Search Inside Bitcoins

Synthetix DeFi Token Listed On Binance Exchange

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

One of the biggest crypto exchanges the world has to offer, Binance, has now officially listed the Synthetix (SNX) token on its exchange platform. This was done on Thursday, and gives greater access to the Synthetix decentralized derivatives platform’s token, with the hopes of boosting liquidity.

All the Usual Pairs (Except ETH)

As the announcement stated,  the trading for the SNX coin is now live. The announcement stated that it would only be done with four trading pairs, as a start: SNX/BNB, SNX/BTC, SNX/USDT, and SNX/BUSD. It should be noted that there is no pairing with the Ethereum (ETH) coin, however, in spite of the project itself having close ties with the Ethereum network as a whole

Allowing Crypto And Real-World Assets To Integrate

The announcement of this pairing described Synthetix as a protocol based on Ethereum, dedicated to the trading and issuing of synthetic assets. Examples of such assets are cryptocurrencies, sure, but also equities, leveraged tokens, as well as other real-world assets. Binance stated that the addition of SNX to its offering allows market participants and traders to gain exposure on-chain to an array of assets, claiming that this would be down within the Synthetix exchange’s slippage.

Further details given about the SNX cryptocurrency, is its staking ability. Through the use of Mintr. Furthermore, the network statistics are open for all the world to see, in regards to the Synthetix network. Through this, one can view all the synthetic assets that the protocol has developed through this time, as well.

Binance Adds BCH, XRP and LTC ad Crypto Loan Collateral Options

Great Potentials Looming

Through the course of last year, the SNX token has reported a significant increase in buyer activity. As a result of a new DeFi hype surrounding the crypto industry at large, SNX’s success is only amplified. This can be clearly seen in last month’s gains, alone, which saw the token go up an incredible 220%

As it stands now, Binance is the first major exchange to have listed SNX on its offerings, excluding Poloniex. However, key things need to be considered when you look at this massive amount of exposure and trading activity that Binance will inevitably bring in, and whether or not it will help or hinder the Synthetix protocol as a whole.

It remains to be seen how much success the Synthetix protocol will garner, but for now, things seem good. While it’s strange that there’s no SNX/ETH pairing on the Binance exchange, at the very least not yet, it’s still a marked improvement for the protocol, as well. With more popular integrations, a protocol will inevitably find popularity, as well.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next