A large entity paid a transaction fee of $7.5 fee to just move $1 billion worth of SNX assets on the Ethereum network at a time the utility crypto, Ether itself traded around $1,200.
According to data retrieved from Etherscan data, money was transferred from a contract called “Synthetix: Reward Escrow” to an Ethereum wallet that contains the $1 billion in SNX tokens and appears to be a second version of the Synthetix Rewards escrow contract.
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At press time, Synthetix traded at $15.75 with a daily trading volume of $314.3 million. Synthetix is up 8.90% for the day.
It is presently the 23rd most valuable crypto by market value worth about $1.8 billion. It has a circulating supply of 114,841,533 SNX coins and a max. supply of 212,424,133 SNX coins.
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What you should know: Synthetix is a type of Crypto liquidity protocol asset on the Ethereum network that facilitates the issuance and trading of synthetic assets.
- Each synthetic asset (or Synth) is an ERC20 token that tracks the price of an external asset; for example, each dollar token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1).
- A wide variety of Synths exists within Synthetix, including commodities, fiat currencies, cryptocurrencies, and inverse indexes.
- In principle, the system can support any asset with a clear price and provide on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.