Buy Synthetix ($SNX) on Firstrade
What is Synthetix? ($SNX)
Synthetix is a protocol which enables the trade of non-digital synthetic commodities, cryptocurrencies, fiat currencies and other synthetically derived stores of value, on a fully decentralized network. The Synthetix protocol is developed upon the Ethereum blockchain, and is therefore powered by the network design.
Synthetic was developed in July of 2021 by Australian investor and cryptocurrency entrepreneur Kain Warwick. The backend purpose of the DeFi protocols running along the Synthetix network, is to provide liquidity for derivatives trading in the decentralized finance space. The token associated with the Synthetix ecosystem is known by its ticker $SNX.
About Synthetix cryptocurrency token $SNX
The native token $SNX is used as the digital coin involved in trading assets introduced and represented on the Synthetix network. $SNX gives its network users a medium of exchange when engaging in the trade of assets like gold, silver, USD, and other real examples represented on the network, in order to have a constant rate of exchange between synthetic and other instruments that would otherwise not be directly correlated.
The unique process involved when users introduce items to the Synthetix network is an actual minting process which uses the traded instruments to substantiate the value reflected in the Synthetix network ecosystem. $SNX is involved throughout the entire process. Registered customers are able to buy Synthetix ($SNX) and many other available cryptocurrencies on Firstrade cryptocurrency trading platform.
More about Synthetix ($SNX)
Synthetic also implements community governance through its network model, and introduces incentives to users who choose to take part in liquidity provision opportunities. Synthetic has a mission to decentralize commodity and other real-world assets trading through the blockchain environment.
Synthetix, $SXN is consistently in the range of top 100-110 cryptocurrencies by market capitalization. Firstrade allows customers to buy and sell cryptocurrency including Synthetix.
Learn more about Synthetix ($SNX) and check the most current cryptocurrency prices on Firstrade.