Synthetix Price (SNX)

Kwenta is a decentralized exchange (DEX) built for the Synthetix ecosystem. It allows you to trade contracts called Synths, which represent the value of synthetic assets. These can be traded on the Kwenta DEX as well as other DeFi platforms.

SNX tokens are mainly used as collateral to mint new synthetic assets. Users lock up their SNX to create these assets, and the price of SNX moves with the dynamics of the broader Synthetix ecosystem.

Synthetix was founded in 2017 by Kain Warwick, an Australian tech entrepreneur.

SNX has a max supply of 308 million tokens, with about 259 million currently in circulation.

Synthetix stands out with its DEX, Kwenta, where you can trade Synths like ETH or sUSD. You can even create your own Synths by staking SNX tokens through the Minta DApp. These Synths are backed by a 600% collateralization ratio, which is decided via a governance vote by SNX holders. Plus, Synthetix is a DAO, giving the community a say in decisions. Another cool feature is its synthetic assets. Users can trade things like commodities, fiat currencies, and stocks, all within the DeFi space.

You can buy SNX directly on EXMON with a debit or credit card. It’s also available for trading against other cryptocurrencies on the platform. Live SNX prices are updated in real time, so you can always stay on top of the market. For more details, check out the full guide on how to buy Synthetix (SNX).