Synthetix is a decentralized perpetual futures protocol that enables the trading of synthetic assets on multiple blockchain platforms.

What are the technical characteristics of Synthetix?

Synthetix is an open-source protocol that allows trading of synthetic assets and employs a model where trading fees fund ongoing SNX buybacks.

What are the risks associated with transferring Synthetix (SNX)?

Users should verify contract addresses and networks, handle private keys, and be aware of the volatility of digital asset prices.

How can I verify the acquisition of Synthetix (SNX)?

Verify the asset name, network, and contract details before transferring SNX to ensure safe acquisition.

Where can I find official resources for Synthetix?

Official resources for Synthetix can be found on their website and documentation pages.

Synthetix (SNX)

Rank #256

Market snapshot

Price: $0.230791
Market cap: $79.5M
24h volume: $13.2M
Circulating supply: 344,516,234.4573
Total supply: 581,404,223.5557
Max supply: 339,889,850.089

What is Synthetix?

Synthetix is a decentralized protocol designed for trading synthetic assets, which are blockchain-based representations of real-world assets. It operates primarily on the Ethereum blockchain and facilitates the creation and trading of derivatives, allowing users to gain exposure to various assets without holding the underlying assets directly.

Key information

Symbol: SNX
CMC rank: #256
Network / platforms: Avalanche C-Chain, BNB Chain, Ethereum, Fantom
Categories: N/A
Date added: Mar 14, 2018

Contract address

Contract addresses are stored from CoinMarketCap metadata and are shown as recorded. CoinLoom does not independently certify them as official.

Avalanche C-Chain
0xBeC243C995409E6520D7C41E404da5dEba4b209B
BNB Chain
0x9ac983826058b8a9c7aa1c9171441191232e8404
Ethereum
0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f

Key characteristics

Synthetix is an open-source protocol that allows users to trade synthetic assets on a decentralized platform. It employs a unique model where trading fees fund ongoing buybacks of SNX tokens, linking the token's value to the growth of the protocol. Additionally, holders of SNX tokens govern the protocol through on-chain voting, enabling community-driven decision-making.

Documented uses

SNX is the native utility and governance asset of the Synthetix ecosystem, allowing holders to participate in governance and benefit from the protocol's growth through trading fees.

Official resources

Risks

Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.

Transfer and custody notes

Verify the asset name, network, and any supplied contract details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.

FAQ

What is Synthetix?: Synthetix is a decentralized perpetual futures protocol that enables the trading of synthetic assets on multiple blockchain platforms.
What are the technical characteristics of Synthetix?: Synthetix is an open-source protocol that allows trading of synthetic assets and employs a model where trading fees fund ongoing SNX buybacks.
What are the risks associated with transferring Synthetix (SNX)?: Users should verify contract addresses and networks, handle private keys, and be aware of the volatility of digital asset prices.
How can I verify the acquisition of Synthetix (SNX)?: Verify the asset name, network, and contract details before transferring SNX to ensure safe acquisition.
Where can I find official resources for Synthetix?: Official resources for Synthetix can be found on their website and documentation pages.

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