Synthetix (SNX) Tops 24-Hour Trading Volume of $144.78 Million

Synthetix (SNX) traded up 3.3% against the dollar during the 24-hour period ending at 10:00 AM Eastern on September 30th. Synthetix has a market capitalization of $382.25 million and approximately $144.78 million worth of Synthetix was traded on exchanges in the last day. Over the last week, Synthetix has traded up 57.8% against the dollar. One Synthetix coin can now be purchased for approximately $1.13 or 0.00000994 BTC on major exchanges.

Here is how other cryptocurrencies have performed over the last day:

• 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 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded 2.2% lower against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded 0% lower against the dollar and now trades at $113,172.79 or 0.99931557 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded 1.3% higher against the dollar and now trades at $112,471.03 or 0.99311904 BTC.
• Lumi Credits (LUMI) traded up 8.9% against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• P2P Solutions foundation (P2PS) traded 0.6% lower against the dollar and now trades at $376.48 or 0.00332431 BTC.

About Synthetix

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. Synthetix’s official website is www.synthetix.io. Synthetix’s official message board is research.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.”

Synthetix Coin Trading

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

SNX/USD price chart by TradingView