Review on Synthetix Network Token by Ibrahim Sunday
Synthetix Network Token review, 2020.
You have been seeing Synthtix Network Token all around and have wondered what it is all about. But it will soon be made plain to
SNX is an asset issuance protocol which allow you to mine(mint), trade and hold securities and commodity. It provides you with a lot of trading strategies and has a lot of liquid able in
Lets get use to some SNX terms!
The main tokens are SNX and synths
To mine synth just like your normal USd, u need to keep some SNX as collateral which determine your mining ratio
After you are done mining(minting) your synths will now be used for various purpose, like trading, collateral and long time investment
Mintr is the mining system within the synthetix network it has lots of function
Pros
- Synthetix Network Token, (SNX) it offers you binary options that's a yes or no to purchase a position over specified period of time
- With its policies and the way it is designed, it gives one a chance to to access some companies asset like Tesla and Apple.
- It has a mining feature called "mintr" which enables you mine the token.
- It allows trade of large number of securities like fiat, commodities, and crypto currency, making it a useful platform for people with different interest.
Cons
- The disadvantage is its trading fee of 0.3% which is really high, above the average of 0.25%.
- SNX is not comprehensive to crypto infants, it's complex.
