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Wednesday, 4 December 2019

Liked on YouTube: Synthetix Network Token Tutorial | Video#1: Intro to SNX

Synthetix Network Token Tutorial | Video#1: Intro to SNX

This video is a full tutorial of the Synthetix Network Token [SNX]. The complexity as presented is targeted more towards new users searching for a basic understanding of this defi crypto platform. Synthetix is a decentralized crypto based collateralized debt platform with the option to buy/sell synthetic virtual assets. I encourage you to do your research if you choose to get involved. I have included some detailed instructions and links to the flow charts. Enjoy! 💡💡 How to Particpate in SNX DEFI 💡💡 ------------------------------------------------------------ 1. Install Metamask Chrome Ethereum Wallet. https://ift.tt/2aecJfy 2. Send Ethereum from Exchange to Metamask Ethereum Wallet. 3. Buy SNX on KuCoin or use Uniswap.io to exchange Ethereum for SNX. a. https://ift.tt/2S9YcDZ b. https://ift.tt/2lb2iQI 4. Go to SNX MINTR DAPP: https://ift.tt/35YBy8y 5. MINT some sUSD which stakes your SNX. What ever total SNX market value is 13.33% sUSD will be created if you choose MAX. 6. Go to Synthetix Exchange and buy Synth Virtual Asset: https://ift.tt/362UZNr Synth Asset can be almost anything LONG or Short. Long assets starts with an S. Short assets start with an I for Inverse. 7. Periodically go to MINTR and check collateralization level. You want to stay at 750% or 13.33% of your SNX market value to get your reward fees and keep your debt level at a healthy level. If upon return to the MINTR your collateralization is ABOVE 750% you have the option to MINT for sUSD and repeat process. Note, there is liquidity for sUSD outside of the platform. 8. Every 1 week go and collect DIVs/fees which will be 1% in the form of more SNX assuming you have a healthy collateralization ratio. This SNX remains in escrow for 12 months at which point it will become claimable. Be sure to claim your reward or it can expire after 2 weeks. 9. If virtual asset goes up or down in a profitable direction you can sell some of it for sUSD profit or trade for another virtual asset on exchange 10. To reclaim your SNX if you wanted to sell you must pay back the sUSD debt position or deposit more SNX to bring ration to 750% or above at which point you can reclaim your SNX. Note when you pay back your debt position, that sUSD is LOST/Burn’t. Thus the incentive is to keep your SNX staked/frozen and maintain a healthy collateralization level. -------------- Info ---------------------------- 🔹 Main Website: https://ift.tt/2T0rwBQ 🔹 ERC-20 Token Info: https://ift.tt/2LomVUe 🔹 Synthentix Dashboard: https://ift.tt/2YsxJpT 🔹 Lite Paper: https://ift.tt/2ONUwZM 🔹 Lite Audio: https://youtu.be/VNBe9wGoDb0 🔹 Community Page: https://ift.tt/36eSnwn 🔹 Video Tutorial Intro: https://youtu.be/jB9YC4GBMb8 🔹 Video Tutorial What to Do with sUSD: https://youtu.be/F7fmgH_3u6U ------------------------------------------------ -------------- Web Tools ----------------------- 🔹 MINTR: https://ift.tt/35YBy8y 🔹 Synthetix Exchange: https://ift.tt/362UZNr 🔹 Collateralization Calculator: https://ift.tt/2Rnh5WU **File-Download for Local Copy to Edit** ------------------------------------------------ -------------- Exchanges ----------------------- 🔹 UniSwap: https://ift.tt/2S9YcDZ 🔹 KuCoin: https://ift.tt/2lb2iQI 🔹 Kyber: https://ift.tt/2PfSPTZ -------------- Social -------------------------- 🔹 Reddit: https://ift.tt/2rhwjSD 🔹 Discord Chart: https://ift.tt/33S1iCe ------------------------------------------------ -------------- Misc -------------------------- 🔹 METAMASK Eth Wallet: https://ift.tt/2aecJfy 🔹 30,000 Foot OverView Flowchart : https://ift.tt/2Rl8XGz 🔹 Detailed FlowChart : https://ift.tt/2sMQMzk --------------------------------------------------------- 👨👩‍🦱👨 Follow Me 👨👩‍🦱👨 SUB ► https://www.youtube.com/HOWHEDOIT?sub_confirmation=1 TWITTER ► https://twitter.com/BitcoinSLO INSTA ► https://ift.tt/2qo2QWX FACEBOOK ► https://ift.tt/2r4dwdH STEEM ► https://ift.tt/387FhCQ REDDIT ► https://ift.tt/2Rl8x2Q ❗️❗️❗️Risk Disclosure and Disclaimer❗️❗️❗️ ------------------------------------- This YouTube Channel does not or in anyway represent itself as a registered broker, analyst, investment advisor or anything of that sort. If You’re Not Talking Gains, Then Were Not Talking. :-) HASHTAGS #howhedoit #cryptoslo #synthetix
via YouTube https://youtu.be/jB9YC4GBMb8

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