Synthetix (SNX) is a protocol based on the Ethereum blockchain that issues “synthetic assets.” Synthetic assets are financial tools in the form of ERC-20 smart contracts. These smart contracts track and provide the returns of other assets without anyone requiring them to hold that particular asset. The benefit of this is that users can take advantage of non-blockchain-based asset exposure on the crypto ecosystem, eventually creating a more diverse and mature financial market. SNX is the protocol’s native token that’s used to provide collateral against all synthetic assets issued.
The SNX price on YouHodler is aggregated from several different cryptocurrency exchanges in an attempt to provide the most accurate price possible. YouHodler combines the SNX price rates from Binance, Kraken, Huobi, OKEx, and others.
To monitor SNX prices efficiently, we recommend downloading our app for iOS and Android compatible smartphones. This allows you to follow the latest SNX price anytime, anywhere. Forever.
The SNX price constantly changes, however, our interest rates are stable as ever. Since 2021, our SNX savings account has featured 6% APR + compounding interest. That’s stability the YouHodler way.
There are many useful scenarios for a crypto-backed loan. Use it to hedge your portfolio in the event of a SNX price drop or simply use the growing value of your SNX price as collateral for instant cash. HODL SNX and see the profits.
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