SNX is the native token of Synthetix, a DeFi platform for the issuance of synthetic assets. SNX’s recent rise in value reflects a growing interest in the protocol and DeFi space overall.
BTSE has listed Synthetix Token (SNX), the native token of Synthetix, a liquidity protocol for asset exchange and issuance.
The Synthetix platform, established in 2018, enables traders to create a variety of synthetic financial products such as cryptos, equities, FX, valuable metals, and more. To make assets issuance possible, the assets linked with each synthetic/artificial asset follow the value of external assets. Cryptocurrencies, metals, fiat, and inverse indicators are among the current Synths on Synthetix.
How Does Synthetix Work?
Synthetic assets created on the Synthetix network are known as “Synths”. Synths monitor the values of the assets depicted via autonomous oracles that are smart contract-based market pricing procedures. Users can hold and trade Synths as if they owned the underlying securities. With Synths, users gain access to certain assets that are typically beyond reach for the ordinary cryptocurrency trader — comparable to gold or silver — and are allowed to exchange them fast and effectively.
Since Synths are offered on the Ethereum blockchain, you can offer liquidity and collect interest on other decentralized exchanges like Uniswap and Curve. Synthetix and its derivatives play a critical role in the development of established markets by enabling price movements and contributing to the mitigation of volatility.
SNX token, at $10.29 on October 7, 2021, has a market cap of more than $1.8 billion and 0.08% market cap dominance, according to CoinGecko. Its circulating supply is around 175 million tokens out of a max supply of over 235 million.
SNX Listing and BTSE Users
SNX serves as a security for the Synthetix network’s stablecoin sUSD, or synthetic US dollars. The supply of sUSD has grown steadily in response to rising demand — in part, due to its native use case within the Synthetix ecosystem. With the rising value of SNX over the past year, so has investors’ ability to issue additional sUSD, with over 183 million sUSD in circulation.
The listing introduces SNX and Synthetix to a new user base on BTSE, while giving users access to the Synthetix network by buying and utilizing SNX to participate in sUSD minting.
The notable growth of DeFi has reflected the strong interest of traders and investors from both digital and traditional finance. In listing SNX, BTSE is committed to expanding the range of quality tokens available to its users while supporting DeFi’s development as innovative projects continue to emerge with creative solutions.
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