Express
Synthetix Liquidates SNX Holders As Investors Lose Interest In DeFi
Summary: Synthetix Network Token's price has fallen from $7.5 at the start of September to $2.5 this week, marking a 66% decline over two months. The massive fall in price has led to mass liquidations on the platform. The new liquidation mechanism went live on the platform in June. The new feature means stakers must keep ...
Synthetix Network Token's price has fallen from $7.5 at the start of September to $2.5 this week, marking a 66% decline over two months.
The massive fall in price has led to mass liquidations on the platform. The new liquidation mechanism went live on the platform in June. The new feature means stakers must keep a close eye on their assets because the liquidation delay has shortened from two weeks to three days. If a staker’s Collateral Ratio (C-Ratio) fall below 200%, then they will have three days to fix their C-Ratio before they are liquidated.
At the time of writing SNX is trading hands for $3.26 and is up 3.48%. The plummeted token price is for some an indicator of the fallout from DeFi summer. However, as Bitcoin's price continues to rally, DeFi tokens like SNX may begin to rebound.
By Emily Mason
Tags: DeFi,Synthetix
Link: Synthetix Liquidates SNX Holders As Investors Lose Interest In DeFi [Copy]
