What is Synthetix (SNX)?

Synthetix is a DEX and a liquidity provisioning protocol for permissionless derivatives like perpetual futures and options. It is built on Ethereum and Optimistic Ethereum (a Layer-2 scaling solution on Ethereum) and operates as its liquidity backend across multiple EVM chains.

SNX is Synthetix's native currency with multiple functions. Platform users can purchase SNX tokens and lock them in special contracts to mint new asset classes that mimic real-world assets like USD or crypto assets like Bitcoin. By doing so, they also become eligible to receive fees collected across the entire platform when their minted asset classes are traded, as well as the staking rewards in SNX tokens.

As an ERC-20-compliant token, SNX powers Synthetix's proof-of-stake (PoS) consensus. Its initial supply was 100 million, which increased after the community approved an inflationary model.

How Does Synthetix (SNX) Work?

The key standout feature of Synthetix is that it enables everyone to generate new assets and earn returns on them without requiring them to hold the underlying asset directly. It does so through its special collateralization, where users can purchase SNX tokens and lock them in special smart contracts to generate new asset classes called Synths.

For instance, one Synth that mimics the value of the USD is called sUSD, while the other one that mimics the Bitcoin price is sBTC. Similarly, Synthetix users can mint other assets, from commodities to cash to crypto assets, by buying and locking SNX tokens. However, the value locked in SNX should remain above 750%25 of the value created.

The platform then uses real-time data feeds like Oracles by Chainlink to track the assets' value, allowing users to sync transaction gains and losses. This feature helps ensure that the prices of Synths closely match the actual market prices, helping users avoid slippage.

When it comes to platform governance, the Synthetix protocol uses a decentralized approach. Anyone who stakes SNX tokens gains the authority to vote within the Synthetix protocol. Four key governing bodies exist in Synthetix, formed by the elected members from the SNX stakers. The nomination for these elections stays open for all, so anyone can self-nominate for one or all four councils. Platform elections occur every four months, during which stakers cast their votes to select the council members. These four councils are- the Spartan Council, Treasury Council, Ambassador Council and Grants Council.

The elected members of Spartan Council deliberate Synthetix Improvement Proposals (SIPs) and Synthetix Configuration Change Proposals (SCCPs) regarding the platform changes. The other three councils undertake several other initiatives necessary to maintain and manage platform operations. The regular electoral process ensures that power circulates among participants instead of concentrating with a few.

How to Buy Synthetix (SNX) in India?

There are many platforms where you can invest and Buy Synthetix (SNX) in India.

One such platform is Flitpay. To buy SNX in INR, you will have to sign up to Flitpay, where you will be required to enter the necessary details and go through a small KYC verification process.

You can instantly convert your INR to SNX and SNX to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Synthetix (SNX)?

SNX can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the SNX till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Synthetix (SNX)?

SNX is the native cryptocurrency of the Synthetix platform, a decentralized exchange (DEX) and liquidity protocol for derivatives. SNX plays a vital role in the ecosystem by allowing users to mint synthetic assets, known as Synths, which track the value of other assets. Users lock their SNX tokens in smart contracts as collateral to create these Synths, and in return, they earn fees and staking rewards. Additionally, SNX holders participate in platform governance.

What is Synthetix (SNX) price in India?

Check out the current INR price of SNX crypto in India on Flitpay.

Which is the best crypto app in India to buy SNX?

Flitpay is the best cryptocurrency app in India to buy SNX, MATIC or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy Synthetix (SNX) in India?

You can easily buy Synthetix (SNX) in India on the safest crypto exchanges like Flitpay, with the lowest fees.

To buy Synthetix crypto in India:

1. Register on Flitpay and create an account.

2. Verify your identity through Know-your-customer (KYC)

3. Add INR or Fiat currency, corresponding to the amount of SNX coins you want to buy.

4. Instantly buy Synthetix crypto with the deposited funds.

Why Choose Flitpay to Buy Synthetix (SNX)?

Flitpay crypto exchange stands out as the most reliable and secure platform to buy Synthetix (SNX) crypto and other cryptocurrencies in India. Here's why:

• Swift and Secure: Flitpay's quick buy/sell feature allows investors to buy SNX swiftly within seconds. Flitpay has also implemented robust security measures, including 2FA at various stages, and integrated multi-party computation (MPC) technologies to protect customers' invaluable investments.
  
• 99.9%25 Uptime: The robust build and interface of Flitpay ensure 99.9%25 uptime, allowing you to access your SNX investments anytime without any hitches or glitches.
  
• Price Alerts: Flitpay's timely price notifications and alerts keep investors updated with price changes, allowing users to easily seize the right opportunity to buy or sell Synthetix (SNX) even when offline.
  
• Instant Deposits and Withdrawals: Access your funds hassle-free through instant deposit and withdrawal services. With Flitpay, you can easily convert your SNX to INR or INR to SNX and withdraw your funds instantly.

What are the benefits of Synthetix (SNX)?

The benefits of Synthetix (SNX) include the ability to mint and trade synthetic assets without holding the underlying assets, allowing for exposure to various markets like USD, Bitcoin, and more. It also helps support deep liquidity, low slippage, and competitive trading fees for various derivatives markets. Its native token, SNX, powers the stalking-based governance of Synthetix by rewarding the participants with new tokens and trading fees. Additionally, SNX enables decentralized governance, allowing stakers to participate in key decision-making processes, ensuring the platform evolves with community input. This combination of liquidity provision, rewards, and decentralized governance makes Synthetix a valuable project.

Is it safe to invest in Synthetix (SNX) in India?

Yes, investing and trading Synthetix (SNX) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying SNX crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Synthetix (SNX) crypto in India?

Flitpay facilitates hassle-free and Instant deposits and withdrawals of numerous cryptocurrencies with minimal or no fees.

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