{"id":9558,"date":"2023-12-20T11:47:46","date_gmt":"2023-12-20T11:47:46","guid":{"rendered":"https:\/\/realacademy.io\/?p=9558"},"modified":"2023-12-20T11:48:43","modified_gmt":"2023-12-20T11:48:43","slug":"synthetix-snx","status":"publish","type":"post","link":"https:\/\/realacademy.io\/index.php\/2023\/12\/20\/synthetix-snx\/","title":{"rendered":"Synthetix ($SNX)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9558\" class=\"elementor elementor-9558\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2900a34a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2900a34a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60eb99b5\" data-id=\"60eb99b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1802639e elementor-widget elementor-widget-text-editor\" data-id=\"1802639e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:html \/-->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4312583 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"4312583\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Introduction<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9a5b4a blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"f9a5b4a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><br \/>Synthetix is a cryptocurrency minting programme that enables users to create new crypto assets similar to real world assets like the US dollar and crypto assets like Bitcoin.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1eb2fe8 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"1eb2fe8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Overview<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aac369e blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"aac369e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Synthetix is a decentralized liquidity provisioning protocol that aims to broaden the cryptocurrency space by introducing non blockchain assets. It is built on Optimism and Ethereum mainnet and is collateralized by SNX, ETH, and LUSD. This collateralization enables the issuance of synthetic assets (Synths) that track and provide returns on the underlying asset without requiring one to directly hold the asset. SNX tokens are used as collateral for the synthetic assets that are minted, meaning that whenever synths are issued, SNX tokens are locked up in a smart contract.<\/p>\n<p>Synthetix operates by allowing users to stake their SNX tokens in a staking pool. These staked tokens serve as collateral for the issuance of synthetic assets (Synths). Synths track the value of real-world assets, providing users with exposure to these assets without the need to hold them directly. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. This allows users to trade synths seamlessly, without liquidity or slippage issues. The protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6ae68a blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"f6ae68a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Background<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4cdeed elementor-widget elementor-widget-image\" data-id=\"d4cdeed\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1020\" height=\"680\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-1024x683.webp\" class=\"attachment-large size-large wp-image-9562\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-1024x683.webp 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-300x200.webp 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-768x512.webp 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-1536x1024.webp 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-2048x1365.webp 2048w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/snx-founder-510x340.webp 510w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Kain Warwick - $SNX Founder<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45ac09c blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"45ac09c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix. Kain Warwick is the founder of Synthetix and a non executive director at the blueshyft retail network.<\/p>\n<p>Synthetix has over 25 employees working at the original Synthetix Foundation and nearly 12 regular contributors to the Synthetix Github. The headquarters is in Sydney, New South Wales, and was founded in 2017. Key team members include Kain Warwick (Founder), Justin Moses (CTO), and Jordan Momtazi (COO). Kain has spearheaded the organization since December 2016 but has previous experience as a Non Exec Director for Blueshyft, a software platform that adds physical retail presence to digital businesses. Justin Moses, another Blueshyft team member, worked as a Tech Advisor at Synthetix originally but soon moved to CTO. Before Justin\u2019s time at Blueshyft. He spent several years working for MongoDB and Lab49 managing Cloud SaaS and financial software as a principal engineer. Jordan Momtazi, another addition to the team transferring from Blueshyft, has been with the foundation since August 2017, originally as VP of Business Development and then as COO. Jordan is also a Co Founder in a crypto payment network at RelayPay, a delayed crypto payment application.<\/p>\n<p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f7655b blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"8f7655b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Tokenomics<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41bbf1d elementor-widget elementor-widget-image\" data-id=\"41bbf1d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"753\" height=\"397\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/content_SNX_Allocation_1.png\" class=\"attachment-large size-large wp-image-9563\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/content_SNX_Allocation_1.png 753w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/content_SNX_Allocation_1-300x158.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/content_SNX_Allocation_1-510x269.png 510w\" sizes=\"(max-width: 753px) 100vw, 753px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-001b29c blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"001b29c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>SNX is an inflationary token with an initial total supply of 100,000,000. It had an initial annual inflation of 75% APR starting from Mar 13, 2019 that decreases at a rate of 1.25% per week, with a final 2.5% APR annual inflation fixed on Sep 6, 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a4c576 blog-bullets elementor-widget elementor-widget-text-editor\" data-id=\"4a4c576\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>How Synthetix works<\/strong><\/p>\n<ul>\n<li>Synthetix operates by allowing users to stake their SNX tokens in a staking pool. These staked tokens serve as collateral for the issuance of synthetic assets (Synths). Synths track the value of real-world assets, providing users with exposure to these assets without the need to hold them directly. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. This allows users to trade synths seamlessly, without liquidity or slippage issues. The protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.<\/li>\n<\/ul>\n<p><strong>Total Supply and Distribution<\/strong><\/p>\n<ul>\n<li>SNX is -8.21% in the last 24 hours, with a circulating supply of 327.77M SNX coins and a maximum supply of 328.19M SNX coins. SNX ranks 56 by market cap. It has a 24H high of $3.95 recorded on Dec 17, 2023, and its 24H low so far is $3.43, recorded on Dec 17, 2023.<\/li>\n<\/ul>\n<p><strong>Use cases<\/strong><\/p>\n<ul>\n<li>SNX is used for staking rewards and decentralized governance through community voting. In addition to collateralizing synths, Synthetix also supports crypto derivatives markets like futures and options trading.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><strong>Where to Buy Synthetix<\/strong><\/p>\n<ul>\n<li>SNX tokens can be purchased at top exchanges, such as:<\/li>\n<li>Binance.<\/li>\n<li>OKEx.<\/li>\n<li>Coinbase Pro.<\/li>\n<li>Uniswap (V2)<\/li>\n<\/ul>\n<p><strong>How to Store Synthetix<\/strong><\/p>\n<ul>\n<li>Download and install the Ledger Live app in a couple of clicks on desktop and mobile. Coupled with a Ledger, it makes the most secured wallet for your Synthetix Network.<\/li>\n<\/ul>\n<p><strong>How do you store SNX on a ledger<\/strong><\/p>\n<ul>\n<li>You will need to create a Synthetix-Network Token account on Ledger Live, to connect your Ledger hardware wallet and to verify your identity. Once you buy your Synthetix-Network-Token using your payment card or a bank transfer, it will be automatically sent to your hardware wallet, and thus secured.<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3692aec elementor-widget elementor-widget-image\" data-id=\"3692aec\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"975\" height=\"396\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/SNX_All_graph_coinmarketcap.png\" class=\"attachment-large size-large wp-image-9564\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/SNX_All_graph_coinmarketcap.png 975w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/SNX_All_graph_coinmarketcap-300x122.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/SNX_All_graph_coinmarketcap-768x312.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2023\/12\/SNX_All_graph_coinmarketcap-510x207.png 510w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">$SNX price action since launch<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8cf5967 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"8cf5967\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Features and Functionality<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0015dbc blog-bullets elementor-widget elementor-widget-text-editor\" data-id=\"0015dbc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>It&#8217;s a blockchain based asset insurance protocol.<\/li>\n<li>Synthetix (SNX) is an Ethereum based project that allows users to create and exchange synthetic decentralised assets.<\/li>\n<li>The Synthetix ecosystem can even reward traders by supplying funds to other Synthetix ecosystem components.<\/li>\n<li>Easy to navigate user interface.\u00a0<\/li>\n<li>Stake to earn portion of exchange fees.\u00a0<\/li>\n<li>Trading on exchange does not require SNX.<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c636be2 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"c636be2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Risks and Challenges<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53919cf blog-bullets elementor-widget elementor-widget-text-editor\" data-id=\"53919cf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>Potential regulatory changes could affect future.<\/li>\n<li>High gas fees because it is built on Ethereum.<\/li>\n<li>The field of crypto projects is competitive and there are many new projects<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17caad3 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"17caad3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Conclusion<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1814fab blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"1814fab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Synthetix is at the forefront of the DeFi movement and offers synthetic assets to users across the entire world, providing access to specialized trading strategies as a result of this. When taking into consideration the size of traditional financial markets, it has the potential to truly create a massive tokenized market of digitized real world assets on the Ethereum Blockchain. <\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3335a93 blog-heading elementor-widget elementor-widget-text-editor\" data-id=\"3335a93\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>References<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b4cf85 blog-text-content elementor-widget elementor-widget-text-editor\" data-id=\"8b4cf85\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>https:\/\/coinmarketcap.com\/community\/articles\/657c7dda87279170ec207bbb\/<\/em><\/p>\n<p><em>https:\/\/www.coinbase.com\/price\/synthetix-network-token<\/em><\/p>\n<p><em>https:\/\/www.bybit.com\/en\/coin-price\/havven\/<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Synthetix is a protocol built on the Ethereum blockchain that allows for the creation of synthetic assets. These synthetic assets, called Synths, are ERC-20 smart contracts that track the performance of an underlying asset, without the need to own the actual asset.<\/p>\n","protected":false},"author":1,"featured_media":9559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synthetix ($SNX) - Real Crypto Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/realacademy.io\/index.php\/2023\/12\/20\/synthetix-snx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Synthetix ($SNX) - Real Crypto Academy\" \/>\n<meta property=\"og:description\" content=\"Synthetix is a protocol built on the Ethereum blockchain that allows for the creation of synthetic assets. 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