Review on Synthetix Network Token by Temitope Babatunde

Name: Synthetix Network Token
Item: Synthetix Network Token
Rating: 3

January 15, 2021

The Synthetix Network Token, Do You Know How It Works?

It is a DeFi  platform, launched in the early part of 2020 but it is seriously expanding. The team is trying to change the way the Defi platforms are being run. It's TVL(Total Value Locked ) is remarkable, approximately 321 millions dollars. The Synthethix protocols is being powered by SNX token.  This allows for the trading of synthetics assets on the ethereum smart contract.
Synths are tokens that provide the exposure to the real assets such as btc, gold, tesla etc within the ethereum network. SNX are seen as collateral while the synths generated are seen as debt when it is locked within the sythetix network.  The synths generated can now be exchange for any other tokens  or assets which the owner want. To get the SNX back the synths will have to be returned so that they can be burn, then the collateral will be released. The synths can be identified by the 's' that preceeded  them, for example sBtc, sSUD etc.
Since the network is decentralized, it does not require any KYC and can be done anywhere. The SNX which  is  the token  of the network can be found in my exchanges including the synthetic exchange. The token has a very strong usage,with that one can expect it's value to grow in the future as many people will be joining the system to tap into the benefit.                                                                                                                                
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Pros

It fasten the usage of decentralized finance.
It solves the problem of the real synthetic asset where it is not easy to state the relationship between the asset and the token that is standing for it.
The SNX holders that stake it get rewarded from the fees recieved bt the synthetic exchange.
The synthetic assets generated is not limited to USD alone.
The platform is secured and can be trusted.
It has so many reliable and instutional investors.
It has a very versatile team that is working for the susteinability of the system.

Cons