Find out about Synthetix (SNX), it’s easy!

Synthetix is the crypto project designed to work with synthetic assets in DeFi. But how much is an SNX worth? And what is its trend over time?

Synthetix (SNX): Trend & Price

What is Synthetix Network?

Abbreviated as SNX, Synthetix is a DeFi protocol that gives users access to derivative instruments via the blockchain. In DeFi, these kinds of derivatives tokenised on the blockchain are known as “synthetic assets”. While derivatives are financial instruments that derive their value from simple instruments such as commodities and stocks, synthetic assets add a step: the derivative is tokenised, and its value is reflected on the blockchain through decentralised oracles. The major advantage of a protocol like Synthetix is the ability to decentralise access to traditional assets and even those underpinned by physical resources. 

Why follow Synthetix Network?

As well as a platform for synthetic assets, Synthetix is also a decentralised exchange. This gives anyone the opportunity to create “synthetic” assets and freely exchange them among the community. The native token is called SNX (Synthetix Network Token) and is mainly used to generate synthetic assets. By depositing SNX collateral in a debt pool, an overcollateralised quantity of synthetic assets can be generated. The protocol is not an end in itself: the tokens generated on Synthetix are compatible with all Ethereum protocols and can therefore be used on DEXs and DeFi protocols throughout the ecosystem.

How was it created?

The founder of Synthetix is Kain Warwick, and development for the project started in autumn 2017. It took several years for the protocol to take off. Today, Synthetix boasts important partners (1inch, Curve, Drudge, ParaSwap) and offers DeFi services that make it stand out in the industry.

Stay up to date with the price of Synthetix

Price 24H
Change 24H
Daily High
Circulating Supply
Market Cap
Volume

Buy Synthetix in 3 steps on Young Platform

Sign Up and Verify Your Identity
Enjoy free registration and full control over your funds. Move your money how you want, when you want.
Pay with Card, Bank Transfer or Apple and Google Pay
Start with every penny you have. Whoever said you need a fortune to enter this market has misled you.
Instantly Buy and Sell
Tailor your strategy and leverage automation to maximise your outcomes. Trade on your own terms.

What does the Young Platform do?

Young Platform is the European exchange that blends simplicity with security, already chosen by over 2 million people for buying and selling cryptocurrencies. Backed by significant entities such as Azimut, United Ventures, and Banca Sella, Young Platform eases your entry into the world of cryptocurrencies with a user-friendly interface, easy-to-use trading tools, educational courses, and up-to-date news, all designed to be accessible to everyone. And the best part? It's completely free.

Check out the Top movers

Take a look at the prices of cryptocurrencies that have reached higher volatility in the last 24 hours and catch market trends.

Buy Synthetix