About this project

###What is Synthetix?

Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1). A wide variety of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.

###How does Synthetix work?

Synthetix is otherwise composed of a smart contract infrastructure and a set of incentives that maintains Synth prices. It is underpinned by the value of the Synthetix Network Token (SNX). SNX acts as collateral; staking a proportional value of SNX is required to mint Synths. Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity in the system. The value of SNX is thus directly connected with the usage of the network it collateralizes.

This mechanism allows Synthetix to support instantaneous, near-frictionless conversion between different flavors of Synths without the liquidity and slippage issues experienced by other decentralized exchanges. The resulting network of tokens supports an extensive set of use cases including trading, loans, payments, remittance, eCommerce, and more.

Synthetix was launched in late 2017, originally under the name of Havven (HAV).

Basic Info

Name Synthetix Network Token
Symbol SNX
Category token
Project website https://www.synthetix.io/
Whitepaper link Read more
Withdrawal fee 3.55 SNX
Deposit enabled No
Withdrawal enabled No
Supply Total:

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Available markets

Symbol Min amount Max amount Min cost Max cost State
SNX / XTZ 0.8 SNX 160000 SNX 0.7 XTZ 140000 XTZ Trading
SNX / XBASE 0.8 SNX 160000 SNX 50 XBASE 10000000 XBASE Delisted
SNX / BTC 0.8 SNX 160000 SNX 0.001 BTC 25 BTC Delisted
SNX / EBASE 0.8 SNX 160000 SNX 1 EBASE 200000 EBASE Delisted
SNX / EUR 0.8 SNX 160000 SNX 1 EUR 200000 EUR Delisted
SNX / ETH 0.8 SNX 160000 SNX 0.006 ETH 1000 ETH Delisted
SNX / USDT 0.8 SNX 180000 SNX 1 USDT 200000 USDT Trading