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Table of content
- Synetix Network Token
- History of Synetix Network Token
- Principle of operation
- wallet for SNX
- SNX quotes
Synetix Network Token
The Synetix Network Token project has recently attracted more and more attention. Mainly due to very large increases and the great boom in DeFi tokens. However, SNX could have been attracted a bit earlier due to its sharp increases during the market bear market in 2019. It is a very innovative project presenting a completely different and different approach as well as the use of cryptocurrencies. The platform is used to trade synthetic assets. More specifically, it allows you to create tokens based on ERC-20, which reflect the assets available in the world. Using the Synetix Network, you can, for example, create synthetic APPLA or Bitcoin shares in the form of tokens on the Ethereum blockchain. Such a synthetic asset will mimic the movements of the relevant company, and the benefit for users will be that they do not need a brokerage account. The assumption of the entire project is to create a platform that connects various markets. Synetix Network Token therefore allows you to trade various types of stocks, cryptocurrencies, and even indices and other derivative financial markets assets in one place.
History of Synetix Network Token
The project has been in existence since February 28, 2018, and its founder is Kain Warwick. Just before the start, exactly two days before, on February 26, an ICO was organized to raise funds for development. Those working in the project at that time were not disappointed, all the tokens intended for this were sold within 2 days. Of the 100 million ICOs, 60% was allocated, which gave Kain Warwick PLN 30 million for the development of the project. The platform itself is still under development, introducing more and more new synthetic assets. Among others, indices, short positions, leveraged positions, stocks.
Principle of operation
Synetix Network Token operates on the Ethereum blockchain. It allows you to create synthetic assets in the form of ERC-20 tokens. These assets follow the markets to follow their counterparts, obtaining a 1: 1 valuation. The whole platform is decentralized in nature, which makes it impossible to manipulate the price and set your own value. The very way of exchanging or buying assets takes place in the form of smart contracts. Interestingly, the platform does not have an order book, and all transactions are carried out immediately at the actual peer to peer price.Looking more closely at the transaction itself, it proceeds as follows: The tokens that we want to exchange are sent to the zero address, where they are destroyed, in return we receive synthetic asset tokens that we wanted to buy the equivalent of our destroyed tokens minus 0.3% commission. Then the commission is sent to a special address from which the entire pool is distributed among all SNX stackers. Moving on to the SNX token itself, what is it even needed for?
SNX is necessary to create a new synthetic unit. To create a new asset, you need to set aside 750%, and after changes even 800% of its value in the native SNX token staking process. This guarantees that each asset on the platform is not empty and has real coverage. It is not necessary to maintain this proportion and does not entail immediate loss of position, however, with at present at least 800% security, the user is eligible for network maintenance fees. It is supposed to be an incentive to guard and maintain security. Some users accuse the project of a lack of decentralization. It is true that at the moment some operations are centralized and monitored by managers, however, this situation is about to change and is translated as supervision over the proper direction of the platform's development. Keep in mind that this is still an innovative and growing project, so investing and holding large amounts on the platform involves a lot of risk. It is associated both with the possibility of theft of funds as well as the price fluctuations of DeFi projects.
A separate topic is the issue of the synthetic assets themselves. On the one hand, they have many positive aspects, but it must be remembered that they are not the right assets, but only imitating synthetics, and thus the user does not have physical shares or cryptocurrencies. This may be important in the case of dividends or airdrops, because having shares or synthetic cryptocurrencies, the user simply will not get them. Another issue is their influence on the price of the asset. Taking Bitcoin as an example, at the moment there is a limited amount of 21 million BTC, but you can create an unlimited amount of synthetic Bitcoins so that everyone can have them. The only question is whether it will have a negative impact on the price of the cryptocurrency.
Wallet for SNX
The platform itself is used to store cryptocurrencies and in return offers a gratifying percentage of all users' commission, so it is the most preferred place to keep the SNX token. In addition, SNX can be kept on all ERC-20 token accepting wallets. For example, the most popular MyEtherWallet or MetaMask, which is a plug-in for web browsers. Also among hardware wallets, both Trezor and Ledger handle ERC-20 tokens without any major problems.
SNX currently ranks 44th among all cryptocurrencies in terms of capitalization. ATH, the highest price of the project, took place relatively recently, on September 1, 2020, and amounted to $ 7.85. The daily turnover on SNX is nearly $ 8 million. The asset is listed on 12 exchanges, 85% of which is traded on Binance and another 10% on Huobi. In addition to these exchanges, SNX can also be purchased on Poloniex or Kuckoin, but the turnover there is very low.
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