Synthetix (SNX) is a cryptocurrency launched in 2018and operates on the Ethereum platform. Synthetix has a current supply of 339,889,850.0887736 with 339,466,216.99039868 in circulation. The last known price of Synthetix is 0.65936586 USD and is up 1.89 over the last 24 hours. It is currently trading on 661 active market(s) with $27,055,443.88 traded over the last 24 hours. More information can be found at https://www.synthetix.io/.
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TL;DR Synthetix launched a new staking mechanism, the “sUSD 420 Pool,” offering SNX rewards to stabilize the price of its sUSD stablecoin. Founder Kain Warwick warned that pressure will be applied if participants don't respond to the voluntary incentive. The value of sUSD dropped to $0.68 in April but has partially recovered to $0.
Synthetix founder Kain Warwick has urged SNX stakers to adopt the protocol's newly launched staking mechanism aimed at restoring the dollar peg of its stablecoin, sUSD. The post Synthetix Founder Warns SNX Stakers to Embrace New Mechanism or Face ‘The Stick' appeared first on Cryptonews.