Top Gainer April 26th – Synthetix
Synthetix is back on top of the crypto charts, claiming the title of highest gainer of the day. Today's Synthetix price is $6.35 USD, with a 24-hour trading volume of $226.82 million dollars. In the previous 24 hours, SNX has increased by 15%. It is presently trading at -11.46 percent of its all-time high of $7.18 USD and 19,61 percent of its all-time low of $5.31 USD. The circulating supply of SNX is 114,84 million coins, with a maximum supply of 212,42 million coins.
The Synthetix protocol is powered by the cryptocurrency SNX. The Synthetix protocol allows Ethereum users to trade synthetic assets. Synths are Ethereum-based tokens that provide exposure to assets such as gold, Bitcoin, US dollars, TESLA, and AAPL.
Synthetix Origin
Synthetix was founded by Kain Warwick as a system named Havven, which garnered around $30 million in 2018 by selling 60 million HAV tokens. On various blockchains, including Ethereum and EOS, Havven's purpose was to develop cryptocurrencies that replicated the performance of cash like the US dollar or the euro.
Havven changed its name to Synthetix at the end of 2018, broadening its ambitions to encompass the development of synthetic assets for cryptocurrencies and commodities. Synthetix raised $3.9 million from Framework Ventures in 2019 by selling SNX tokens.
Synthetix was administered by a non-profit foundation at first, but it was dissolved in June 2020 and replaced with three decentralized autonomous organizations, or DAOs. These DAOs are the tools by which SNX coin holders can now vote on protocol updates and make decisions regarding the system's future.
Why you might want to invest in Synthetix in 2022?
SNX is valuable since it is required for the Synthetix platform to develop new synths. Furthermore, when a user locks SNX, they become eligible for payments that are paid throughout the entire marketplace if any synth is traded. Fees are usually 0.3 percent of the total exchange value.
Assume $1,000 in sUSD was exchanged for sBTC in the scenario above. If the exchange charge is 0.3 percent, consumers who have SNX locked in the system will receive $3. These fees are disbursed on a weekly basis. Since the system's inception in 2018, $9.3 million in exchange fees had been paid out as of August 2020.
If you think synthetic assets and decentralized exchanges will become more popular in bitcoin, you might wish to use SNX. You also obtain additional benefits by purchasing and staking SNX, such as a share of network trading fees and the newly coined SNX.
Traders may find the site appealing due to the variety of synths accessible. If you feel that crypto asset traders will continue to use Synthetix as a tool, the SNX token is a good investment.
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