Synthetix Network Token is a cryptocurrency based on the Ethereum blockchain network ERC-20. With Synthetix Network Token (SNX), users interact with their cryptocurrency assets, currencies, stocks, precious metals and other assets on the ERC-20 blockchain network. Information about Synthetix Network Token (SNX) is in rest of the article. You can browse here for information about Basic Attention Token (BAT).
Information about Synthetix Network Token (SNX)!
The Synthetix Network Token (SNX) project was first launched by Kain Warwick as a stable cryptocurrency called Havven. In December 2019, it took its place in the market under the name Synthetix Network Token (SNX). With 180 million worth of Synthetix Network Token (SNX), it became one of the biggest DeFi projects.
In the Synthetix Network Token system, there is a synthetic version of the stocks, precious metals, national currencies and other assets traded in the real world, the equivalent of “Synths”. Thanks to the Synthetix Network Token (SNX) system, assets traded in this real world can be traded at virtually the same prices.
How does the Synthetix Network Token system work?
Synthetix Network Token (SNX) is a DeFi project. It is aimed to adapt traditional financial systems to today’s technology and not to be managed from a center. The most important instruments of the traditional finance world consist of stocks, national currencies, precious metals and precious metals. When you want to trade with these instruments, you can somehow do it through an institution affiliated with the central structure.
Synthetix Network Token (SNX) steps in here and enables trading with cryptocurrency assets as a synthetic asset, in their own words, as “Synths”, over the real values of the instruments of the traditional financial world. It carries out all these operations over the ERC-20 network with blockchain technology.
How to mine Synthetix Network Token?
Synthetix Network Token (SNX) mining is performed by Staking method over your SNX asset, without the need for a special device. With the staking method, mining is done by keeping a certain cryptocurrency balance in the wallet without spending and transferring. You will win awards at regular intervals by the system in proportion to the amount you keep in your wallet.
In the Synthetix Network Token (SNX) system, you also keep some SNX balance as collateral. You will earn a reward on the amount you have deposited this deposit.
Information about decentralized finance: https://en.wikipedia.org/wiki/Decentralized_finance