The maximum circulation of SNX coins is 273 million. As the Synthetix protocol grows, its issuance cap is gradually increased through governance votes to meet demand. The issuance cap and release mechanism of SNX coins have been carefully designed to ensure the long-term sustainability and decentralized nature of the Synthetix protocol.
Issuance of SNX coins
The maximum circulation of SNX coins is 273 million.
Detailed explanation:
SNX (Synthetix Network Token) is the original utility token of the Synthetix protocol. The Synthetix Protocol is a decentralized financial platform that allows users to create and trade synthetic assets.
The initial cap of SNX coin issuance is 100 million to incentivize early participants and ensure the stability of the network. As the Synthetix protocol evolves, the SNX issuance cap is gradually increased through governance votes to meet growing demand.
As of February 2023, the circulating supply of SNX coins is approximately 147 million, accounting for 54% of the maximum issuance. The remaining issuance of SNX coins will be gradually released through the following methods:
- Inflation rewards: In order to incentivize network participants, the Synthetix protocol will regularly issue new SNX coins as inflation rewards.
- Protocol Fees: Fees will be incurred when users trade on the Synthetix protocol, and part of the fees will be used to buy back and destroy SNX coins.
- Governance Voting: SNX holders can decide any adjustment to the issuance limit through governance voting.
The issuance cap and release mechanism of SNX coins have been carefully designed to ensure the long-term sustainability and decentralized nature of the Synthetix protocol.
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