SNX Synthetix Network Token Prices, Charts and Graphs | Coinread
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Synthetix Network TokenSNX#58

$9.22
-5.4% (-$0.526, 24H)
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  • Market Cap$1,451,302,346
  • Volume (24H)$44,307,897
  • Circulating Supply157,478,461
  • Max Supply228,011,368
  • High (24H)$9.94
  • Low (24H)$9.12
  • Change (1H)-0.48%
  • Change (7D)-13%
  • Change (1M)-56%
  • Change (1Y)578.03%

Rebranding from a stablecoin project called Havven, Synthetix (SNX) is a token trading platform founded in 2017 and built on the Ethereum blockchain. Alongside its native token (SNX), the Synthetix platform allows users to create ‘Synths’, which copy the price of assets in the ‘real world’ — Japanese Yen, for instance — and bring it into the Ethereum blockchain so that the price can be easily tracked. While MakerDAO uses a similar system to create synthetic USD, SNX is staked as collateral meaning that potentially any synthetic asset could be created. These Synths, which have all the properties of an ERC20 token, offer countless possibilities for trading, hedging, managing portfolios, and more. Now partnering with ChainLink, Synthetix is able to reliably bring this ‘outside’ information into the blockchain in a decentralised manner, secure from tampering. With an innovative token incentive model, and a multi-token infrastructure based on staking and collateral, Synthetix looks set to eventually give users the ability to trade stocks like Apple and Tesla — a step which would dramatically change the playing field for decentralised finance.

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