The Synthetix (SNX) to US Dollar (USD) exchange rate is a key metric for investors and traders in the decentralized finance (DeFi) ecosystem. As of the latest data, 1 SNX is valued at $0.5705 USD. This article provides a comprehensive overview of the SNX to USD conversion, including real-time pricing, market insights, and practical information for users.
Current SNX to USD Exchange Rate
The live price of Synthetix is $0.5705 USD per token. This value fluctuates based on market demand, trading volume, and broader cryptocurrency trends. For the most accurate and up-to-date conversion, use reliable real-time tools.
Synthetix Market Overview
Synthetix operates as a leading DeFi protocol, enabling the creation and trading of synthetic assets. Key market statistics include:
- Circulating Supply: 343,466,217 SNX
- Market Capitalization: $197,546,244.05 USD
- 24-Hour Trading Volume: $8,209,610.30 USD
Notably, the trading volume has decreased by 28.74% over the past day, indicating a shift in market activity.
SNX to USD Conversion Table
Converting SNX to USD
| SNX | USD |
|---|---|
| 0.01 SNX | $0.005705 USD |
| 0.1 SNX | $0.05705 USD |
| 1 SNX | $0.5705 USD |
| 10 SNX | $5.705 USD |
| 100 SNX | $57.05 USD |
Converting USD to SNX
| USD | SNX |
|---|---|
| $0.01 USD | 0.01753 SNX |
| $0.1 USD | 0.1753 SNX |
| $1 USD | 1.753 SNX |
| $10 USD | 17.53 SNX |
| $100 USD | 175.28 SNX |
Factors Influencing SNX Price
Several elements impact the value of Synthetix relative to the US Dollar:
- DeFi Adoption: Growth in synthetic asset trading and staking.
- Protocol Updates: Enhancements to the Synthetix network and new feature releases.
- Market Sentiment: Overall trends in the cryptocurrency and DeFi sectors.
- Global Regulations: Changes in regulatory frameworks affecting digital assets.
Synthetix Use Cases and Applications
Synthetix tokens are integral to the protocol’s ecosystem, serving purposes such as:
- Collateralization: Backing synthetic assets (synths) like sUSD, sBTC, and sETH.
- Staking and Rewards: Earning fees generated by synth trading on the platform.
- Governance: Participating in key decisions regarding protocol upgrades and changes.
Frequently Asked Questions
How is the SNX to USD exchange rate calculated?
The rate is determined by supply and demand on major cryptocurrency exchanges. It reflects the current market price at which SNX can be bought or sold for US Dollars.
What was the SNX price change over the past 24 hours?
The exchange rate has increased since yesterday. Over the past month and year, SNX has also seen positive price movement, though values can be volatile.
Can I convert SNX to USD directly?
Yes, many platforms support the conversion of Synthetix to US Dollars. You can sell SNX for USD and withdraw funds to your bank account seamlessly.
What is the total market cap of Synthetix?
The market capitalization is approximately $197.55 million USD, based on the circulating supply and current price.
Where can I buy or trade SNX tokens?
Synthetix is available on numerous cryptocurrency exchanges. You can purchase it using fiat currencies like USD or other digital assets.
Is Synthetix a good investment?
Like all cryptocurrencies, SNX carries investment risks due to market volatility. Research the project, its use cases, and market trends before investing.
Conclusion
The SNX to USD exchange rate offers valuable insights for participants in the DeFi space. With a current price of $0.5705 per token, Synthetix continues to play a significant role in the synthetic asset market. Always use trusted sources for real-time data and conversion tools to make informed decisions.