In this 2022 Crypto Review, we’ll discuss the following topics about Synthetix Network:
- What is Synthetix Network?
- What is Synthetix used for?
- How do you Trade on Synthetix?
- What Blockchain is SNX on?
- How many SNX coins are there?
- Is SNX coin a good Investment?
What is Synthetix Network?
If you haven’t heard of Synthetix (formally Havven). Don’t worry, you’re not the only one. Developed and released on the Ethereum Network in 2018, Synthetix is a decentralized derivatives platform that enables users to mint various assets or buy perpetuals using the Synthetix Protocol. Each synthetic asset (or Synth) is an Ethereum token that tracks and represents the price of a real-world asset. All Synths minted on the network are backed by a large liquidity pool of SNX tokens.
Shortly after Synthetix entered the market, it was on a steady course to becoming the largest derivatives protocol in crypto, with more value locked in the protocol than runners-up Keep3r Network or dYdX. Synthetix remains the most used and largest liquidity pool for derivatives in Blockchain. Continued success for Synthetix is due, in large part, to the way the network operates. As development into Layer 2 technologies continues, Synthetix has already begun to issue a handful of Synths on Optimism and encourages users to use this new technology.
Previously, Synthetix had operated the Synthetix Exchange to manage all the different trading opportunities of the protocol. With regulators cracking down on derivatives markets over the past couple of years, the options previously available to Synthetix users have changed, and with it, commodity and equity contracts have limited availability.