A coin with a low market capitalization won recognition after printing gains of 5000% from April 2019.
Crypto analyst and investor Alex Saunders told his 35,000 followers on Twitter that he came across Synthetix (SNX) after attending an Edcon conference in Sydney last year.
“We came across a hidden gem very early on, and it was the best-performing project in the sector with the best results: decentralized finance.”
Synthetix is a derivatives trading platform built on the E terium blockchain, which allows users to bet on a number of assets, including stocks, cryptocurrencies, fiat currencies and commodities.
Those wishing to participate in the market can trade BTC or ETH in Synthetic Network Tokens (SNX), which can be locked as collateral for the production of synthesizers such as sUSD (synthetic US dollar). Traders who hold synthesizers can bet on whether a particular stock or currency will rise or fall.
The unique thing about Synthetix is that users who choose to bet their SNX tokens as collateral can win prizes.
SNX’s value proposition to reduce the supply of circulation by introducing rewards, forcing consumers to bet huge amounts of coins and allowing them to exhibit other assets seems to stimulate demand.
Synthetix is currently the third largest DeFi platform with over $ 259 million in locked assets. The cryptocurrency has a market capitalization of $ 154.2 million, according to CoinMarketCap.