Contents
- 1 Overview of SINX Token
- 2 Did you know?
- 3 How are SNX tokens produced?
- 4 How do you get hold of SNX tokens?
- 5 Is this page helpful?
- 6 Is this page helpful?
- 7 Somebody said FSM?
- 8 Want Daily SINX Price Updates?
- 9 What can you do with Synthetix?
- 10 What else is different?
- 11 What is a Tokenizer?
- 12 What is Synthetix?
- 13 What’s so special about it?
- 14 Who Invented Synthetix?
- 15 History of SINX Token
Overview of SINX Token
Did you know?
The protocol has a very famous holder of SNX tokens – a16z crypto – the venture fund who bought 6% of the total MakerDAO token supply in September 2018.However, a16z never announced an investment in SNX or even mentioned it.There simply sits 374,111 SNX tokens in the a16z address without any explanation.
How are SNX tokens produced?
Back when Synthetix was Havven, it launched an ICO and raised $30 million with a total supply of 100 million Havven tokens.In February 2019, Synthetix changed its monetary policy and there are now over 164 million SNX tokens, which will increase to 250 million over the next 5 years.The growing supply of SNX tokens was meant to reward and incentivize SNX stakers.
How do you get hold of SNX tokens?
If you have an Ethereum wallet and some crypto already, you can trade SNX tokens on decentralized exchanges like Kyber and Uniswap.You can also stake SNX to create new Synths using their Mintr dapp.
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Somebody said FSM?
If you’ve ever met finite-state machines, you might have recognized one in our lexer.
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What can you do with Synthetix?
The Synthetix platform was primarily created for users to trade Synths.Holders of Synths can go long on an asset – bet the price will increase.Or they can short an asset – bet the price will decrease.
What else is different?
Much of Synthetix’ recent success can be attributed to its innovative token incentive model.SNX holders stake SNX in return for fees from the Synthetix exchange and rewards from the system’s inflationary monetary policy.To create a new Synth, more than 750% of the value of the Synth must be staked as SNX.The more SNX staked and locked as collateral, the less is available in the market and the more valuable the token becomes.The proof is in the price.The SNX token made a dramatic rise from $0.03 at the start of the year to over $1.30 at the end of 2019.
What is a Tokenizer?
A tokenizer is a program that breaks up an expression into units called tokens.
What is Synthetix?
Synthetix allows users to bet on crypto assets, stocks, currencies, precious metals, and other assets in the form of ERC20 tokens.Synthetic assets or “Synths” copy the price of an asset in the “real world” and brings it onto the Ethereum blockchain giving that Synth all the properties of an ERC20 token.
What’s so special about it?
Synthetix uses a multi-token infrastructure based on a system of collateral, staking, inflation, and fees.The system uses two types of tokens–the main Synthetix Network Token (SNX) and synthetic assets or Synths.The system is similar to MakerDAO’s where ETH is locked up to create DAI.In Synthetix, SNX is locked up to create sUSD (synthetic USD).The sUSD acts as debt while SNX acts as the collateral.The main difference between Synthetix and MakerDAO is SNX is staked as collateral to potentially create any synthetic asset–not just sUSD.
Who Invented Synthetix?
Synthetix started as a stablecoin project called Havven and was founded by Kain Warwick, the current CEO.Synthetix is now one of the biggest projects in DeFi with over $180 million worth of SNX tokens locked up in the protocol in December 2019.