What is SNX crypto and why is it rising?

April 01, 2022 02:14 AM AEDT | By Raza Naqvi

What is SNX crypto and why is it rising? — Image source: © Yur4you | Megapixl.com

What is Synthetix?

It is a decentralized finance (DeFi) protocol and exposes different crypto and non-crypto assets. Synthetix is based on the Ethereum blockchain and allows users to access highly liquid synthetic assets.

The protocol was established to broaden the virtual currency space through non-blockchain assets and enable users to access a robust financial market.

Synthetix was launched as Havven in 2017 by Kain Warwick, and it got renamed in 2018. Notably, the platform allows users to trade autonomously.

The protocol allows people to track underlying assets via smart contract price delivery protocols. Meanwhile, the SNX is an ERC-20 token and is the native utility token of Synthetix.

Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte

The SNX token can be used as collateral for synthetic assets, and they can be locked up in a smart contract.

Bottom line

The SNX crypto had achieved an all-time high of US$ 28.77 per token on February 14, 2021. Meanwhile, its all-time low was US$ 0.03258 apiece on January 5, 2019.

The price surge could be due to a tweet by the protcol which mentioned that the DAO voting time is open and it will close on April 5.

The one-day volume of SNX crypto catapulted about 50 per cent to US$ 314.6 million, and its market cap was US$ 791.8 million.

The SNX crypto is available for buying and selling on cryptocurrency exchanges like Coinbase Pro, Binance, Uniswap (V2), and OKEx.

Also Read: What is Celo crypto and why is its price skyrocketing?

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