Synthetix

Decentralized finance (DeFi) protocol Synthetix (SNX) is working toward launching its application blockchain, dubbed SNAXChain, according to a blog post published on September 4, 2024. Synthetix SNAXChain To Launch On Optimism’s Superchain Infrastructure Ethereum-based derivatives liquidity protocol Synthetix is set to unveil SNAXChain, an application blockchain built on Optimism’s Superchain infrastructure.  For the uninitiated, Ethereum layer-2 (L2) scaling network Optimism’s Superchain is essentially a network of L2 chains, known as OP chains. These chains share security features a communication layer,…

Synthetix founder Kain Warwick donated $86,000 in Illuvium tokens to former CFO SynthaMan after the latter lost his SNX holdings due to liquidation caused by market volatility and high-risk decisions.  Kain’s Support Amidst Financial Turmoil Kain Warwick, the founder of Synthetix, has made a significant financial gesture by donating $86,000 worth of Illuvium (ILV) tokens to former Synthetix Treasurer and CFO SynthaMan. The donation was made shortly after Kain unlocked approximately $6.5 million from an Illuvium vesting contract, transferring 2,000…

Kain Warwick transitioned from punk rock to founding Synthetix, a leading DeFi platform. Infinex aims to make DeFi more accessible by reducing user friction in trading. It is anything from conventional how Kain Warwick rose to prominence in the decentralized finance (DeFi) industry. Warwick was fascinated with computers from his early years, having been born with a love of technology. He was clearly exhibiting an entrepreneurial drive by the time he was sixteen, when he was already providing additional cash…

Synthetix (SNX) and dYdX (DYDX) are spearheading innovations in the decentralized finance (DeFi) space, emerging as top DeFi projects while other decentralized exchanges like Uniswap (UNI) lose momentum. Data from Santiment shows that dYdX has enjoyed a surge in development activity with over 145 commits on GitHub in the last 30 days. Its trading volume jumped by almost $100 million during the same period. Synthetix was right behind it, with 116 commits.  Emerging crypto InQubeta (QUBE) is also getting lots…

Amidst a broader market rebound, several DeFi-related projects appear to be bustling with development activity. Topping the list is Cosmos-based decentralized exchange Osmosis, which experienced a notable surge in development activity, emerging as the leading DeFi project over the past month. Osmosis Leads DeFi Development According to the data shared by Santiment, Osmosis recorded more than 169 GitHub commits within the previous 30 days. The crypto analytic platform’s latest compilation of “developer activity” was based on aggregating all unique GitHub…

After an airdrop broadcast by Optimism earlier this week, Synthetix (SNX) has seen a continuous upward climb. Apparently, the announcement was an opportunity for the DeFi protocol to prepare itself to join in the ongoing L2 Curve Wars.  This and other factors have encouraged Optimism users to engage with the DeFi project. Consequently, the SNX price continues to sustain a steady rise, for the time being.  SNX Buoyed by Layer-2 Solutions Ever since Layer 2 protocols grew in popularity on…

Synthetic assets have been a standard fixture in the traditional financial market. However, with the financial world shifting to a digital approach, it is no surprise that synthetic crypto assets are also cropping up. Like many other investment vehicles, synthetic crypto assets are similar to those in the traditional market. This article will delve into the details of synth assets and how they work. But before we get into the nitty-gritty details of synthetic assets, how about a short recap…

One of the biggest waves in the cryptocurrency world is synthetic assets. Given that there are always new exchanges coming up every day, it is plausible to have one dedicated to these assets.  Synthetix is one such exchange that lets users trade and mint decentralized synthetic assets. Through the platform, users also get on-chain exposure to any asset. This article will take an in-depth look at the relatively new platform and its offerings.  What is Synthetix? Before looking at the…

DeFi, short for decentralized finance, is the latest hot trend in the crypto industry, and rightly so. An emerging market that surged from $1 billion to $40 billion in less than three years cannot go unnoticed for too long. As you read this beginner's guide to DeFi, the sector is adding more protocols, increasing value, and becoming an even more formidable rival to the traditional finance system. It may be too early to bet your bottom dollar on it, but…