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What is the issue volume of SNX coins? One article to introduce the application scenarios of SNX coins
Synthetix's issuance schedule gradually releases SNX coins into circulation, increasing the total supply over time and aligning with the platform's growth trajectory.
Oct 06, 2024 at 11:23 pm
1. SNX Coins: Understanding the Issue Volume
Synthetix (SNX) is a decentralized finance (DeFi) platform that allows users to trade synthetic assets without the need for underlying physical assets. Its native token, SNX, serves a crucial role in securing and governing the platform. The total supply of SNX coins is limited, and there is a set issuance schedule that controls the pace at which new coins enter circulation.
Total Supply: 250,000,000 SNX
Issue Volume: SNX coins are gradually released into circulation according to a predetermined schedule, known as the "issuance schedule." The initial issue volume is 600,000 SNX per month, and it will gradually decrease over time until the total supply is reached.
Issuance Schedule:
- Month 1-18: 600,000 SNX per month
- Month 19-24: 270,000 SNX per month
- Month 25-60: 180,000 SNX per month
- Month 61+ until max supply is reached: 90,000 SNX per month
Mechanism: Issuance is controlled by a smart contract that distributes new SNX coins to delegators and stakers. Delegators stake their SNX to designated synthetix network participants called "minters," who manage the platform's collateralized debt positions (CDPs). Stakers lock up their SNX to earn additional rewards.
2. Application Scenarios of SNX Coins
SNX serves various purposes within the Synthetix ecosystem:
- Collateral: SNX is required as collateral to mint synthetic assets.
- Staking: Users can stake SNX to become "synthetix network participants" and earn rewards for supporting the platform.
- Governance: SNX holders have voting rights to govern the platform's development and operational parameters.
- Liquidity: SNX can be traded on exchanges for other cryptocurrencies. Its liquidity helps facilitate synthetic asset trading.
- Fees: A portion of the fees generated from synthetic asset trading is used to buyback and burn SNX, reducing its supply over time.
In summary, SNX coins are essential for the operation of the Synthetix platform. Their issuance is carefully controlled to ensure a balanced and sustainable supply. Additionally, SNX's various application scenarios empower users to participate in the platform and contribute to its growth.
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