Synthetix (SNX) Price Tops $0.83 on Exchanges

Synthetix (SNX) traded 0.8% higher against the dollar during the 24-hour period ending at 8:00 AM E.T. on March 14th. Synthetix has a market cap of $281.19 million and $20.54 million worth of Synthetix was traded on exchanges in the last 24 hours. In the last week, Synthetix has traded down 8.2% against the dollar. One Synthetix coin can now be bought for approximately $0.83 or 0.00000994 BTC on exchanges.

Here is how similar cryptocurrencies have performed in the last 24 hours:

• Taiko (TAIKO) traded 2.5% lower against the dollar and now trades at $0.64 or 0.00000764 BTC.
• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded 0.5% higher against the dollar and now trades at $83,140.56 or 0.99794364 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded down 0.3% against the dollar and now trades at $82,418.48 or 0.98927653 BTC.
• Lumi Credits (LUMI) traded up 8.9% against the dollar and now trades at $0.0162 or 0.00000027 BTC.

About Synthetix

Synthetix’s genesis date was March 11th, 2018. Synthetix’s total supply is 339,889,850 coins and its circulating supply is 339,466,217 coins. Synthetix’s official message board is research.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. The official website for Synthetix is www.synthetix.io.

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 trade Synthetix should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Synthetix using one of the aforementioned exchanges.

SNX/USD price chart by TradingView