Synthetix - Get exposure to all kinds of assets
Synthetix gives everyone access to the new financial system.
Concise Crypto
May 27, 2022
Synthetix (SNX)
What is Synthetix?
Synthetix is a DeFi protocol where users can create assets, called synths, that mimic the price and market behavior of other currencies or assets. It also offers a decentralized exchange (DEX) to trade these assets.
Why does Synthetix have value?
Synthetic tokens on the platform are an easy and secure way to get exposure to other assets, including fiat currency, cryptocurrency, stocks, and commodities, in a decentralized environment. This allows users to benefit from trading and volatility without having to sign up through a broker or be limited by jurisdiction/geography. Moreover, staking SNX, the native token, gives rewards according to the amount staked.
What are the Pros of Synthetix?
● Many options to create synthetic assets, both crypto and fiat.
● Staking benefits.
● High liquidity.
● Low fees thanks to the use of Optimism (Layer 2).
What are the Cons of Synthetix?
● Synthetix has high overcollateralization costs that could keep many users from using the platform
● Development is centralized.
What are SNX’s tokenomics?
The total supply of SNX is 212,424,133. 60 million have been sold to investors; 20 million distributed among the developers and advisors; 12 million to the Synthetix Foundation; 3 million reserved for bounties and marketing; and 5 million to partnership incentives.
Who founded Synthetix?
Kain Warwick.
Who are Synthetix’ investors?
Synthetix has conducted 6 sales rounds, raising over $46 million. The main investors are Coinbase Ventures, IOSG Ventures, Paradigm, SOSV, Framework Ventures, Infinite Capital, George Burke, and Brian O’Farrell.
Concise Crypto Grade:
B+ :We like that Synthetix is opening up all kinds of financial tools to everyone regardless of background, geography, or status as an investor. They are level the playing field for all of those that want exposure to the markets and believe they can make a good trade. The Synthetix ecosystem continues to grow and as crypto gains more adoption Synthetix should as well.
Where can I buy SNX?
Binance, Coinbase Exchange, Huobi Global, Bithumb, KuCoin.
What ecosystem does SNX run on?
Ethereum