Token highlights: Synthetix Network Token

SNX (Synthetix Network Token) as Blue Chip Ethereum based Token is 27th in the 2100NEWS ranking. The quality of the order book of SNX is Ordinary. The average quality of the order book for large caps members of the NWSL100 index is 17.3. What is the true value criterion in the crypto world?

*Among all, the price is always at the forefront. By comparing with the index, we can gauge the price-performance with similar digital assets that are members of the index. Considering an investor’s point of view, peer comparison should be efficient and effective. We present you tokens that are worth keeping in mind.

About token

SNX has been launched in 62 exchanges. Under the name Havven, they raised $30 million in early March 2018.

Synthetix Network Token as Blue Chip Ethereum based Token is 27th in 2100NEWS ranking (after Index Review of 23rd October 2020). It is an Index member: NWST1100, NWSL100, NWS30, NWSTo100, NWSET100, NWSDM100.

2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, Score: 18.2, (Average for Large caps: 17.3)

Over the past week, the average market cap was $421.4 million, average daily volume was $25.6 million.

In this section, we will examine how the market, with price changes, evaluates project progress. It seems important to us if the project is outside of the usual tide of crypto project prices. In order to make an appropriate peer comparison, we gauged the SNX (Synthetix Network Token) with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100).  On average (violet area chart), the relationship between SNX to NWSL100 has shown that it was stronger in the bullish market and weaker in the bearish, so it has a higher Beta. (Beta is a measure of the volatility—or systematic risk—of a digital asset compared to the market as a whole.)  Over the last three months, NWSL100 has outperformed SNX by 5.6%. However, if we compare the SNX green area graph with the orange index area graph while observing the correlation graph, the correlation graph gives us an explanation that the correlation is strong (Pearsons correlation coefficient = 0.80). However, for 90% of the time, it was moving in the same direction as the NWSL100. So, it has been a good representative of the NWSL100 index in terms of price changes.

*The chart below shows the SNX compared to NWSL100 at the top, the box in the middle of the chart shows the original SNX price, and at the bottom of the chart we see NWSL100 and the correlation between  SNX and NWSL100.

According to Etherscan, there are 24,824 token holders (at the time of this article’s writing).

2100NEWS observation:

In the first half of 2020, they were quite busy. In June they launched binary options, supporting over 25 different assets. They worked on several issues: solving front running with Fee Reclamation/Rebates; protecting SNX stakers from skews in the debt pool with iETH incentive program; a novel liquidation mechanism; the first phase of equity index Synths, and much more. In July 2020, SNX was listed on Binance and OKEx. In the second half of 2020, however, they are working on decentralization and security. Of course, they also put a lot into community relations. They have 41.5K followers on Twitter.

About Synthetix Network Token – what they do

Synthetix is a protocol for issuing and trading synthetic assets on Ethereum. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset. A wide variety of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle the system can support any asset with a clear price, and provides on-chain exposure to an unlimited range of real-world assets.

Synthetix is otherwise composed of a smart contract infrastructure and a set of incentives which maintains Synth prices. It is underpinned by the value of the Synthetix Network Token (SNX). SNX acts as collateral; staking a proportional value of SNX is required to mint Synths. Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity in the system. The value of SNX is thus directly connected with the usage of the network it collateralises.

This mechanism allows Synthetix to support instantaneous, near-frictionless conversion between different flavours of Synths without the liquidity and slippage issues experienced by other decentralised exchanges. The resulting network of tokens supports an extensive set of use cases including trading, loans, payments, remittance, eCommerce and many more.

General information

Synthetix was founded in 2017 by Kain Warwick under the name Havven, which was renamed Synthetix in November 2018. Synthetix is headquartered in Sydney, Australia.

Exchanges: 0x Protocol, 1inch Exchange, ATOMARS, Balancer, Bamboo Relay, Bibox, BigONE, Bilaxy, Binance, Binance.KR, BiONE, BitAsset, Bitfinex, Bitribe, Bitrue, BitZ, BW.com, CoinBene, CoinCasso, CoinEx, CoinFLEX, Coinone, Coinsbit, CoinTiger, dex.blue, DigiFinex, DODO, Emirex, Fatbtc, Folgory, Gemini, Giottus, Hanbitco, HBTC, HitBTC, Hoo, Hotbit, Huobi Global, Huobi Indonesia, Huobi Korea, IDCM, Indodax, KuCoin, Kyber Network, LBank, Liquid, Mooniswap, MXC.COM, OKEx, Poloniex, ProBit Exchange, Rekeningku.com, Sushiswap, Switcheo Network, Tokenomy, TOKOK, Uniswap, Uniswap (V2), VCC Exchange, WazirX, WhiteBIT, ZB.COM.

Website: https://www.synthetix.io/

You can follow them:      Discord    Github   Twitter

Do you know more about this topic or would you like to report an error in the text? Leave a comment or email us at info@2100news.com.

The Crypto Highlights are considered the opinion of 2100NEWS and the material is for informational purposes only and 2100NEWS is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell a security nor is it to be construed as investment advice. At the time of this article’s writing, the author did not hold any tokens SNX.