What is Synthetix Network Token (SNX) ?

If you are interested in DeFi projects, the name of the SNX coin should ring a bell with you. It hit the market just a couple of years ago but has already attracted a massive following. It produces the impression of a sustainable token with a big potential and crypto experts rate it consistently high. In this article, we will analyze the peculiarities and advantages of this token and explain how you can obtain it.

SNX crypto

This synthetic asset was launched as Havven in 2017 and then underwent a rebranding. It was built on the Ethereum ERC20 standard and is used as collateral. If you want to obtain some other coin, you deposit the SNX token, applying the collateralization coefficient. For instance, if you need 200 USDT, you should deposit 200 x 750% = 15,000 SNX. The transaction will be rapid and frictionless.

Later on, you will be able to get your SNX back. This is a very useful tool for experienced traders. Once they see that the price of a certain coin begins to fluctuate, they get the necessary amount of it and use it for trading. Then, they get their profit and their collateral back.

This Synthetix network token (NYSE SNX) employs a smart contract infrastructure. The features in-built tools that mildly control the price of the token.

SNX mining has never been possible. But you can stake this token and make a profit thanks to an optimal collateralization coefficient.

SNX coin

Havven

Synthetix Network (formerly known as Havven) was launched in 2017 by blockchain enthusiast Kane Waricome by JPMorgan Chase employee Justin Moses

Synthetic assets

For reference, synthetic assets are collateralized tokens, the price of which fluctuates depending on the index

Airdrop SNX

In January, the Synthetix Network team launched an airdrop of tokens - each new subscriber on social networks will receive 200 coins.

dHedge

At the end of 2020, Synthetix Network developers will launch a blockchain asset management platform called dHedge

TOP-50

This DeFi project is in the TOP-50 assets with a capitalization of almost $ 550 million, according to the Coinmarketcap tracker

Community

The project has a working product, its own large community and, most importantly, a reputation in DeFi

SNX coin price, reviews

At the moment of this review being written, the SNX coin price reached its all-time high and equaled $28.77. Its all-time low was $0.03242 in January 2019. Those who managed to buy and resell this coin at the most opportune moment could make a 5438% ROI. The token is traded in around 150 market pairs.

The circulating supply of the token was 114 841 533 SNX, the total supply was 215 258 834 SNX and the maximum supply was 212 424 133 SNX. Its marketcap reached $2,891,229,745. According to the SNX Coinmarketcap data, the market dominance of this token was 0,19% and its market rank was #29, which is impressive.

At the same time, Bitcoin is hitting its all-time high. Many altcoins follow suit. Probably, the SNX price will go down once the market cools down.

Another factor that should be taken into consideration is the growing popularity of DeFi tokens. There has been a lot of hype around them in the recent couple of years, which also contributed to price growth.

buy SNX

How to buy SNX crypto token

Among all the exchanges that sell this coin, you might want to choose P2B. This centralized trading platform was licensed in the EU, which means it is exceptionally safe and trustworthy. It stores 96% of its tokens on cold wallets so that third parties can not get hold of them.

At P2B, the SNX stock will always be sufficient and the prices are competitive. To purchase the coin, you should sign up for the system, log in to your account, open the list of tokens and select the necessary one. If you prefer to buy it with Bitcoin, you will need to send BTC to the crypto wallet of the exchange. Otherwise, you can opt for USD and purchase the token using fiat money from your bank card.

In your user profile, you can generate a unique invitation link and share it with your friends. The platform allows clients to get passive income for spreading the word about it.

SNX crypto token

Investing in SNX?

So far, SNX investor relations have been rather successful. But critics are not sure about the perspectives of this project once the DeFi boom ends. Of course, not all tokens will be able to survive. But SNX seems to have good potential. It has backed up by advanced technology, has accumulated a considerable user base and can boast of a highly professional and dedicated team. This is why the SNX analyst rating has been consistently high.

The advantages of this project confidently outweigh its shortcomings:

It is genuinely decentralized and enables its members to actively participate in its governance.
It facilitates your access to other tokens.
Its transaction fees are affordable.
It efficiently collaborates with other DeFi ventures, such as Dhedhe or Curve.
It is compatible with numerous wallets that support ERC-20 tokens.

This is why investing in this coin seems to be a smart idea. In the future, you will be likely to make a good profit on it.

Investing in SNX

Conclusion

Hopefully, the review came in handy. Now, you should know how to buy SNX and why you should do it. Its price might remain rather high as long as the DeFi boom goes on. However, during the boom people's interest in the token will be steadily high and there will be more opportunity to make lucrative deals with it. Feel free to register at P2B to acquire SNX and trade it. Also, do not forget to make the most of the referral program! This can turn into a reliable source of passive income.