THE DERIVATIVES LIQUIDITY PROTOCOL ;(SNXUSDT Analysis)
Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets.
coinmarketcap data:
Market Cap: $2,399,790,445 - Market Cap / TVL Ratio: 0.9947
Fully Diluted Market Cap: $4,438,928,942 - Total Value Locked (TVL):$2,383,366,388
Volume24h: $177,713,537 - Volume / Market Cap: 0.07479
Circulating Supply: 114,841,533 SNX - Max Supply: 212,424,133
What Is 🌟 Synthetix (SNX) 🌟?
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
❇️Who Are the Founders of Synthetix?
The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.
Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.
❇️Conclusion
Synthetix has already delivered one of the most complex and useful protocols built on Ethereum to date. But the potential for censorship-resistant synthetic assets is still largely untapped. Further improvements to the mechanism as well as functional upgrades and new Synths will vastly increase the utility of the platform. Movement to a decentralised governance process will also reduce systemic risk and increase the long term viability of the project.
Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.
refrences: coinmarketcap - synthetix.io
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✅TECHNICAL ANALYSIS
As you can see in the weekly time frame chart for SNX/USDT, the price is trading at around $20.7 .
The Synthetix has been involved in a rising channel so far and the price of this currency has grew up more than 800 times until now ,
It has hit the middle more than 5 times and has not been able to break it upwards, but if it succeeds, it can grow to its ceiling, and I think after all this growth, it needs to be slightly modified now, finally up to EMA50 It can come down,in which case it is safer to enter and has a very attractive and potential option.
(Anyway, my constant suggestion to my dear community is to buy step by step (or in a few steps) , With proper capital and risk management and by setting stop-loss , To reduce their risk, Because this crazy market also depends on the odds and there is no certainty.)
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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades
👍plz hit that damn like button if you like it
coinmarketcap data:
Market Cap: $2,399,790,445 - Market Cap / TVL Ratio: 0.9947
Fully Diluted Market Cap: $4,438,928,942 - Total Value Locked (TVL):$2,383,366,388
Volume24h: $177,713,537 - Volume / Market Cap: 0.07479
Circulating Supply: 114,841,533 SNX - Max Supply: 212,424,133
What Is 🌟 Synthetix (SNX) 🌟?
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
❇️Who Are the Founders of Synthetix?
The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.
Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.
❇️Conclusion
Synthetix has already delivered one of the most complex and useful protocols built on Ethereum to date. But the potential for censorship-resistant synthetic assets is still largely untapped. Further improvements to the mechanism as well as functional upgrades and new Synths will vastly increase the utility of the platform. Movement to a decentralised governance process will also reduce systemic risk and increase the long term viability of the project.
Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.
refrences: coinmarketcap - synthetix.io
-------------------------------------------------------------------------------------------------------------------
✅TECHNICAL ANALYSIS
As you can see in the weekly time frame chart for SNX/USDT, the price is trading at around $20.7 .
The Synthetix has been involved in a rising channel so far and the price of this currency has grew up more than 800 times until now ,
It has hit the middle more than 5 times and has not been able to break it upwards, but if it succeeds, it can grow to its ceiling, and I think after all this growth, it needs to be slightly modified now, finally up to EMA50 It can come down,in which case it is safer to enter and has a very attractive and potential option.
(Anyway, my constant suggestion to my dear community is to buy step by step (or in a few steps) , With proper capital and risk management and by setting stop-loss , To reduce their risk, Because this crazy market also depends on the odds and there is no certainty.)
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades
👍plz hit that damn like button if you like it
