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About Synthetix
Synthetix is a derivatives liquidity protocol that lets users mint and trade synthetic assets tracking the price of currencies, commodities and cryptocurrencies. Positions are backed by collateral staked into the protocol rather than by a counterparty holding the underlying. SNX is the collateral and governance token.
How Synthetix Works
Stakers lock SNX as collateral and mint synthetic assets against it, taking on a share of the system's debt in return for fees generated by traders. Because every synth is priced by an oracle rather than an order book, trades execute against the pool with no counterparty needed. Stakers must keep their collateral ratio above the required threshold.
The History of Synthetix
The project launched in 2017 as Havven, a stablecoin system founded by Kain Warwick, and rebranded to Synthetix in 2018 as it broadened into synthetic assets generally. It later moved much of its activity onto Ethereum layer-two networks to cut costs, and now underpins several front-end trading platforms built on top of its liquidity.
What SNX Is Used For
SNX is staked as the collateral that backs synthetic assets, and stakers earn a share of protocol fees for taking on that role. It also carries governance rights over parameters such as collateral ratios, supported synths and fee levels.
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Why buy Synthetix with YouHodler? +
YouHodler combines advanced security and encryption with a simple way to buy and sell SNX, fast crypto transactions, support for multiple fiat currencies, and a platform that works for newcomers and experienced traders alike.
Is Synthetix a good investment? +
Synthetix supplies the liquidity layer behind a number of on-chain derivatives platforms, which gives SNX a clear functional role. Staking it means taking on a floating share of system debt, a mechanic that is more complex than simple holding and can work against stakers. SNX is volatile — understand the debt model before investing.
Can I buy Synthetix today and sell it tomorrow? +
Yes. YouHodler supports selling as well as buying, so you can acquire SNX and later exchange it for fiat currencies such as USD or EUR. Transactions settle quickly, major fiat currencies are supported, and withdrawals go out by bank transfer.
Is it safe to buy Synthetix? +
Buying SNX is generally safe on a reliable platform like YouHodler, which applies data encryption, identity verification and multi-layer account protection. The asset itself stays highly volatile, so prices can move sharply over short periods.
How do I convert Synthetix to cash? +
Connect a bank account, debit card or credit card to your YouHodler profile, exchange your SNX for a fiat currency such as USD or EUR, then withdraw the balance straight to your bank.
How much is $100 worth of Synthetix right now? +
That depends on the live SNX price, which moves constantly. Use the price chart on this page to see the current rate and work out exactly how much SNX $100 buys at this moment.
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