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Decentralized Finance sector
The Synthetix network is an Ethereum-based protocol which is used for issuing synthetic assets. The concept of synthetic assets is similar to derivatives in legal finance. They are financial instruments represented by ERC-20 smart contracts known as "Synths", which track returns of other assets without requiring the user to hold that asset. Synths can be traded, on Kwenta, the Synthetix crypto decentralised exchange.
SNX, the Synthetix coin, is used to provide collateral against issued Synths. Users can stake tokens to receive staking rewards in SNX and exchange fees from Synth trade given in sUSD. If users want to receive both, they need to have a 600% collateralization ratio. This system ensures that Synths are always backed by a sufficient amount of collateral.
Users can trade Synths on Kwenta, a decentralized exchange, as well as across a variety of other DeFi protocols.
The fastest, most convenient way to purchase Synthetix is to purchase it on ICONOMI. We check Synthetix live prices on 10+ crypto exchanges and buy it at the best market price.
You can buy Synthetix by adding it to your private Crypto Strategy (crypto portfolio). You can also use our recurring buy feature that tends to level out cryptocurrency price volatility effects. You can find out more about how to benefit from smaller investments at regular intervals on our blog article.
We recommend you do your own research and cryptocurrency analysis. Experienced crypto traders use fundamental and technical analysis to evaluate if Synthetix is a good buy/sell. Fundamental and technical analyses are the two most common types of analysis used in trading traditional assets (e.g. stocks and bonds).
If you are unfamiliar with analyzing cryptocurrency prices and want to buy Synthetix, we recommend you read the next section, as copying might be a better approach.
If you are not skilled at these, consider a different approach to investing in cryptocurrencies. You can learn from and copy seasoned crypto traders on ICONOMI who regularly share their insights and manage their public Crypto Strategies. Go to the strategies page and use the “ticker” filter to find out which public Crypto Strategies have Synthetix in their structure.
Here you can read and comment on all posts made by Strategists about Synthetix SNX. See all Synthetix EUR price predictions in real time and make the best use of their crypto knowledge.
$SNX enables swaps of any size almost without any slippage, as well as creation of tokens that can track the value of any asset (stocks, ETFs, indexes, commodities, cryptocurrencies, etc). $SNX has generated $11M of revenue in the last 30 days and remains our current largest allocation. @LongTerm remains bullish in $SNX for the foreseeable future.
Our other main plays are $FXS and $CVX and goes without saying that we are maintaining $ETH position.