Synthetix
$2.38 0.25%
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Synthetix is a DeFi protocol which offers users an exposure to a variety of assets, crypto and other types. It is mostly used for trading. The platform allows users to trade, borrow and stake different cryptocurrencies, commodities and equities, by creating synthetic assets, which are pegged to the price of the real world asset.
Synthetix works on the same principle as the USDC. In addition, it has its own stablecoin, which is listed as sUSD. S stands for synthetic. sUSD balances the supply and the demand of a coin that it is attached to. This example is shown for USD, but it could also be for BTC (sBTC) or any other currency. The platform also includes assets such as silver, gold and even companies like Tesla.
Fee is determined by demand for block space and transaction data size, same as most coins. Being an Ethereum blockchain based token, Syntehtix’ fees reflect the success of Ethereum and all the other cryptocurrencies that are based on it. However, Ethereum is slowly switching from proof of work to proof of stake mechanism which will make transactions faster and cheaper. Currently the fees are quite high.
Synthetix was first released in early 2018 and it reached its peak at $27.07 during a huge bull run in early 2021. At the moment it is worth around $5.
There are no Synthetix NFT’s that we are aware of yet. But stay tuned, this is a fast growing area and if SNX will add NFT, you will be able to find info here!
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