Synthetix Network Token

What is SNX and how Does It Work?

Synthetix, a synthetic asset platform on the Ethereum blockchain, facilitates the creation and exchange of synthetic assets, known as Synths, utilizing SNX tokens for collateral. Synths may represent a diverse array of assets, such as fiat currencies, other tokens, equities, commodities, and indices. The platform uses the incorporated decentralized oracle, Chainlink, for Synths' price feeds. SNX, the primary token in the Synthetix ecosystem, serves as collateral for issuing Synths. Traders also have the opportunity to stake their tokens to endorse the network without assured returns. Synthetix features an in-house tool, the Synthetix Exchange, for trading Synths and providing liquidity.

The platform incorporates a decentralized automatic market maker called Kwenta, which allows for immediate trading without the need for an order book. It also employs SNX as a governance token, allowing SNX holders to participate in the protocol's decision-making process. A Decentralized Autonomous Organization (DAO) manages the platform's governance, empowering SNX holders with proposal and protocol modification voting rights. The platform, initially named Havven, was renamed Synthetix in 2019 under the leadership of Kain Warwick, who co-started blueshyft—an Australian token-exchange network. The Synthetix user base and trade volume have visibly increased. Additionally, it continues to attract community engagement and developer input, as well as interest from venture capital firms like Framework Ventures and Paradigm. Synthetix has plans for future expansions and may introduce new types of synthetic assets.

The Vision and Mission Behind SNX

The SNX is associated with the Synthetix Network. It supports the Synths, offering on-chain exposure to a variety of currencies or commodities. SNX partakes in the creation and removal of Synths. Users who stake their SNX can generate additional SNX tokens. The Synths generated from staked SNX can be traded on the Synthetix peer-to-contract platform. Staking SNX entails creating an equal value of sUSD. Through SNX, you can play a role in the network's governance, taking part in decisions surrounding network functionalities and potential improvements.

How to Buy and Store SNX?

To purchase SNX, Flooz.xyz offers a streamlined process that allows you to buy this token with ease. Flooz.xyz provides a one-stop solution, ensuring a smooth checkout without the need to own a wallet. All payment methods are supported, making it convenient for every trader. Additionally, Flooz.xyz offers the Flooz Web Wallet, a self-custodial web wallet that allows for seamless SNX transactions. You can store, send, and receive tokens effortlessly using this wallet. Creating a self-custodial wallet on Flooz.xyz is quick and easy, whether you use your email, Google, or Apple ID. This smooth and optimized trading experience has captivated over 85,000 active traders on Flooz.xyz. Moreover, it ensures that you have access to your funds at all times, thanks to the power of cryptography. Another advantage of trading on Flooz.xyz is that it aggregates more than 50+ providers, ensuring the fastest and cheapest payment routes for your SNX trades.

SNX Metrics:

• Current price: $1.6885

• Market cap: $554.16 M

• All-time high: $28.53 (Feb 14, 2021)

• All-time low: $0.03 (Jan 6, 2019)

• Daily trading volume: $17.08 k