The latest SNX hype may have a stablecoin connection waiting to be explored

 Synthetix SNX managed to pull off a solid uptick by more than 10% as of 17 October. This performance meant that it had outperformed many of the top cryptocurrencies during the same period.

Timeline of Synthetix-network-token

The crypto market has been harsh in recent times. Synthetix Network (SNX) and eCash (XEC) are struggling to post sustainable growth after suffering a downfall during the recent market crash.

Synthetix is at the cusp of a breakout after the release of new announcements on the network. The network is rolling out a proposal to cap SNX's maximum supply at a “very memorable” 300 million.

The layer-2 scaling solution Synthetix undertook some important developments this month. Often described as a “blue chip” DeFi project, Synthetix was one of the first projects to launch on the Ethereum network.

Synthetix founder Kain Warwick has submitted a proposal to turn off SNX's high yield returns and cap its supply at 300 million tokens. The post Synthetix (SNX) Founder Proposes Ending High Yield Returns With 300M Capped Supply appeared first on BeInCrypto.

Synthetix wants to turn off the SNX money printer forever, as proposed by the founder of the DeFi system, Kian Warwick. This would mean that they will be turning off the exceptionally high yield returns for SNX stakers and capping the overall SNX token supply at 300 million.

If the proposal were to take effect, Synthetix would much more closely resemble a traditional business by simply generating fee revenue and distributing the proceeds to SNX holders.

Synthetix plunged in volume during July due to a significant decline in trading activity across centralized and decentralized exchanges. The post Synthetix Trading Volume Reaches New Low Tumbling More Than $800 Million appeared first on BeInCrypto.

The crypto industry has been mushrooming with a plethora of digital assets which have been striving to establish one's reign. Successively, the projects catering to the finance sectors have been under the acute consideration of marketers. With the rise of Defi, a myriad of crypto assets are anticipated to thrive.

Despite a breakout from a long-term ascending support line, Synthetix (SNX) is showing bearish signs in shorter time frames. The post Synthetix (SNX) Breaks Down Below $3 appeared first on BeInCrypto.

On Monday (August 8), a very popular crypto analyst and influencer gave his reasons for recently buying “a bag” of $SNX, the native collateral asset of derivative liquidity protocol Synthetix. Here is how Binance Academy describes Synthetix: “Synthetix is a synthetic asset protocol that allows for the issuance of synthetic assets on Ethereum.