2023-12-14
Synthetix is a DeFi protocol that lets you trade synthetic assets of stocks, cryptocurrencies, forex, and commodities.
SNX tokens can be used
as collaterals. Synthetic assets will be minted when token
holders stake their SNX as collaterals. SNX currently has $829 million total
value locked increased from $357 million in October 2023
On Dec 11, 2023, Synthetix’s governance
passed SIP 2043 to end SNX token inflation.
Inflation was
introduced in 2019 to incentivize SNX token stakers.
From now on SNX will
become deflationary following the release of Andromeda. Half of the trading
fees generated from Andromeda will be used to purchase and burn SNX tokens. Stakers
will receive the other 50% of fees as rewards.
SNX ranks 54th largest
crypto by market cap. It has market cap of $1.282 billion and fully diluted
market cap of $1.398 billion. As of Dec 14, 2023 SNX tokens have total supply
of 328,193,104 SNX.
