We are excited to announce that Synthetix Network Token (SNX) is now listed on Switcheo Exchange. Switcheo users will be allowed to trade SNX against ETH.
We’re also hosting a trading competition to celebrate this listing! For more information, click the link below:
Trade SNX/ETH on Switcheo Exchange now!
Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivized to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network.
All Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralized application for interacting with the Synthetix contracts. Synths are currently backed by a 750% collateralization ratio, however, this may be raised or lowered in the future through community governance mechanisms. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.
Find out more about Synthetix here:
For more information on Switcheo: