Crypto Spotlight: SNX
We’ve recently added SNX (Synthetix) - plus five other fantastic new cryptocurrencies - to the Wirex app. Want new crypto assets that imitate both crypto and traditional assets? Then look no further than SNX!
What is SNX?
SNX is a DeFi cryptocurrency that runs on the Ethereum blockchain. It allows users to mint new crypto assets that mimic the value of both crypto and traditional assets.
Who created SNX?
SNX was founded by Kain Warwick in 2018.
What does it do?
With SNX, users can generate new crypto assets that imitate the value of both crypto and traditional assets. SNX achieves this purely by code. Therefore, much like ZRX, a financial intermediary is not needed.
SNX assets are known as “synths” and are generated by a process called “collateralisation”. Users are required to purchase SNX in order to collateralise an asset. These are then locked into special contracts, which are used to generate the synths. Synths themselves mimic the value of other assets. For example, a synth with the same value as the US Dollar will be named a “sUSD”, and one with the same value as bitcoin (BTC) will be called a “sBTC”. Synths can be generated for any asset.
What make it unique?
SNX is unique in how it offers endless possibilities of generating new crypto assets that hold the same value as others.