Home Coins Synthetix Network Token (SNX)

Synthetix Network Token (SNX)

Synthetix was originally known as Havven and held its ICO around February 2018 for its ERC-20 token, HAV. Price of 1 HAV equals to 0.67 USD. The goal at the time of launch was to be a decentralized payment network which uses a dual token system to issue stablecoins (nUSD) backed by HAV as collateral. HAV holders were then rewarded with a % of fees generated from all nUSD transactions as result of keeping nUSD stable.

Going forward, the team realized that they can do so much more than just creating a stablecoin. The major rebranding to Synthetix was announced on 30th Nov 2018 and HAV became SNX.

Stretching the full potential of the Synthetix platform, it now enables the creation of on-chain synthetic assets which an oracle is used to track the price movement of the same assets in the real world. This has opened up a wide variety of synthetic assets that any user can mint such as stable coins that are pegged to the price of fiat currencies or dollars pegged to mental/indices/commodities, provided it is offered on the exchange. Synthetic assets allows exposure to the price action of the asset without holding the underlying asset. If you do not want the hassle of dealing with KYC on the exchanges and is bullish on the price of Bitcoin in the future, you can buy sBTC to gain exposure to the value of BTC.

For people who are on the other side of the trend (bearish), there are inverse synthetic assets to short the price and gain profit when the price of the asset decreases. (iBTC) More synthetic assets of other popular asset classes and cryptocurrencies will soon be introduced as the exchange gains traction and demand for a certain asset from the community arises.

[mcrypto id="42550"]

Be a part of us on June 23 for the following neighborhood governance name!

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The tenth Synthetix neighborhood governance name is scheduled for June 23,...

Cinnabar Product Launch

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Liquidation FAQ’s

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Balancer SNX/USDC liquidity trial

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The synthetixDAO is funding a 4 week trial of an SNX/USDC...

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This Friday (June 5, 12am midnight UTC), we're deploying an improve...

A information to claiming SNX staking rewards cheaply

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Uniswap V2 sXAU/USDC liquidity incentive trial

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Key factors:Synthetix is launching a Uniswap V2 Liquidity pool for sXAU/USDC8000...

A³: Altair, Acrux and Aldebaran

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On our most up-to-date governance name we mentioned a spread of...

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Staking SNX permits anybody to earn rewards by contributing collateral to...

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The three-month Ether collateral trial is now full! This trial was...

Sulfur Product Launch

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The L2.Synthetix.Alternate demo on Optimism’s OVM is now full and the...

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Be a part of us on Might 11/12 for the following group governance name!

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The ninth Synthetix group governance name is scheduled for Might 11/12...

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Synthetix and Optimism are extraordinarily excited to announce a brand new...

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IntroductionSIP-53 proposes a mechanism for Parimutuel Binary Choices on Synthetix. This...

Proxy contract cutover on Might 10

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On Might 10, we might be reducing over each sUSD and...

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There’s been numerous discussions in Discord during the last six months...

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The Curve staff has deployed a brand new Curve pool after...

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This morning (AEDT) a important vulnerability was found within the Curve...

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Final week we launched a front-end replace with a number of...

Synthetix.Trade Discord + Buying and selling Competitors Spherical 4!

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Use sAUD for funds with RelayPay

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Synthetix has partnered with RelayPay, an Australian funds firm constructing infrastructure...

SNX is now listed on Poloniex!

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Poloniex has listed the Synthetix Community Token (SNX), and is now...

Extra Data on the brand new Fairness Indices

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Just a few weeks in the past the Synthetix neighborhood requested...

A information to delegation

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On this week’s Hadar Launch we're launching SIP 10: Improve Delegate...
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