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What is SUSD coin and how does it work?

by Financial Economy

SUSD is a synthetic USD token activated by the Synthetix protocol. Tracking the price of the US dollar through price streams provided by Chainlink’s decentralized oracle network, sUSD qualifies as one of the most important parts of the DeFi ecosystem. Detailed information about what is SUSD coin, how does it work, how much it costs, how to buy, etc. is in the continuation of the content. You can browse here for information about HIVE coin.

What is SUSD coin and how does it work?

sUSD (SUSD) is the token that tracks the price of 1 USD. Behind SUSD is the Synthetix protocol and the platform is home to many cryptocurrencies such as sUSD. Synthetix, on the other hand, is defined as a derivatives liquidity protocol. Synthetix is ​​a decentralized synthetic asset extraction protocol built on Ethereum.

These synthetic assets are collateralized with the Synthetix Network Token (SNX), which enables synthetic assets (Synths) to be released when locked in the contract. SUSD attracts attention and gains trust, especially because of the platform behind it. In addition, the fact that the sUSD coin is dollar-fixed is a different point that attracts the attention of investors.

In the Synthetix protocol, sUSD acts as a “debt liability”. When users print sUSD, they get a share of the total debt pool of all synthetic assets minted. Therefore, the demand to print and issue more sUSD is driven by the demand for printing and owning synthetic assets on the Synthetix platform.

How to buy SUSD coin? How much is the SUSD price?

SUSD coin can be purchased from crypto exchanges where it is listed. But care must be taken to ensure that the stock market is “reliable”. As of today, September 12, 2021, the price of 1 SUSD coin is around 1 dollar. The circulating supply and total supply of SUSD coins is 255,729,133.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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