Discover SNX, how to buy it and more about synthetic assets
05 Feb, 2023
SNX is the token of Synthetix, a DeFi protocol. On this platform, it is possible to issue synthetic tokens that represent any kind of asset, crypto or not. To operate on the network, you need to b...
About Synths, SNX's price and how to buy it
What are Synths?
Created within the Synthetix network, Synths are synthetic assets that represent other assets. For example, if you want to trade gold on the Synthetix protocol, you must purchase SNX and then turn it into a synthetic asset that will have its price tied to the price of gold. Thus, all the variation in the price of gold will also occur in your synthetic asset. SNX tokens and Synths follow the ERC-20 standard based on the Ethereum network.
Havven or Synthetix: what is the difference?
Synthetix was created in 2017 by Kain Warwick. Launched as Havven (HAV), the asset was rebranded in 2018 to Synthetix (SNX). The reason behind it was to align the name of the token to the purposes of the protocol, namely: offering synthetic assets quickly and in a decentralized manner. It was just an asset name change, so HAV and SNX are actually the same token.
What is the price of Synthetix (SNX)?
As it is an ERC-20 standard token, SNX and all synthetic assets created from it work on the Ethereum network. Consequently, they also work in all applications that use the Ethereum network. As of June 2022, its price was 2.80 USD, with variations according to market movements.
How to buy SNX?
There are different ways to buy SNX. You can directly access the Synthetix protocol and purchase it there or use an exchange, such as Bitso. Just access our app or website and make an initial deposit of 5 USD to convert your reais into SNX! In addition to SNX, Bitso offers other cryptoassets you can add to your basket. Check it out!