{"id":565,"date":"2021-06-01T10:46:28","date_gmt":"2021-06-01T10:46:28","guid":{"rendered":"https:\/\/deficoins.io\/?page_id=565"},"modified":"2021-06-01T10:46:28","modified_gmt":"2021-06-01T10:46:28","slug":"synthetix-review","status":"publish","type":"page","link":"https:\/\/deficoins.io\/review\/synthetix","title":{"rendered":"Synthetix Review: All You Need to Know About SNX"},"content":{"rendered":"
Synthetix is a decentralized digital platform that enables users to trade assets. It includes trading stocks, commodities, fiat currencies, and even cryptocurrencies such as BTC and MKR. Transactions are carried out without the interference of third parties such as central banks in traditional financing.<\/p>\n
Synthetix was coined from the word “Synthetics”. It refers to assets created to emulate real-world assets in a market. You can operate it and make profits from it – and the user can do so without owning these assets. There are two major types of tokens available in Synthetix:<\/p>\n
Synthetix has appeared to be a very profitable DeFi protocol. It enables users to access real-life assets, mint, and trade with them in a decentralized way.<\/p>\n
It also allows users to predict fixed outcomes of a position, if their prediction results are correct, the user wins a reward, but if not, the user loses the staked amount of cash.<\/p>\n
Synthetix is a relatively new cryptocurrency and maybe new to you if you are new to the DeFi market. This Synthetix review will give you a clear understanding of it. So, let’s proceed to some fundamental knowledge of Synthetix.<\/p>\n
Contents<\/p>
Kain Warwick created the Synthetix protocol in 2017. It was initially created as the Havven protocol. This stablecoin raised roughly up to $30 million on estimate through the protocol’s ICO and sales of the SNX token in 2018.<\/p>\n
Kain Warwick is a native of Sydney, Australia, and also the founder of Blueshyft. Warwick owns the largest crypto payment gateway in Australia that reaches over 1250 locations. He finally decided to hand over the role of a “benevolent dictator” in Synthetix to decentralized governance on the 29th<\/sup> of October, 2020.<\/p>\n During the early months of 2021, Warwick announced the possibility of Synthetix investors to access shares in US stock giants such as Tesla and Apple. As of the time of writing, there are over $1.5 billion locked in the Synthetix platform.<\/p>\n Synthetix asset, known as “Synths,” pegs its value to real-world assets. This process is done using tools called price oracles.<\/p>\n For a user to create new synths, they need to obtain SNX tokens and lock them in their wallets. As stated earlier, the values of the synth are equivalents of real-world asset values. So one must take note of this when engaging in a Synthetix transaction.<\/p>\n The SNX token is an ERC-20 token that functions on the Ethereum Blockchain. Once this token is stored in the smart contract, it enables the issuing of synths within the ecosystem. Currently, most of the Synths accessible to users are crypto pairs, currencies, silver, and gold.<\/p>\n Cryptocurrencies are in pairs; these are the synthetic crypto assets and inverse crypto assets. For example, one has sBTC( access to synthetic Bitcoin) and iBTC(inverse access to the Bitcoin), as the value of real Bitcoin (BTC) appreciates, so does sBTC, but when it depreciates, the value of iBTC appreciates.<\/p>\nMore About Synthetix<\/span><\/h2>\n