Should You Invest In Synthetix?

Synthetix is a derivative liquidity protocol that allows anyone to gain on-chain exposure to a range of both crypto and non-crypto assets. Based on the Ethereum blockchain, the protocol offers users access to highly liquid synthetic assets known as synths, which essentially provide returns on the underlying asset, although it is not held directly by the investor. SNX tokens are the native cryptocurrency used by the protocol and are also traded on various crypto exchanges. Synthetix was originally launched by Kain Warwick in 2017, operating under the name Havven, but was rebranded as Synthetix in 2018. At the ICO 100mn coins were issued, and 60mn tokens were sold, raising around $30mn. SNX tokens have a maximum supply of 212,424,133 coins, of which 114,841,533 were in circulation as of February 2021. The network is secured through proof-of-stake (PoS) consensus, and the SNX token is compatible with Ethereum’s ERC-20 standard. Track the SNX price chart, along with other digital currencies, here on eToro.