We are excited to announce that SNX is now available on Changelly! Starting today, users will be able to exchange this token with the 200+ cryptocurrencies available as well as purchase it on our platform at fixed and floating rates.
Synthetix is a decentralized trading ecosystem that is built on the Ethereum blockchain. It functions as an asset issuance protocol where users can create “synthetic” versions of stocks, crypto, and other financial instruments using smart contracts. In addition to that, the project also has a decentralized exchange (DEX). Users aren’t required to be SNX holders to trade on the exchange.
Synthetix Network Token (SNX) is an ERC-20-compatible token that can be staked to earn returns from network fees. Token owners can also earn staking rewards via the protocol’s inflationary monetary policy. Other than staking, the token is also used as collateral for the newly-minted synthetic assets – meaning that a certain amount of SNX gets locked up in a smart contract whenever a new synth is issued.
We’ve been looking forward to working with Synthetix, so this listing is a very welcome one. We always emphasize the importance of building ecosystems in the crypto space, creating platforms that have multiple purposes – and Synthetix is doing this splendidly.
Synthetix is a decentralised 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). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s.
SNX holders are incentivised 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. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived.
Learn more about Synthetix:
Changelly provides an ecosystem of products and services that enables customers to have a one-stop-shop experience when engaging with crypto. Operating since 2015, Changelly acts as an intermediary between crypto exchanges and users, offering access to 200+ cryptocurrencies that can be effortlessly swapped within 10 minutes on desktop and on-the-go via Changelly mobile app.
In 2020, Changelly branched out to accommodate the needs of traders. PRO has been built as a platform focused on the customer’s needs, effectively enabling retail buying and selling digital tokens and coins. Piggy-backing on the great support system found within Changelly, Changelly PRO will provide the community with high limits, effective pricing, fast execution, and 24/7 live support.
Learn more about Changelly:
Changelly Website: changelly.com
Changelly PRO website: pro.changelly.com