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Reasons to Buy Synthetix

• Synthetix is also known as a Decentralized Exchange (DEX).
• Users can stake their SNX tokens in return for the rewards.
• SNX is the native cryptocurrency of the Synthetix Network ecosystem.
• It has a market capitalization of more than $2 billion.
• It has a maximum supply of around 212 million SNX coins.

Synthetix Network was launched in 2017 with the name of Havven (HAV) but was branded a year later to Synthetix. It started with the aim of providing synthetic assets on the Ethereum blockchain. A Defi protocol by heart, Synthetic network allows users to access synths (synthetic assets) without the need of holding the particular asset. 

A common misconception that arises around this network is people confuse it with stable coins. In reality, these two are very different segments with their own use cases and features.

Things to consider before buying Synthetix

• The platform is designed to create synths (or liquidity pools) without the need for an underlying asset.
• The platform is free from centralized entities and works through smart contracts called oracles.
• Synthetix works on the concept of over-collateralization that depicts that each synthetic asset has more value than what it actually holds.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.