Synthetix V2x.
Synthetix V3 is a modular and flexible platform that supports various onchain derivatives and financial products. Learn how it differs from V2x, what benefits it offers to …
Last updated
Synthetix V3 is a modular and flexible platform that supports various onchain derivatives and financial products. Learn how it differs from V2x, what benefits it offers to …
Last updated
As of today, the price of Synthetix (SNX) stands at approximately $1.80. This cryptocurrency has experienced some fluctuations, with a 24-hour trading range between $1.75 and $1.83. The 24-hour trading volume is about $22.36 million (Blockworks) (Binance).
The market capitalization of Synthetix is around $589 million, making it a significant player in the DeFi (decentralized finance) space. The circulating supply of SNX is approximately 327.77 million tokens, with a maximum supply close to 328.19 million tokens (Binance) (Blockworks).
Synthetix is a decentralized protocol built on Ethereum and Optimism. It allows users to create and trade synthetic assets, which are assets that mimic the value of real-world commodities, fiat currencies, stocks, and other financial instruments without needing to own the underlying asset. These synthetic assets are collateralized by SNX tokens, which are staked by users to mint these synthetic assets, known as Synths (Binance) (Blockworks).
The protocol recently upgraded to its Version 3 (v3), which enhances the efficiency and scalability of its architecture, enabling faster and more complex decentralized financial applications (Binance). Synthetix's unique approach eliminates the need for the actual settlement of underlying assets, relying instead on algorithms to ensure accurate pricing and liquidity.
Synthetix also features a decentralized exchange called Kwenta, where users can trade these synthetic assets. The governance of the protocol is handled by a decentralized autonomous organization (DAO), involving the community in decision-making processes (Binance).
In summary, Synthetix (SNX) is a prominent DeFi protocol known for its innovative synthetic asset issuance system. It remains a key player in the cryptocurrency market, providing valuable services and continuously evolving to meet the needs of its users. For the latest updates and detailed information, you can check platforms like CoinGecko, Binance, and CoinDesk (CoinDesk) (CoinGecko) (Binance) (Blockworks).
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