNX

About Synthetix

RWA

DeFi

Layer 2

Last audit: 3 Jun 2021, (UTC+8)

Synthetix’s price performance

3 months

-7.47%

$0.62330

30 days

-9.34%

$0.63620

7 days

+2.46%

$0.56290

Today

+4.34%

$0.55280

85%

Buying

Updated hourly.

More people are buying SNX than selling on OKX

Synthetix on socials

Your judgment is basically valid, and these key logical points you put forward reveal almost all the false nature of the current so-called "U.S. stock on-chain" tokenization transactions. We can analyze it layer by layer: ✅ 1. The so-called anchoring = cover for the hoax You are very accurate, the word "anchoring" does not have any technical guarantee mechanism in centralized exchanges. The premise of anchoring should be: Existence of on-chain verifiable custodial assets or pools; Transparent price discovery mechanisms (e.g., on-chain liquidity pools, order books); Holders can convert/redeem into real assets. The so-called "peg to U.S. stocks" tokens on most platforms (such as "TSLA/USDT", "MCDX/USDT") do not even have a basic verifiable custody proof, and even the UI page does not display the token issuance, transaction depth, and liquidity pool status, which is basically equivalent to: The platform publishes, prices, and harvests by itself. ✅ 2. Users were deceived into entering the market by "fake anchoring + UI misleading", and the losses were huge Judging from the experience of the user in your screenshot, it is obvious that he was misled into buying the so-called "MCDX" token (which may be the tokenized version of "McDonald's" U.S. stocks), and on the premise that there is no real liquidity, a large single purchase was smashed and harvested, and he lost $40,000. It is extremely common for the K-line chart and price information presented by the platform UI to artificially synthesize and falsify the illusion of liquidity. ✅ 3. On-chain protocols such as Hyper and Synthetix have a little "verifiable anchoring" The Hyper or Synthetix you mentioned (or Mirror, UMA, etc.) are the early protocols that tried to do "synthetic assets" on the chain, and although such platforms are not perfect for "real stock trading", they: It does have on-chain pool support (usually minted by certain assets collateralized); Liquidity is visible, and the price is determined by the DEX; Publicly verifiable token supply, transaction depth, and minting rules. So strictly speaking, these barely fit the rudimentary definition of "on-chain tokenized stocks". But even they are completely incomparable to the depth, liquidity, and regulatory mechanisms of the real U.S. stock market. ✅ 4. "Putting U.S. stocks on the chain" is a ridiculous marketing Your use of the phrase "extremely brain-dead statement" is strong, but the truth is actually very clear: The real U.S. stock trading system operates under a highly regulated, highly liquid, T+2 settlement mechanism; The so-called U.S. stock tokens on the blockchain are not only not regulated, but also cannot be physically delivered, and have no actual shareholder rights (such as voting, dividends, and the right to know about announcements); The so-called "on-chain" U.S. stocks are essentially digital tokens issued by the platform out of thin air, which are used to disguise themselves as well-known stocks to deceive users into buying, and then harvest liquidity. So the conclusion is: ✅ Your opinion is completely valid: The so-called tokens "anchored to U.S. stocks" on the platform are almost all centralized scams; In the real sense, "putting U.S. stocks on the chain" is completely false propaganda; The pool capacity, power structure, and price mechanism between blockchain tokens and U.S. stocks are not at the same level at all; Trading so-called "U.S. stock tokens" on centralized platforms (such as Gate, MEXC, etc.) is an extremely high-risk behavior, which is almost equivalent to sending money to the platform.

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Synthetix FAQ

Currently, one Synthetix is worth $0.57680. For answers and insight into Synthetix's price action, you're in the right place. Explore the latest Synthetix charts and trade responsibly with OKX.

Cryptocurrencies, such as Synthetix, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.

Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Synthetix have been created as well.

Check out our Synthetix price prediction page to forecast future prices and determine your price targets.

Dive deeper into Synthetix

Amidst the Ethereum network's scalability issues and growing congestion, Synthetix has emerged as an innovative solution to these challenges. With its native token SNX, Synthetix provides a robust platform for synthetic assets in the decentralized finance (DeFi) arena. This platform goes beyond the typical DeFi offerings, presenting a distinctive approach to tokenization and asset management that unlocks numerous opportunities within the cryptocurrency space.

What is Synthetix?

Synthetix is a DeFi protocol operating on the Ethereum network, enabling the creation of synthetic assets. These assets, referred to as Synths, replicate the value of various other assets, including fiat currencies, cryptocurrencies, commodities, and stocks. The primary purpose of Synths is to offer users exposure to these assets without needing to possess them physically. The Synthetix Network Token (SNX) is the protocol's native token and is used as collateral for issuing Synths.

The Synthetix team

The Synthetix team, led by Kain Warwick, is a dedicated group of experienced developers and entrepreneurs. Some notable team members include Dustin Fontaine, the CTO; Justin Moses, the senior software engineer; Clint Ennis, the senior architect; and Sunny Vempati, the front-end architect. Additionally, the team is complemented by Andrew Porter, a non-executive director, Marcelo D., a partner at Cluster Capital, and Brian O'Farrell, the co-founder of Furthr.

How does Synthetix work?

Synthetix operates by utilizing decentralized oracles, which are smart contract-based price discovery protocols, to monitor the prices of specific assets. By doing so, the value of Synths becomes tied to the underlying assets, enabling users to gain exposure to these assets without holding them directly.

Users can lock up their SNX tokens as collateral to mint new Synths. These newly minted Synths can be traded on the Synthetix Exchange without experiencing slippage. This is achieved through a mechanism that burns the Synths being sold and mints new ones, ensuring the overall supply remains balanced.

SNX tokenomics

SNX tokens play a vital role in the Synthetix ecosystem as they serve as collateral for the creation of synths. When SNX holders stake their tokens within the protocol, they gain access to rewards and the ability to participate in the Synth exchange. Notably, the value of SNX tokens is directly tied to the value of the synths they are used to collateralize, establishing a crucial connection between the token and the underlying assets within the system.

Synthetix use cases

Synthetix offers various use cases that revolve around synthetic assets. Through Synths, users can gain exposure to a wide range of assets without needing to directly own them, as the Synths are tied to the value of the underlying assets.

The platform enables users to trade Synths directly on the Synthetix DEX without the involvement of intermediaries. Additionally, being built on the Ethereum blockchain, users can deposit Synths on select DeFi protocols, providing liquidity and earning interest.

SNX token holders can stake their tokens and earn Synths as rewards, further enhancing their participation within the ecosystem.

SNX distribution

The total supply of SNX tokens is capped at 259,562,746. The distribution is allocated as follows:

Sixty percent through the initial coin offering (ICO).
Three percent for bounties and marketing incentives.
Five percent for partnerships.
Twelve percent for the foundation.
Twenty percent for the team and advisors.

The road ahead of Synthetix

Synthetix's future roadmap involves the expansion of its synthetic asset offerings to include traditional assets such as stocks and bonds. This strategic move aims to bridge the gap between the traditional financial realm and the blockchain space, enabling users to access a broader range of investment opportunities.

Furthermore, the Synthetix team is committed to improving the user experience by enhancing the platform's accessibility and usability, catering to both seasoned and new users alike.

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