SNX price got a boost after the project geared up for participation in the L2 Curve Wars and Optimism airdrop hunters engaged with the protocol.
Synthetix Price Index
Synthetix is an Ethereum-based decentralized finance (DeFi) protocol essentially providing a market of digital currencies that track the price of all kinds of assets, such as commodities. Synthetix Network Token (SNX), the project’s asset, plays a key role in the ecosystem. Prior to rebranding, Synthetix was formerly a stablecoin project called Havven.
How it all works
Synthetix has several main components. The Synthetix protocol itself is composed of a pool of Synthetix tokens, also known as SNX. Holders stake their SNX in the pool as collateral and receive Synths in return. These Synths are tokens that track the price of different assets using oracles — entities that relay outside information to blockchains in a way that they can process.
If staking SNX for sBTC, for example, a user sends SNX to the pool and receives sBTC tokens in return, depending on how much SNX they stake. Stakers must overcollateralize — meaning they must stake more value in SNX than the value of the Synth tokens they receive back.
With help from the community, Synthetix constructed a marketplace using the Synthetix protocol, on which entities can swap Synths. Called Kwenta, the platform works similarly to an automated market maker (AMM) platform — a type of decentralized exchange (DEX) on which participants buy from and sell assets to liquidity pools, which are on-chain smart contracts that hold pools of certain assets.
Kwenta aims to facilitate trading for a bevvy of different tokens that track the prices of other assets, such as commodities and equities, although it appears as though such projects are coming in the future.
Synthetix crypto market data
The Synthetix Network Token’s price shows volatility similar to many of the crypto market’s other digital assets. Synthetix’s price today via the project’s Synthetix token can be seen at the top of the page as a live SNX-to-USD price. The SNX chart above also shows a price history for the Synthetix Network Token.
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