Since April last year, DeFi token SNX has risen nearly 5000%

Mars Finance APP (WeChat: hxcj24h) first-line reports , cryptocurrency analyst and investor Alex Sanders (alexsaunders) recently tweeted that since April 2019, DeFi token SNX has risen by nearly 5000%. In contrast, Bitcoin has risen less than 100% over the same period.


SNX is a Synthetix native token, which is both an Ethereum-based synthetic asset issuance agreement and a trading platform for synthetic assets. Specifically, Synthetix allows users to mortgage SNX to generate cryptocurrencies, gold, stocks and other assets, and users can obtain long and short risk related assets by synthesizing assets on the platform.

In Synthetix transactions, users do not have to worry about liquidity and slippage issues, because the transaction model is decentralized and no counterparties exist; transactions are executed through smart contracts, and exchange rates come from oracles.

In addition, users can achieve arbitrage through Synthetix. “For example, SNX mortgagors generate synthetic assets sUDS by collateralizing SNX, and USD is linked to sUDS. When they sell synthetic assets and the asset price is less than 1USD, they are repurchased and used to destroy and reduce debt, thereby arbitrage.”

Overall, Synthetix provides users with access to the DeFi market and provides multiple types of synthetic assets. Through this platform, users can not only obtain the risk return of stocks, but also trade a basket of crypto assets.

Public information shows that Synthetix was founded by Kain Warwick, and the project raised nearly $30 million through an ICO in the first half of 2018. In October last year, crypto analyst Larry Cermak revealed that the Silicon Valley venture capital firm a16z Ethereum wallet transaction records showed that the institution purchased Synthetix tokens worth $235,000.

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