Synthetix Network Token Price for today is $4.389. Its current circulating supply is SNX 203,011,782.98 with a market cap of $445,357,823.62.
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Synthetix is a protocol for creation and trade of digital assets. As many other defi projects, it is based on Ethereum. The assets are called Synths, and their prices track external assets such as the USD. The network is designed to support a limitless number of commodities, fiat, and cryptos. Once one creates Synths, they can trade it for other cryptos or fiat using a Synthetix Network Token exchange service like ChangeNOW, which allows to convert SNX seamlessly at competitive rates.
To understand how to create an asset and give it value, one must first understand how the Synthetix network works. For one to make a digital product, they first have to offer collateral in the native token called SNX. The number of synths that one can offer must be equal to the number of tokens that they are willing to stake. This ensures that the collective pool of holders acts as a counterparty to the deal when converting minted synths to any real-world asset.
For context, if one wants to make a stable coin that tracks the U.S dollar, they would first use an SNX converter like ChangeNOW to move their other cryptos or fiat into SNX. They can then stake that amount and create a stable coin.
The key feature of this protocol is the debt registrar. This is a system that allows for the tracking of all assets created. The goal is to determine the number of SNX that the system needs to unlock at any given time to maintain balance. The other main feature is that all investors act as system custodians by holding the collateral for all created assets.
Sometimes you need a way to exchange Synthetix Network tokens to other cryptocurrencies, or cash. The transaction can be for trading, or to get money for whatever reason. To do it, you need a crypto exchange that is fast, easy to use and has low fees. Try using ChangeNOW.io as your personal Synthetix Network Token converter as it offers all of that, and also you can exchange SNX without registration and with no upper limit.