havven Synthetix Network Token (SNX)

$19.980
15.88% (24H)
Watch
Market CapVolumeAvailable Supply
$2.87 B $496.00 M143.71 M SNX

Synthetix Network Token current price is $19.980 with a marketcap of $2.87 B. Its price is 15.88% up in last 24 hours. Here you can find live Synthetix Network Token price chart and Synthetix Network Token current market capitalization. Based on Synthetix Network Token price change 15.88% up in last 24 hours you can analyze weather it is time to buy or sell Synthetix Network Token. Before making such decision it is always good to compare to other coins listed on our website. You can always download chart direct from our page (as png, jpg,svg,pdf) or as data (xls,csv,json) . You will find many options on our site. And what is best all that extra data comes free of charge.

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

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10 Synthetix Network Token (SNX)
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