{"id":3188,"date":"2021-10-08T15:58:06","date_gmt":"2021-10-08T07:58:06","guid":{"rendered":"https:\/\/blog.btse.com\/?p=3188"},"modified":"2023-03-09T03:59:04","modified_gmt":"2023-03-09T03:59:04","slug":"btse-lists-snx-enabling-access-to-synthetic-assets","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/btse-lists-snx-enabling-access-to-synthetic-assets\/","title":{"rendered":"BTSE Lists SNX, Enabling Access to Synthetic Assets"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">SNX is the native token of Synthetix, a DeFi platform for the issuance of synthetic assets. SNX\u2019s recent rise in value reflects a growing interest in the protocol and DeFi space overall.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">BTSE has listed Synthetix Token (SNX), the native token of Synthetix, a liquidity protocol for asset exchange and\u00a0issuance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Synthetix platform, established in 2018, enables traders to create a variety of synthetic financial products such as cryptos, equities, FX, valuable metals, and more. To make asset issuance possible, the assets linked with each synthetic\/artificial asset follow the value of external assets. Cryptocurrencies, metals, fiat, and inverse indicators are among the current Synths on Synthetix.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>How Does Synthetix Work?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Synthetic assets created on the Synthetix network are known as \u201cSynths\u201d. Synths monitor the values of the assets depicted via autonomous oracles that are smart contract-based market pricing procedures. Users can hold and trade Synths as if they owned the underlying securities. With Synths, users gain access to certain assets that are typically beyond reach for the ordinary cryptocurrency trader &#8212; comparable to gold or silver &#8212; and are allowed to exchange them fast and effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since Synths are offered on the Ethereum blockchain, you can offer liquidity and collect interest on other decentralized exchanges like Uniswap and Curve. Synthetix and its derivatives play a critical role in the development of established markets by enabling price movements and contributing to the mitigation of volatility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SNX token, at $10.29 on October 7, 2021, has a market cap of more than $1.8 billion and 0.08% market cap dominance, according to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/synthetix-network-token\"><span style=\"font-weight: 400;\">CoinGecko<\/span><\/a><span style=\"font-weight: 400;\">. Its circulating supply is around 175 million tokens out of a max supply of over 235 million.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>SNX Listing and BTSE Users<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">SNX serves as a security for the Synthetix network\u2019s stablecoin sUSD, or synthetic US dollars. The supply of sUSD has grown steadily in response to rising demand &#8212; in part, due to its native use case within the Synthetix ecosystem. With the rising value of SNX over the past year, so has investors\u2019 ability to issue additional sUSD, with over 183 million sUSD in circulation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The listing introduces SNX and Synthetix to a new user base on BTSE, while giving users access to the Synthetix network by buying and utilizing SNX to participate in sUSD minting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The notable growth of DeFi has reflected the strong interest of traders and investors in both digital and traditional finance. In listing SNX, BTSE is committed to expanding the range of quality tokens available to its users while supporting DeFi\u2019s development as innovative projects continue to emerge with creative solutions.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div>\n<hr \/>\n<\/div>\n<p><em>Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at\u00a0feedback@btse.com or on Twitter @BTSE_Official.<\/em><\/p>\n<p><em>Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SNX is the native token of Synthetix, a DeFi platform for the issuance of synthetic assets. SNX\u2019s recent rise in value reflects a growing interest in the protocol and DeFi space overall. BTSE has listed Synthetix Token (SNX), the native token of Synthetix, a liquidity protocol for asset exchange and\u00a0issuance. The Synthetix platform, established in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6329,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BTSE Lists SNX, Enabling Access to Synthetic Assets &#8212; BTSE Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/btse-lists-snx-enabling-access-to-synthetic-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTSE Lists SNX, Enabling Access to Synthetic Assets\" \/>\n<meta property=\"og:description\" content=\"SNX is the native token of Synthetix, a DeFi platform for the issuance of synthetic assets. SNX\u2019s recent rise in value reflects a growing interest in the protocol and DeFi space overall. BTSE has listed Synthetix Token (SNX), the native token of Synthetix, a liquidity protocol for asset exchange and\u00a0issuance. 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