Breakout in Synthetix (SNX) What it is and how to eat it, 2x so
Synthetix (SNX) What is it and what is its use?
SNX Total Marketcap Value:
$ 2,202,648,474
Has entered SNX in 24 hours a total of:
228,996,693
At a technical level
SNX / BTC only in this pair
has formed a breakout triangle with a candle that has formed above the triangle confirming a bullish breakout
But based on market sentiment, he indicated price zones at the close of the triangle, expecting a pullback next to happen.
For the take profit I have used moving stockings and fibonnaci
Marking the objectives like this:
Shopping area
0.0003783
0.0003463
take Profit 1
0.0004265
Take profit 2:
0.0004538
Take profit 3
0.0004965
The macd still does not close on the signal line confirming the rise therefore it is my confirmation to wait for a retracement
The rsi indicates an intermediate price level it does not yet mark an upward formation as such, therefore it will help me to enter the next price drop will happen
But what is it
Summary¶ Synthetix what it is and how it is eaten,
Synthetix is a decentralized synthetic asset issuance protocol built on top of Ethereum. These synthetic assets are guaranteed by the Synthetix Network Token (SNX) which, when locked in the contract, allows the issuance of synthetic assets (Synths). This joint guarantee model allows users to convert between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage problems experienced by DEXs. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short), and commodities. SNX holders are incentivized to stake their tokens as they are paid a prorated portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture the fees generated by Synth exchanges, from which the value of the SNX token is derived. Operating on Synthetix.Exchange does not require the operator to have SNX.
SNX as a guarantee
How SNX Supports Synthesizers
All synthesizers are backed by SNX tokens. Synthesizers are minted when SNX holders stake their SNX as collateral using Mintr, a decentralized application for interacting with Synthetix contracts. Synthesizers are currently backed by a 750% guarantee ratio, although it may be increased or decreased in the future through community governance mechanisms. SNX users incur debt when they mint synthesizers, and in order to exit the system (that is, unlock their SNX) they must pay off this debt by burning synthesizers.
Synthetix is also testing Ether as an alternative form of collateral. This means that traders can borrow Synths against their ETH and start trading right away, rather than having to sell their ETH. Betting ETH requires a 150% collateral ratio and creates debt denominated in ETH, so ETH players mint SETH instead of sUSD and do not participate in the 'combined debt' aspect of the system. In this model, ETH bettors do not receive commissions or rewards, as they are not at risk from the debt pool.
Why do SNX forks bet?
SNX holders are incentivized to stake their tokens and mint Synths in a number of ways. First of all, there are trade rewards. These are generated every time someone exchanges one synthesizer for another (i.e. on Synthetix.Exchange). Each trade generates a trading fee that is sent to a fee pool, available for SNX players to claim their share each week. This fee is between 10 and 100 bps (0.1% - 1%, but normally 0.3%) and will be displayed during any trade on Synthetix.Exchange. The other incentive for SNX holders to bet / coin is SNX gambling rewards, which come from the protocol's inflationary monetary policy. From March 2019 to August 2023, the total SNX supply will increase from 100,000,000 to 260,263,816, with a weekly decay rate of 1.25% (as of December 2019). Starting in September 2023, there will be annual terminal inflation of 2.5% in perpetuity.
SNX Total Marketcap Value:
$ 2,202,648,474
Has entered SNX in 24 hours a total of:
228,996,693
At a technical level
SNX / BTC only in this pair
has formed a breakout triangle with a candle that has formed above the triangle confirming a bullish breakout
But based on market sentiment, he indicated price zones at the close of the triangle, expecting a pullback next to happen.
For the take profit I have used moving stockings and fibonnaci
Marking the objectives like this:
Shopping area
0.0003783
0.0003463
take Profit 1
0.0004265
Take profit 2:
0.0004538
Take profit 3
0.0004965
The macd still does not close on the signal line confirming the rise therefore it is my confirmation to wait for a retracement
The rsi indicates an intermediate price level it does not yet mark an upward formation as such, therefore it will help me to enter the next price drop will happen
But what is it
Summary¶ Synthetix what it is and how it is eaten,
Synthetix is a decentralized synthetic asset issuance protocol built on top of Ethereum. These synthetic assets are guaranteed by the Synthetix Network Token (SNX) which, when locked in the contract, allows the issuance of synthetic assets (Synths). This joint guarantee model allows users to convert between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage problems experienced by DEXs. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short), and commodities. SNX holders are incentivized to stake their tokens as they are paid a prorated portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture the fees generated by Synth exchanges, from which the value of the SNX token is derived. Operating on Synthetix.Exchange does not require the operator to have SNX.
SNX as a guarantee
How SNX Supports Synthesizers
All synthesizers are backed by SNX tokens. Synthesizers are minted when SNX holders stake their SNX as collateral using Mintr, a decentralized application for interacting with Synthetix contracts. Synthesizers are currently backed by a 750% guarantee ratio, although it may be increased or decreased in the future through community governance mechanisms. SNX users incur debt when they mint synthesizers, and in order to exit the system (that is, unlock their SNX) they must pay off this debt by burning synthesizers.
Synthetix is also testing Ether as an alternative form of collateral. This means that traders can borrow Synths against their ETH and start trading right away, rather than having to sell their ETH. Betting ETH requires a 150% collateral ratio and creates debt denominated in ETH, so ETH players mint SETH instead of sUSD and do not participate in the 'combined debt' aspect of the system. In this model, ETH bettors do not receive commissions or rewards, as they are not at risk from the debt pool.
Why do SNX forks bet?
SNX holders are incentivized to stake their tokens and mint Synths in a number of ways. First of all, there are trade rewards. These are generated every time someone exchanges one synthesizer for another (i.e. on Synthetix.Exchange). Each trade generates a trading fee that is sent to a fee pool, available for SNX players to claim their share each week. This fee is between 10 and 100 bps (0.1% - 1%, but normally 0.3%) and will be displayed during any trade on Synthetix.Exchange. The other incentive for SNX holders to bet / coin is SNX gambling rewards, which come from the protocol's inflationary monetary policy. From March 2019 to August 2023, the total SNX supply will increase from 100,000,000 to 260,263,816, with a weekly decay rate of 1.25% (as of December 2019). Starting in September 2023, there will be annual terminal inflation of 2.5% in perpetuity.