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2022-04-18 23:30:10
How to purchase Synthetix (SNX)

What is Synthetix
What Is Synthetix (SNX)?
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
Who Are the Founders of Synthetix?
The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.
Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.
Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu.
Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems.
Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.
What Makes Synthetix Unique?
Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset.
The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for third-party facilitators.
SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract.
Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.
How Many Synthetix (SNX) Coins Are There in Circulation?
The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021.
At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation.
How Is the Synthetix Network Secured?
The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees.
Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards.
Where Can You Buy Synthetix (SNX)?
SNX tokens can be purchased at top exchanges, such as:

Binance
OKEx
Coinbase Pro
Uniswap (V2)

If you are interested in learning more about how to buy Bitcoin, read CoinMarketCap’s full guide here.
How to buy SNX?
  • How to buy SNX on Neko Invest app
    For more information:
    How to download and use Neko Invest app
    • Step 1 :  Create/Login to your Neko Invest app account
    • Step 2 :  Go to Market page, click on the Search icon and search SNX in the search bar.
    • Step 3 :  Click on SNX logo and choose Invest.
    • Step 4 :  Entering the amount of SNX that you want to buy. Then click on the Get Quotes button.
    • Step 5 :  Swipe the Swipe to swap button and now you own SNX. You can check your SNX balance in your wallet by going to Wallet page.
Contract Addresses
Synthetix (Avalanche Contract Chain) : 0xBeC243C995409E6520D7C41E404da5dEba4b209B
Synthetix (Heco) : 0x777850281719d5a96c29812ab72f822e0e09f3da
Synthetix (Fantom) : 0x56ee926bD8c72B2d5fa1aF4d9E4Cbb515a1E3Adc
Synthetix (Polygon) : 0x50b728d8d964fd00c2d0aad81718b71311fef68a
Synthetix Network Token (Ethereum) : 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Synthetix Network Token (Binance Smart Chain) : 0x9ac983826058b8a9c7aa1c9171441191232e8404
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