Synthetix (SNX) is a decentralized protocol built on the Ethereum blockchain that enables the creation and trading of synthetic assets. Synthetic assets, also known as "synths," are tokenized representations of real-world assets, such as cryptocurrencies, commodities, stocks, and fiat currencies.
The Synthetix protocol operates through a system of smart contracts that allow users to mint, trade, and exchange synthetic assets. SNX, the native token of the Synthetix network, plays a crucial role in the ecosystem. SNX holders can stake their tokens as collateral and issue synths against it. By staking SNX, users can earn rewards in the form of fees generated from trading activities on the platform.
Synthetix offers a wide range of synthetic assets, known as "Synths," which are created through the minting process. These synths maintain price exposure to the underlying assets they represent, allowing users to gain exposure to various markets without needing to directly own the underlying assets. For example, users can hold synthetic USD (sUSD) to gain exposure to the value of the U.S. dollar.
The protocol also employs a decentralized oracle network called Chainlink to obtain price feeds and ensure the accuracy of the synths' values. This helps maintain the integrity and reliability of the synthetic assets.
Where to buy SNX Token
You can find SNX Token here at CoinTR Exchange! We are listing SNX/USDT on Spot Market and support up to 25X SNXUSDT Perpetual Futures!
What is the Price of SNX
The price of the SNX token is $2.32 per unit. It has a market cap of $602,517,319 and a fully diluted market cap of $713,708,840. It also has a 24-hour trading volume of $70,457,319. You can check the live price of their token right here!
How to buy SNX
Looking for a way to buy SNX. You can purchase SNX on CoinTR following the steps:
1. Log in your CoinTR account and click [Markets]. Click on [Spot].
2. Search “SNX” using the search bar to see the available trading pairs. Take SNX/USDT as an example,click [Trade].
3.Go to the [Spot] box. Enter the amount of SNX you want to buy. You can choose from opening a Limit order or a Market order. Take Market order as an example. Click [Buy SNX] to confirm your order. You will find the purchased SNX in your Spot Wallet.
Disclaimer: The views, thoughts, and opinions expressed in the article shall not be considered as investment advice and do not reflect the position of CoinTR, please use it at your own risk.