Synthetix Network Token


Not Available

Prices are in USD.

Market Data For Synthetix Network Token

Current Price $2.76
Market Cap $871,152,768
Market Cap Rank #105
Total Volume $35,237,964
High 24H $2.70
Low 24H $2.53
Price Change 24H 0.13%
Price Change Percentage 24H 5.07%
Market Cap Change 24H $39,973,056.00
Market Cap Change Percentage 24H 4.81%
Circulating Supply 327,769,184 snx
Total Supply 328,193,120
All Time High $28.53 -90.69%
February 14, 2021
All Time Low $0.0348
January 6, 2019 -

About Synthetix Network Token

Synthetix Coin Review: Mining Guide, Price & Analysis of Synthetix Cryptocurrency

Synthetix Decentralized Finance platform offering crypto and physical asset exchange services. Simply put, Synthetix is an Ethereum based DeFi ecosystem that functions as a decentralized exchange. It is a distributed asset issuance protocol on a blockchain.

We see more and more sectors enter the blockchain ecosystem. Synthetix is yet another project bringing blockchain technology to finance. With Synthetix, you can easily trade real-world physical assets as digital assets. This includes cryptocurrencies, fiat pairs and even commodities.
We are sure you are wondering what synthetic assets are. They are digital assets on a blockchain to track the prices of real-world assets. This approach is similar to what stablecoins do. Stablecoins use real-world assets to maintain its pegged value. Similarly, Synthetix allows anyone to mint synthetic assets backed by the SNX token.

To power activities, Synthetix has two main tokens. The main token, Synthetix, is useful in creating synthetic assets. The other token type is Synth. These are all the synthetic assets created using the Synthetix platform.

Synthetix Review

How Synthetix Works

Synthetix allows you to trade Synths and inverse Synths of major currencies. Additionally, you can trade Synths and inverse Synths of cryptocurrencies. Synthetix uses smart contracts to facilitate transactions. There is no need of a central institution. Users can trust the code of smart contracts to keep transactions fair.

Additionally, Synthentix has an incentive program. This program ensures Synths maintain their prices. SNX acts as collateral when minting Synth coins. Let us see how it works to facilitate this.

Users can stake their coins in order to mint Synth coins Stakers receive a reward from the system. This reward is for supporting the system with a pro-rata share of the fees generated by the activity in the system. Thus, the value of Synths depends on the adoption of the collateralized network.

This is what makes fast transactions possible on the Synthetix network. Transactions between different kinds of Synths is almost instantaneous. Additionally, it is near-frictionless. This gives Synthetix a lot of use cases. This is because it does not have slippage and liquidity issues as other exchanges.

Synthetix Products

There are two main products in the Synthetix ecosystem. These include the Synthetix exchange and the Minter platform.
The Synthetix exchange provides a digital platform to trade physical assets. These synths can represent fiat, crypto assets and physical commodities. This platform has infinite liquidity. It is possible because of the distributed collateral pool model.

Synthetix Review

Mintr is a decentralized app that offers token holders a lot of functionality. This platform allows users to mint and burns synths by staking SNX tokens. There are many other use cases of this interface.

Can Investors Mine Synthetix Coins?

No, it is not possible to mine Synthetix coins. Synthetix uses the Proof of Capacity consensus. To get rewards, you have to stake your SNX tokens and issues Synth. The staking rewards come from Synthetix exchange fees. These fees stand at 0.3% of each transaction at the time of writing this. The process of staking your SNX is straightforward.

First, you need an ERC-20 compatible wallet. What you need to do next is connect your wallet to the Synthetix exchange. To stake your SNX coins, you have to lock SNX as collateral in their wallet. This allows you to mint Synth tokens. There is a 750% collateral requirement to keep in mind.

You are now able to enjoy rewards generated from trading fees. Additionally, you are subject to inflation rewards. This, however, does not come without a price. When you mint Synths, you receive part of the burden of the platform’s debt. The amount of the total debt pool is equal to the total value of all synths. The debts can increase and decrease regardless of the original value of your minted synths.

The Team behind Synthetix

Synthetix has a great team of individuals behind it. They have the necessary knowledge and experience to spearhead this project into the future. The creator of this platform is Kain Warwick. He is a cryptocurrency enthusiast and the man behind Australia's biggest cryptocurrency platform.

Beside him is the CTO of Synthetix, Justin Moses. He was previously the Director of Engineering at MongoDB. His knowledge of databases is crucial to this project. Moreover, he has extensive knowledge of large scale systems.
The senior architect of the project is Clinton Ennis. He is an 18-year veteran software engineer. Additionally, he was previously an architect lead at JP Morgan Chase. Seeing this, it is safe to say that Synthetix is in safe hands. These individuals have the experience and knowledge to make Synthetix a success.

Privacy and Security

Ethereum hosts the Synthetix project. Ethereum is one of the safest networks in the cryptocurrency space. Nodes in the network work together to keep the network secure. They do this by maintaining a consensus. Through this, they can prevent any altercations of transactions. Moreover, nodes help each other recover in case of an attack.

The only cause of concern is with smart contracts. Smart contracts are not very secure. Hackers have previously gained access through smart contract vulnerabilities. However, It assures clients that their smart contract architecture is completely safe from hackers.
Privacy standards remain the same as with other cryptocurrencies. Transactions are transparent on the public ledger. This does not affect the safety of the network. There is no way to alter transactions.

Our Take on Synthetix

The platform has a very intriguing value proposition. On its exchange, you can trade cryptocurrencies, fiat currencies and even commodities. Seeing the size of traditional markets, this is an audacious attempt. It is impossible to tell whether this project will succeed in revolutionizing this sector.

However, there are a few causes of concern. This project is still in its early stages. We cannot guarantee that it will grow and succeed in the long term. Moreover, users may need to burn more Synths in the future that they issued.  Furthermore, the project is still centralized. This defeats the whole mission behind blockchains. Competition may arise and overtake Synthetix.


  • The platform allows anyone to create and issues Synths without a counterparty.
  • There are no withdrawal fees.
  • You can store SNX coins on any Ethereum compatible wallet.


  • The project is still in development.
  • The project is still centralized.

How to Buy Synthetix Coins

There are many exchanges for trading Synthetix coins. Some of the best exchanges include Bitfinex, Huobi Global, IDCM, HBTC and Dsdaq. Synthetix coins currently rank 41st in market cap share.
You can hold the coins in any Ethereum compatible wallet. The current price of the coin stands at $5.19. The total circulating supply is 108,574,506.

Final Verdict

Synthetix is a very intriguing project. It has a lot of potentials to revolutionize financial markets. However, this project does not come without causes for concern. The project is still in its early stages. There is no guarantee that it will grow and be successful. Hence, some cryptocurrency enthusiasts may be sceptical about onboarding this project.

Further, users may need to burn more Synths in the future that they issued. This would place them at a loss. Additionally, we cannot forget the risk of regulatory changes. Even so, this project is promising. It is definitely a project to keep an eye on.

Faithful Anichukwu 1 month ago "Hello Guys"

Kenyon Gray 3 months ago "hellodd"

Kenyon Gray 3 months ago "hello"

Balik Sadik 3 months ago "hello"

Godsgift 3 months ago "Hi, Why is the Bitcoin price surging, Is it because of the ETF Approval or the highly anticipated bitcoin halving that would happen later this year?"

Amina Abubakar 5 months ago "Hello"