Synthetix Network Token
Synthetix Network Token is an Australian company founded in 2016. The project focuses on developing stablecoins. Synthetix Network Token is a protocol for issuing synthetic assets and runs on the Ethereum blockchain. The project developed the idea of stablecoins by adding the ability to create a digital copy of any asset, such as fiat currency or precious metals, for example. The value of the synthetic asset is tied to the real asset's value. Synthetix has launched its own marketplace.
The project's primary focus is to promote cryptocurrencies and simplify the process of investing in physical assets. By buying a token, a trader makes a profit on real assets, such as precious metals or fiat currencies.
This project has released two digital assets:
- Synths is a digital asset tied to fiat money and precious metals.
- The Synthetix Network Token is a digital asset that provides liquidity in the system.
In July 2020, Binance listed the Synthetix Network Token.
Opportunities for traders
The Synthetix Network Token ranks #40 by market capitalisation on Coinmarketcap. In August 2020, the Synthetix Network Token's price went up 157.7%. Its average intraday volatility is 12.3%.
How to buy and sell SNXUSD
You can buy and sell SNXUSD on specialised cryptocurrency exchanges. To trade it, it's better to use a broker and trading platforms. Such platforms include MetaTrader 4 or Libertex, where trades are easier to make, leverage can be used, and you can even earn if the cryptocurrency's value goes down.