Switcheo, a DEX allowing cross-chain trading, has published its official statement explaining that Synthetix Network Token (SNX) has been listed on the platform. The token can be traded against ETH.
Find out more here: https://t.co/rba62rfhjQ
— Switcheo (@SwitcheoNetwork) January 28, 2020
Synthetix is a decentralized protocol, based on the Ethereum blockchain, which allows creating synthetic assets to replicate various real-world assets.
The protocol locks SNX tokens when creating synthetic assets (Synths), which are backed by a collateral percentage of 750%, although in the future this threshold may vary up or down, as explained in the whitepaper.
The protocol is designed in such a way that a debt position is opened in relation to the stakers when they generate new Synths and to exit the system, and then unlock their SNX: In practice, in order to pay this debt, Synths tokens must be burned.
Thanks to this option offered by Switcheo, it will be possible to exchange ETH for SNX quickly and easily, since it is a decentralized exchange (DEX) and therefore it is not necessary to provide personal data or complete KYC (Know Your Customer) and AML (Anti Money Laundering) procedures.
It is also worth mentioning that this DEX can support both the NEO and EOS cryptocurrencies, proving to be a very effective cross-chain platform.
In addition, to celebrate the listing of the new asset, Switcheo has organized a trading competition, allowing to win both SNX and SWTH tokens, splitting a pool of 1000 SNX and 250 thousand SWTH, which will start today and will last until February 4th.
This is certainly very positive news, both for the SNX token, which is currently at position 38 on CoinMarketCap – trading at $1.17 with an increase of almost 10% – and for the world of decentralized finance (DeFi) considering that this protocol locks up capital to create new assets.