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What is Synthetix?

What is Synthetix?



What is Synthetix (SNX)?

Crypto markets are often regarded as a ball game with special assets, shut from the real world. This would have been entirely true save for DeFi protocols that allow for derivatives trading on the blockchain. One of the top movers in this space is Synthetix. Synthetix allows users to create synthetic assets called “Synths” and trade them on Kwenta, their decentralized exchange. 

Synths are blockchain assets pegged to an underlying asset, ranging from cryptocurrencies to fiat and real-world commodities like Gold. Synths created on the platform are denoted by an “s”. sBTC, for example, is a synthetic asset pegged to BTC, and owning Seth provides exposure to long positions on ETH. Synthetix also allows users to enter short positions on several assets by providing inverse synths. An “i” denotes inverse synths, and buying iBTC, for example, means you're betting on BTC's price to fall to make a profit. 

SNX is the utility coin of Synthetix. Users can mint Synths with SNX or stake in the network's liquidity pool and earn weekly yields on their holding. It is important to note that synths are highly overcollateralized— some synths are backed with up to 600% collateralization ratio.

What is SNX price?

SNX’s price is constantly changing. Hence, following an accurate chart is essential to make sure your portfolio is protected. Thankfully, YouHodler aggregates numbers from the leading exchanges to provide the most accurate price and chart possible.  

Where to buy SNX?

The cheapest way to buy is by depositing your stablecoins like USDC and converting them to SNX. You can also buy directly with your credit card, debit card or bank wire deposits.

How to earn interest on SNX?

Earn passive returns on your SNX by depositing it to your YouHodler wallet. Create an account with YouHodler, buy and deposit SNX, and earn up to 7% APR with compounding interest. 

How to take a loan with SNX?

Take a loan in stablecoins by using your SNX as collateral. Our interest rate is ridiculously cheap and you can get up to 90% of your collateral.

How to trade SNX?

You can do more than just hodling. Multiply your SNX bag by using our Multi HODL strategy at YouHodler. 

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