What is Synthetix (SNX)?

Website: https://www.synthetix.io/

Maximum Supply: 212,424,133 SNX

Circulating Supply: 114,841,533 SNX

Total Supply: 215,258,834 SNX

Explorer: Synthetix Explorer 

Whitepaper: Synthetix Whitepaper

What is Synthetix (SNX)?

Synthetix is ​​a decentralized finance (Defi) protocol that allows a wide variety of crypto and non-crypto assets to stay on the blockchain. This SNX protocol is based on the Ethereum (ETH) blockchain and offers users a high rate of STX (synths) access. Synths monitor and provide the returns of the underlying asset without requiring the asset to be held directly. This platform aims to expand the cryptocurrency space as well as provide access to a more robust financial market by promoting non-blockchain assets.

Who Are the Founders of Synthetix?

It is known that the SNX Network Network was launched by Kain Warwick in September 2017 under the name Havven (HAV). About a year later, the company was rebranded as Synthetix. Kain Warwick is the founder of Synthetix and a managerless director of the blueshyft retail network. Prior to founding Synthetix, Warwick worked on many other cryptocurrency projects. He is also known to have founded Pouncer, a live auction site exclusive to Australia. The CEO of the project, Peter McKean, has more than twenty years of experience in software development and previously worked as a programmer at ICL Fujitsu. We can say Jordan Momtazi, CEO of Synthetix, is a business Strategist, market analyst and sales leader known for his years of experience in blockchain, cryptocurrencies, digital payments and e-commerce systems. CTO Justin J. Moses is a former Director of engineering at Mongodb and VP of engineering practice at Lab49, who also founded Pouncer.

What Makes Synthetix Unique?

Synthetix is ​​a decentralized exchange (DEX) and platform for synthetic assets. The protocol is designed in such a way that basic assets can be accessed via synths without users having to keep key assets. The SNX Platform allows users to trade and exchange synths independently. It also states that holders can have a betting pool where they can put their SNX tokens and be rewarded with some of the trading fees on the Synthetix Exchange. This platform tracks underlying assets using smart contract price distribution protocols called oracles. Synthetix allows users to trade synths seamlessly without liquidity/slippage issues. It also eliminates the need for third-party facilitators. SNX tokens are used as collateral for the printed synths. This means that when synths are issued, SNX tokens are locked in a smart contract. Since launch, the protocol has been known to switch to the optimistic Ethereum mainnet to help reduce gas fees on the network and reduce oracle latency.