Synthetix One Day Volume Reaches $31.82 Million (SNX)

Synthetix (SNX) traded 3.5% lower against the U.S. dollar during the one day period ending at 12:00 PM E.T. on February 1st. Synthetix has a market capitalization of $118.26 million and $31.82 million worth of Synthetix was traded on exchanges in the last 24 hours. One Synthetix coin can currently be purchased for about $0.35 or 0.00000449 BTC on major cryptocurrency exchanges. Over the last seven days, Synthetix has traded 14.4% lower against the U.S. dollar.

Here is how related cryptocurrencies have performed over the last 24 hours:

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded down 2.2% against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded 10.5% lower against the dollar and now trades at $78,474.12 or 0.99372946 BTC.
• Lumi Credits (LUMI) traded 8.9% higher against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• SolvBTC (SOLVBTC) traded down 3.1% against the dollar and now trades at $77,290.92 or 0.99614709 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.

Synthetix Coin Profile

Synthetix was first traded on March 11th, 2018. Synthetix’s total supply is 343,889,850 coins and its circulating supply is 339,466,216 coins. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed here. The official message board for Synthetix is research.synthetix.io. Synthetix’s official website is www.synthetix.io. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here.

According to CryptoCompare, “Synthetix (SNX) is a rebranding of Havven.io (HAV).Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.This mechanism is designed to solve the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.How SNX backs SynthsAll Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% collateralisation ratio, although this may be raised or lowered in the future through community governance mechanisms. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.Synthetix is also currently trialling Ether as an alternative form of collateral. This means traders can borrow Synths against their ETH and begin trading immediately, rather than needing to sell their ETH. Staking ETH requires a collateralisation ratio of 150% and creates a debt denominated in ETH, so ETH stakers mint sETH rather than sUSD and do not participate in the ‘pooled debt’ aspect of the system. In this model, ETH stakers do not receive fees or rewards as they take no risk for the debt pool.”

Buying and Selling Synthetix

It is usually not currently possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to trade Synthetix should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Synthetix using one of the exchanges listed above.

SNX/USD price chart by TradingView