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Buy Synthetix (SNX) in UK With GBP | CoinJar

Synthetix

SNX

£0.000GBP

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Overview

#138

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Derivatives

Asset type

2018

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What is Synthetix?

Why do investors buy Synthetix Network Token? If you are interested in cryptocurrencies and decentralised finance (DeFi), Synthetix Network Token (SNX) is an interesting project worth looking into. But what exactly is SNX, and why would someone consider adding it to their portfolio?

What Is Synthetix Network Token (SNX)?

Synthetix is, as the name suggests, a platform built on the Ethereum network for issuing synthetic versions of real world assets – what they call ‘synths’. This includes everything from other cryptocurrencies, to fiat currencies, commodities and real world stocks such as Netflix, Apple and Tesla.

SNX is the native token of the Synthetix protocol, a decentralised platform that enables the creation and trading of these synthetic assets.

Think of them as digital representations of real-world assets, such as stocks, commodities, or fiat currencies. These synthetic assets aim to mirror the price movements of their underlying counterparts without requiring direct ownership.

How Does Synthetix Work?

Collateralisation

SNX holders can lock their tokens as collateral to mint synthetic assets. The more SNX they stake, the greater their borrowing power. This collateralisation mechanism drives the price alignment and integrity of the system.

Synthetic Assets

Users can create synthetic assets (called Synths) by staking SNX. These Synths track the value of various assets, including cryptocurrencies (e.g., sUSD, sBTC), commodities (e.g., sGold), and even stock indices (e.g., sFTSE100)

Trading

Once minted, Synths can be traded on the Synthetix exchange. Traders can speculate on price movements without needing to hold the actual assets. For example, if you believe the price of gold will rise, you can buy sGold Synths.

Why Consider SNX?

Diversification

SNX allows investors to diversify their portfolios beyond traditional cryptocurrencies. By holding Synths pegged to different assets, users gain exposure to various markets without the complexities of direct ownership.

No KYC/AML

Unlike centralised exchanges, Synthetix has some unique features (being a decentralised crypto exchange), such as:

DeFi platforms are not in line with the AML legislation under FCA, in that you are not required to share personal information and transactions are not transparent or monitored.
You can trade with anyone, anywhere, anytime. You don’t have to follow the rules or regulations of the exchange or the government, such as the FCA.

Yield Farming

Staking SNX in the Synthetix ecosystem earns rewards in the form of SNX inflationary rewards and Synth exchange fees. Yield farmers can maximise their returns by participating in liquidity pools.

Hedging

Synths provide an excellent hedging tool. If you’re worried about a market downturn, you can mint synthetic stablecoins (like sUSD) to protect your portfolio.

Conclusion: Synthetix Network Token (SNX)

In summary, Synthetix Network Token (SNX) unlocks a world of synthetic assets, offering diversificationand yield opportunities. As DeFi continues to grow, SNX remains a fascinating project worth exploring.

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Frequently asked questions

What is Synthetix Network Token (SNX)?

SNX is the native token of the Synthetix protocol. It serves as pooled collateral for minting synthetic assets (Synths) and participating in the ecosystem.

The Synthetix Network Token (SNX) is an Ethereum-based protocol that facilitates the development and exchange of synthetic assets. These synthetic assets, also known as “synths,” are digital financial instruments in the form of ERC-20 smart contracts.

They track and provide returns based on the value and performance of other assets without requiring you to hold those assets directly.

What is the Synthetix ecosystem?

The Synthetix ecosystem comprises various user-facing protocols and smart contracts. It enables the issuance of synthetic assets, allowing users to trade Synths.

How do Synths track the issuance of synthetic assets?

Synths are digital representations of real-world assets (like stocks, commodities, or fiat currencies). They track the issuance of synthetic assets on the Synthetix platform.

What are Spot and Futures Lyra?

Spot Lyra refers to the immediate trading of Synths at the current market price, while Futures Lyra involves trading Synths based on future price predictions.

Why do investors buy Synthetix Network Tokens (SNX)?

SNX can be collateralised by SNX, ETH, and LUSD to mint Synths. It provides exposure to synthetic assets and offers deep liquidity and competitive fees.

What role does SNX play in the decentralised liquidity provisioning protocol?

SNX serves as a backend asset in the decentralised liquidity provisioning protocol, ensuring liquidity for Synths.

How does Synthetix enable the issuance of synthetic assets?

Synthetix Network Tokens (SNX) enable the creation of Synths, which represent real-world assets. These Synths can be traded on various platforms.

What is the role of Kwenta, 1inch, and Curve Atomic Swaps?

Kwenta, 1inch, and Curve facilitate trading and swapping of Synths. They use Lyra options polynomial automated mechanisms for efficient execution.

Standard Risk Warning: The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar's digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

Specific risks associated with meme coins: 'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: • Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. • Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading. • Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash. • Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately. • Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.

Specific risks associated with stablecoins: There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: · Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment. • Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it. • Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues. • Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset. • Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. • Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.

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