Synthetix Overview
Synthetix Network Token (SNX) powers Synthetix, a decentralized protocol for issuing synthetic assets on Ethereum. Stakers collateralize SNX to mint synths—tokens tracking real-world assets like currencies, commodities, and cryptocurrencies. With DeFi adoption rising, SNX’s utility positions it for potential long-term growth.
Current SNX Metrics (2024)
- Price: $3.57
- 24H Volume: $31M
- Market Cap: $1B (#63 on CoinMarketCap)
- Circulating Supply: 304.3M SNX
SNX Technical Analysis
- 12M Performance: +61.87%
- 30D Trend: -9.85%
- MACD: Low momentum
- RSI: 46.08 (neutral)
SNX Price Predictions (2024-2033)
Cryptopolitan Forecast
| Year | Min Price | Avg Price | Max Price |
|------|----------|----------|----------|
| 2024 | $5.40 | $5.59 | $6.28 |
| 2025 | $7.76 | $8.04 | $9.47 |
| 2027 | $16.35 | $16.81 | $19.20 |
| 2030 | $48.76 | $50.57 | $61.11 |
| 2033 | $145.07 | $149.22 | $172.83 |
Key Drivers:
- DeFi expansion
- Synthetix upgrades (e.g., Andromeda’s token burn)
- Ethereum ecosystem growth
Recent Developments: Andromeda Upgrade
Synthetix’s Andromeda update introduced:
- Deflationary Mechanism: 40% of Perps V3 fees buy back/burn SNX.
- Multi-Chain Fees: 20% to integrators, 40% to USDC LPs.
- Base Chain Support: USDC collateral added.
This upgrade aims to reduce supply and increase SNX’s value long-term.
Historical Performance
- ATH: $28.77 (Feb 2021)
- 2023 Low: $1.50
- Current Recovery: ~$3.50 (2024)
FAQs
1. Is SNX a good investment?
SNX shows promise due to Synthetix’s unique DeFi role, but volatility is high. Diversify and research thoroughly.
2. How does Synthetix burn SNX?
40% of Perps V3 fees repurchase SNX from the market, destroying tokens to reduce supply.
3. What’s the staking APY for SNX?
Varies by network activity. Stake via Mintr to earn fees/inflation rewards.
Conclusion
Synthetix blends innovation with DeFi utility, but invest cautiously. Monitor upgrades, adoption, and broader crypto trends.
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