What is SNX?

_{Synthetix (SNX)What is it?}

Synthetix (SNX) is a decentralized finance (DeFi) platform.
built on the Ethereum blockchain, which allows users to create and trade synthetic assets called “synths.”
These synths are digital representations that reflect the value of assets in the real world.
Such as fiat currencies, commodities, stocks, and cryptocurrencies. With the use of Synthetix, traders can access different types of assets.
Without owning the underlying asset, which facilitates access to a wide range of investment opportunities within the DeFi ecosystem.

_{Founder/Date Founded:}

Synthetix was founded by Kain Warwick, who launched the platform in September 2017.
Under the original name Havven (HAV), before changing its name to Synthetix about a year later.
Warwick, who served as an advisory director at the retail chain blueshyft, was the founder of Pouncer.
which is an Australian live auction site and is involved in several cryptocurrency projects.

_{Objective/Use Case:}

Synthetix's main goal is to create a decentralized liquidity provisioning protocol.
that allows users to trade synthetic assets without relying on traditional market structures.
Using an integrated collateral model, Synthetix allows users to convert various synthetic assets.
Directly with smart contracts, which effectively eliminates the need for counterparties.
This helps address common issues that decentralized exchanges (DEXs) face, such as liquidity and slippage.

_{Total supply/Limit or Unlimited:}

Synthetix (SNX) has a peak supply of 328,193,104.09 SNX
With (SNX) circulating approximately 327,769,196.14 SNX as of 2022
During the first round of funding, Synthetix raised about $30 million from the sale of more than 60 million tokens.
In the ICO allocation, 100 million tokens were distributed, with 20% given to teams and consultants.
3% for prize money and marketing, 5% for collaboration incentives and 12% assigned to the Synthetix Foundation.

_{Supply Deflation:}

Synthetix (SNX) has gone through a major shift regarding its token supply
By moving from an inflationary model to a deflationary model, this change was incorporated into the implementation of proposal SIP-2043.
This is an important moment in the development of the protocol.

_Source:

blog.synthetix.io

bitstamp

synthetix.io

docs.synthetix.io

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