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Synthetix Network Token price

(SNX / USD)

$9.40
-14.56%

Market stats

$1.1B

$234.0M

+3.32%

114.8M SNX

54% of total supply

23 days

51% buy
49% sell

#45

$28.77

-0.65%

-14.56%

-5.51%

About Synthetix Network Token

Synthetix Network Token (SNX) is an Ethereum token that powers Synthetix, a decentralised synthetic asset issuance protocol. Synthetic assets are minted when token holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. The protocol currently supports synthetic fiat currencies, cryptocurrencies, and commodities.

How it works

The platform allows users to create synthetic assets called Synths on the Ethereum blockchain. Synths, in the form of ERC-20 tokens, track the value of their underlying assets. The price data is fed acquired from Chainlink oracles (see the Chainlink entry in this guide).

To create new Synths, users provide collateral in the form of SNX — the platform’s native token. SNX holders are also incentivised to actively participate in maintaining the health of the system via staking.

Keep in mind

Synths can provide exposure to the underlying asset’s price, but investing in a Synth isn’t the same as owning the asset itself — for one, you don’t gain any of the voting rights that shareholders may receive.

Released: February 2018

Synthetix Network Token is on the decline this week.

The price of Synthetix Network Token has fallen by 5.51% in the past 7 days. The price declined by 14.56% in the last 24 hours. In just the past hour, the price shrunk by 0.65%. The current price is $9.4027 per SNX. Synthetix Network Token is 67.32% below the all time high of $28.77.The current circulating supply is 114,841,533.012 SNX.

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