|24h Volume||9.68MM USD|
|Market Cap||269.54MM USD|
|Current Circulating Supply||101,331,737 SNX|
|Current Total Supply||192,065,848 SNX|
|Max Supply||259,562,746 SNX|
Synthetix is a protocol for issuing and trading synthetic assets (Synths) on the Ethereum blockchain.
Each Synth is an ERC-20 token that tracks the price of an external asset. For example, each sUSD token tracks the price of the US dollar while sBTC tracks the price of BTC.
In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets.
Synths are collateralized with the Synthetix Network Token (SNX). The platform utilizes a pooled collateral model that enables users to perform conversions between Synths directly with the smart contract, avoiding counterparty risks as well as liquidity and slippage issues experienced by many decentralized exchanges (DEXs).
Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short), commodities, and equities.
Synthetix.Exchange is a trading dApp that leverages the Synthetix protocol and demonstrates its primary use-case: trading between synthetic assets.
Source: Synthetix Management Team.
Mintr allows SNX stakers to mint and burn Synths to manage their collateralization ratio, to claim staking rewards, to track any fluctuations in their debt, and to perform various other actions on the network.
Source: Synthetix Management Team.
The Synthetix dashboard is a public interface providing insight into various system metrics, including statistics relating to trading volume, staking, open interest in Synths, and more.
Synthetix is a protocol for issuing and trading synthetic assets on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX), which when locked in a staking contract, enables the issuance of synthetic assets (Synths).
Each synthetic asset (or Synth) is an ERC-20 token that tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar. A wide variety of Synths can be issued, including fiat currencies, cryptocurrencies, commodities, and inverse indexes.
In principle, the system can support any asset with a consensus price available via an external oracle, providing on-chain exposure to an unlimited range of real-world assets.
Synthetix is otherwise composed of a smart contract infrastructure and a set of incentives which maintains Synth prices. It is underpinned by the value of the Synthetix Network Token (SNX). SNX acts as collateral; staking a proportional value of SNX is required to mint Synths.
Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity in the system. The value of SNX is thus directly connected with the usage of the network activities.
This mechanism allows Synthetix to support instantaneous, near-frictionless conversion between different types of Synths without the liquidity and slippage issues experienced by other decentralized exchanges.
Features such as no orderbooks and zero slippage are possible because Synth trading profits/losses are split across the pooled debt SNX stakers incur when they mint Synths. SNX stakers act as a pooled counterparty to all Synth exchanges; stakers take on the risk of the overall debt in the system. They have the option of hedging this risk by taking positions external to the system. In return, SNX stakers earn a right to fees generated by the system.
|Pre-Sale Price||0.2700 USD / SNX|
|Pre-Sale Date||January - Feburary 2018|
|Pre-Sale Allocation||2,251,471 SNX|
|Pre-Sale Funds Raised||0.61MM USD|
|Private Sale Price||0.4700 USD / SNX|
|Private Sale Date||January - Feburary 2018|
|Private Sale Allocation||49,835,678 SNX|
|Private Sale Funds Raised||23.42MM USD|
|Public Sale Price||0.6700 USD / SNX|
|Public Sale Date||Feburary 2018|
|Public Sale Allocation||7,912,851 SNX|
|Public Sale Funds Raised||5.30MM USD|
SNX has a max supply of 259,562,746 tokens. As staking rewards in SNX will be released forever at a decreasing rate, the SNX token allocations will approach the following percentages asymptotically.
|Pre-Sale||0.87% of the total token supply|
|Private Sale||19.20% of the total token supply|
|Public Sale||3.05% of the total token supply|
|Team||18.49% of the total token supply|
|Advisors||0.77% of the total token supply|
|Foundation||4.62% of the total token supply|
|Partnership Incentives||1.93% of the total token supply|
|Bounties/Airdrop||1.16% of the total token supply|
|Staking||49.92% of the total token supply|
|Planned Date||Milestone||Actual Date||Timing||Comments|
|2018: Q1||HAV token release (now called SNX)||2018: Q1||On Time||Medium|
|2018: Q2||nUSD token release (now called sUSD)||2018: Q2||On Time||Whitepaper|
|2018: Q4||Multicurrency Nomins (now called Synths)||2018: Q4||On Time||Medium|
The Synthetix community growth strategy consists of fostering active participation in the decision making behind development of Synthetix products, encouraging community involvement and direct engagement through informative content using social media platforms such as Twitter and Discord.
Twitter (English) | 21.7K Followers
Discord (Main) | 10.0K Members
Discord (Exchange) | 217 Members
Reddit (English) | 1.5K Members
Facebook (English) | 2.5K likes
A more descriptive overview of the system is available in the Synthetix Litepaper, and the explainers on SNX staking rewards, Synthetix.Exchange, and Mintr.
There is also a community-run page full of helpful resources, and a snapshot of the current system status is always available live at dashboard.synthetix.io.