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Synthetix ⚔️
Rewards for sUSD depositors on @infinex have been extended 🧃
Deposit sUSD, earn your share of 12,000 OP tokens every week, and unlock raffle prizes like Infinex Patron NFTs, ETH, and SNX.
Learn more below. 🧵🔽
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Cryptking.eth 👑 🦍
🚨 Week 6 sUSD Rewards and More.
Six Weeks In. Still Paying.
@infinex just wrapped its sixth week of $sUSD rewards.
A fresh 12,000 $OP has been distributed to all users holding over 1,000 sUSD.
If you’ve been locked in and stacking, this week’s drop just reinforced why presence pays.
The raffle results dropped too, and the rewards hit clean:
1⃣. Patron NFT.
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3⃣. 1 $ETH.
4⃣. 2,000 $SNX.
5⃣. 1,000 SNX.
More waves are coming.
The Infinex is building, and sUSD rewards are sticking around.
Stay tapped in.
Keep swidging:
Swidged 1100 sUSD out and .409788 in.
Moved into eth for a moment or 2.
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Infinex Platform brings ease to understanding, low fees for swidging and a unified portfolio for all to use.
The rewards are flowing, and the board is watching.
Infinex keeps shipping. And presence keeps paying.
Dive into Infinex today.
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τop τick crypτo 📁 🤖🧠
໊
define ‘you had to be there’
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RunnerXBT
My go-to mobile app for trading stonks via USDC has now become my go-to app for trading perps on Hyperliquid
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The current price of Synthetix is $0.55650. Over the last 24 hours, Synthetix has decreased by -0.87%. It currently has a circulating supply of 343,466,217 SNX and a maximum supply of 343,889,850 SNX, giving it a fully diluted market cap of $190.97M. At present, Synthetix holds the 123 position in market cap rankings. The Synthetix/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Amidst the Ethereum network's scalability issues and growing congestion, Synthetix has emerged as an innovative solution to these challenges. With its native token SNX, Synthetix provides a robust platform for synthetic assets in the decentralized finance (DeFi) arena. This platform goes beyond the typical DeFi offerings, presenting a distinctive approach to tokenization and asset management that unlocks numerous opportunities within the cryptocurrency space.
What is Synthetix?
Synthetix is a DeFi protocol operating on the Ethereum network, enabling the creation of synthetic assets. These assets, referred to as Synths, replicate the value of various other assets, including fiat currencies, cryptocurrencies, commodities, and stocks. The primary purpose of Synths is to offer users exposure to these assets without needing to possess them physically. The Synthetix Network Token (SNX) is the protocol's native token and is used as collateral for issuing Synths.
The Synthetix team
The Synthetix team, led by Kain Warwick, is a dedicated group of experienced developers and entrepreneurs. Some notable team members include Dustin Fontaine, the CTO; Justin Moses, the senior software engineer; Clint Ennis, the senior architect; and Sunny Vempati, the front-end architect. Additionally, the team is complemented by Andrew Porter, a non-executive director, Marcelo D., a partner at Cluster Capital, and Brian O'Farrell, the co-founder of Furthr.
How does Synthetix work?
Synthetix operates by utilizing decentralized oracles, which are smart contract-based price discovery protocols, to monitor the prices of specific assets. By doing so, the value of Synths becomes tied to the underlying assets, enabling users to gain exposure to these assets without holding them directly.
Users can lock up their SNX tokens as collateral to mint new Synths. These newly minted Synths can be traded on the Synthetix Exchange without experiencing slippage. This is achieved through a mechanism that burns the Synths being sold and mints new ones, ensuring the overall supply remains balanced.
SNX tokenomics
SNX tokens play a vital role in the Synthetix ecosystem as they serve as collateral for the creation of synths. When SNX holders stake their tokens within the protocol, they gain access to rewards and the ability to participate in the Synth exchange. Notably, the value of SNX tokens is directly tied to the value of the synths they are used to collateralize, establishing a crucial connection between the token and the underlying assets within the system.
Synthetix use cases
Synthetix offers various use cases that revolve around synthetic assets. Through Synths, users can gain exposure to a wide range of assets without needing to directly own them, as the Synths are tied to the value of the underlying assets.
The platform enables users to trade Synths directly on the Synthetix DEX without the involvement of intermediaries. Additionally, being built on the Ethereum blockchain, users can deposit Synths on select DeFi protocols, providing liquidity and earning interest.
SNX token holders can stake their tokens and earn Synths as rewards, further enhancing their participation within the ecosystem.
SNX distribution
The total supply of SNX tokens is capped at 259,562,746. The distribution is allocated as follows:
Sixty percent through the initial coin offering (ICO).
Three percent for bounties and marketing incentives.
Five percent for partnerships.
Twelve percent for the foundation.
Twenty percent for the team and advisors.
The road ahead of Synthetix
Synthetix's future roadmap involves the expansion of its synthetic asset offerings to include traditional assets such as stocks and bonds. This strategic move aims to bridge the gap between the traditional financial realm and the blockchain space, enabling users to access a broader range of investment opportunities.
Furthermore, the Synthetix team is committed to improving the user experience by enhancing the platform's accessibility and usability, catering to both seasoned and new users alike.
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Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 889 new posts about Synthetix, driven by 613 contributors, and total online engagement reached 121K social interactions. The sentiment score for Synthetix currently stands at 73%. Compared to all cryptocurrencies, post volume for Synthetix currently ranks at 4192. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Synthetix.
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Posts
889
Contributors
613
Interactions
121,067
Sentiment
73%
Volume rank
#4192
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Posts
752
Interactions
118,225
Sentiment
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Synthetix FAQ
How does Synthetix enable the creation of synthetic assets?
Synthetix (SNX) is a decentralized protocol on the Ethereum blockchain that facilitates the creation of synthetic assets, known as "synths." These synths mimic the value of real-world assets like cryptocurrencies, commodities, and fiat currencies. By leveraging smart contracts, oracles, and the SNX token, Synthetix enables users to access various assets without owning them directly. This opens up a new horizon of financial opportunities within the decentralized finance (DeFi) space.
What role does the SNX token play within the Synthetix ecosystem?
The SNX token plays a crucial role within the Synthetix ecosystem, serving multiple functions. Primarily, it acts as collateral to back the value of issued synths. Holders can lock their tokens as collateral and mint synths, earning a proportionate share of fees generated by the Synthetix protocol. Additionally, SNX token holders can participate in the protocol's governance, giving them a voice in decision-making processes.
How do I buy and store SNX?
Easily buy SNX tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include SNX/USDT and SNX/USDC. You can also swap your existing cryptocurrencies, including Bitcoin (BTC),Cardano (ADA), Tether (USDT), and USD Coin (USDC), for SNX with zero fees and no price slippage by using OKX Convert.
How much is 1 Synthetix worth today?
Currently, one Synthetix is worth $0.55650. For answers and insight into Synthetix's price action, you're in the right place. Explore the latest Synthetix charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Synthetix, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Synthetix have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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