Buy Synthetix Network (SNX)
What is Synthetix Network?
Synthetix Network is a decentralised liquidity provisioning protocol built on the Ethereum blockchain and Optimistic Ethereum, a layer two scaling solution. The platform enables the creation of synthetic assets, known as Synths, which are designed to track the value of real-world assets such as fiat currencies, commodities, crypto-assets, and even debt positions. Synthetix allows users to mint, hold, and trade these Synths, providing exposure to various assets without needing to own them physically.
How does Synthetix Network work?
Synthetix functions through a system where users lock SNX tokens as collateral to mint Synths. Utilising smart contracts and a network of decentralised price oracles, the platform ensures that Synth prices align with the actual market value of their underlying assets. This setup allows for peer-to-contract (P2C) trading, enabling users to trade Synths without needing a counterparty, which results in deep liquidity and reduced trading friction.
What are the potential use cases for Synthetix Network?
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Decentralised Derivatives Trading: Synthetix offers liquidity for derivatives like perpetual futures and options, facilitating trading without intermediaries.
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Synthetic Asset Creation: Users can create and trade synthetic assets that reflect the value of traditional financial instruments, commodities, and more.
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Liquidity Provisioning: By acting as a backend for various DeFi applications, Synthetix supports on-chain financial instruments with deep liquidity.
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Staking and Rewards: Users can stake SNX tokens, contributing to liquidity and earning incentives, while managing collateralisation through tools like Mintr.
What is the history of Synthetix Network?
Synthetix was founded in 2016 by Kain Warwick, originally under the name Havven. In 2018, the project conducted a successful ICO, raising $30 million by selling over 60 million SNX tokens. The rebranding to Synthetix marked a shift to focus on synthetic assets. In 2020, governance transitioned to a decentralised model through the creation of several DAOs to manage the protocol more effectively. As Synthetix evolved, it introduced significant updates, including the launch of Synthetix Perps v2, and expanded its role within the DeFi ecosystem to become one of the leading decentralised platforms.
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Frequently Asked Questions (FAQs)
What is the current price of Synthetix Network (SNX)?
The Synthetix Network price is $3.4251 AUD, representing a +11.55% from the day prior.
Where is the best place to buy Synthetix Network (SNX) in Australia?
The best place to buy Synthetix Network (SNX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Synthetix Network (SNX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Synthetix Network (SNX)?
The trading volume of Synthetix Network (SNX) is $147.3M AUD in the last 24hrs, representing a +11.55% from the day prior.
How can I buy Synthetix Network (SNX)?
Synthetix Network (SNX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Synthetix Network (SNX)?
The current market cap of Synthetix Network (SNX) is $1.2B AUD.
Can I convert Synthetix Network (SNX) to cash?
Yes - With Coinstash you can convert your Synthetix Network (SNX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Synthetix Network (SNX) are there?
The current circulating supply of Synthetix Network (SNX) is 339.5M.
Is Coinstash a safe place to buy Synthetix Network (SNX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Synthetix Network (SNX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.