Buy Synthetix Network in India

Since the platform operates on the Proof of Stake (POS) system, it does not support mining as a procedure to earn SNX coins from the network. Instead, the system calls upon users to stake their coins on master nodes and use it as collateral in order to verify and anonymize transactions and also vote on community proposals. The user with the highest stake has the highest probability to earn rewards from the network in the form of SNX coins, although all users eventually earn some rewards from the system. The process of stacking also results in the release of new blocks in the blockchain and any individual can stake their coins on the node irrespective of the amount staked. The expected returns from the blockchain can be calculated using a Return Calculator that is available on the internet. The founders wanted to create some changes in those aspects where they felt most cryptocurrency networks lacked. This led them to develop their own network which was centered more on privacy and shifted from the Proof of Work (POW) system to Proof of Stake (POS) which they felt was a competitively fairer system for the users. Along with the POS network, they also implemented a system that automatically balances the reward payouts. The developers realized the importance of privacy and security when it comes to conducting transactions and exchanges on a daily basis.

The Synthetix Network was first created in 2018 by the name of Heaven and used to be a stablecoin in its initial stages. It was invented by the current CEO, Kain Warwick. The platform saw a fairly successful ICO as it managed to acquire around $30 million USD through the sale of SNX tokens. During its initial days, the DeFi (decentralized Finance) coin saw low growth as the concept of stablecoin and DeFi was still fairly new. The market cap as well as the price of SNX token in USD was at its highest in May 2018 when it reached a value of almost $44 million USD and $0.72 USD per token respectively. But in the subsequent months, the valuation of the cryptocurrency fell and the Synthetix Network saw a stagnant growth rate for the next year. By May 2019, the cryptocurrency saw a gradual increase in growth rate as the platform had adopted better and effective measures in order to attract investors and traders. By November 2019, the SNX market cap had reached a value of more than $200 million USD while the price of SNX token in USD had jumped to $1.43 USD per token. For the next few months, the valuation of the cryptocurrency fluctuated due to the global pandemic. By June 2020, the Synthetix Network again started growing at an exponential rate and has already crossed the $600 million USD mark. As of 25th August 2020, the current SNX market cap is $605,258,814 USD while the current price of SNX token in USD is $6.41 USD per token.

There are many local cryptocurrency exchanges in India that list Synthetix Network Token on their platform and can be acquired using other cryptocurrencies. BuyUcoin is one of the best cryptocurrency exchange platforms that provide users buy/sell SNX Token with a wide variety of cryptocurrencies to choose from and offers minimum trading fees to encourage users to benefit from the cryptocurrency market.