March 6, 2023
Tron (TRX)
Tron is a proof of stake cryptocurrency that has been built on the Tron blockchain network.
Bright Ideas: Synthetix (SNX)
Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum.
Price:
$2.46
Mkt Cap:
$811,730,405
View Coin Page
Project Fundamentals
- The Synthetic assets (Synths) are collateralized by the Synthetix Network Token (SNX), enabling the issuance of these assets when the contract is locked in.
- Synthetix currently supports cryptocurrencies (long and short), commodities and fiat currencies.
- SNX holders are paid a pro-rata portion of the fees generated through activity on the Synthetix Exchange, therefore incentivizing them to stake their tokens.
Partnerships / Implementation
- Founded in 2018, Synthetix began its days as “Havven”. Havven’s vision was to build a synthetic US dollar (sUSD) to enable payments and transactions.
- Much of Synthetix’ recent success can be attributed to its innovative token incentive model. SNX holders’ stake SNX in return for fees from the Synthetix exchange
- Synthetix has had financial backing from prominent venture capital firms such as Coinbase Ventures, Paradigm and IOSG.
Roadmap and Announcements
- Planning to rollout Synthetix V3 which will include a full re-architecture of the Synthetix contracts, this will require each token holder to migrate from the old contract to the new one, allowing Synthetix to forgo backward compatibility and redesign everything from scratch.
- Synthetix is also looking to expand the range of crypto assets and commodities that it offers but first must overcome challenges such as dividends and market closures.
- June 2022: Synthetic surpass $1 million in daily fee volume, four times the amount of Bitcoin.
- 26th Aug 2022: Synthetix submit proposal that will cancel high yield returns for SNX stakers and cap the total Synthetix (SNX) supply at 300 million.
- Discussed here are the main features of Synthetix
Technical Analysis
More Bright Ideas
February 27, 2023
Polygon (MATIC)
Polygon was founded as a scaling solution for Ethereum and aims to be Ethereum’s internet of blockchains.
February 24, 2023
Fantom (FTM)
FTM powers the Fantom network, and is used for staking, on-chain governance, and as payment for network fees.
February 22, 2023
Polygon (MATIC)
Polygon was founded as a scaling solution for Ethereum and aims to be Ethereum’s internet of blockchains.
February 21, 2023
Cosmos (ATOM)
Cosmos is an interoperability platform operating as a “decentralised network of independent parallel blockchains"
February 20, 2023
Bitcoin (BTC)
Bitcoin is synonymous with cryptocurrency itself and has always been the largest by market capitalisation.
