iETH price is $775.59
As of the latest update, the price of iETH ($ 775.59) has increased within the last 24 hours. It's important to check a reliable cryptocurrency tracking website for the most current price, as the crypto markets can be very volatile.
iETH is a synthetic asset, known as a Synth, which is provided by the Synthetix platform - a decentralized finance (DeFi) protocol built on the Ethereum blockchain. iETH specifically represents an inverse exposure to the price of Ethereum, meaning that it is designed to perform inversely proportional to Ethereum’s price movements. For instance, if Ethereum's price decreases, iETH's price is intended to increase, and vice versa.
iETH works using a unique mechanism within the Synthetix ecosystem. Synthetix allows users to mint, trade, and burn various Synths, which are synthetic assets that track the prices of real-world assets. Users can mint iETH by providing collateral in the form of SNX tokens, which is the native token of Synthetix. The Synthetix protocol uses smart contracts on the Ethereum blockchain to ensure that the price of iETH inversely tracks the price of Ethereum in real-time.
The uniqueness of iETH lies in its ability to provide inverse exposure to Ethereum’s price. This offers users a way to hedge against Ethereum's price volatility without needing to directly short the asset, which can be complex and risky. Additionally, because iETH is a synthetic asset, it's not subject to some of the liquidity and slippage issues found in traditional trading environments.
To mint iETH, users must lock up SNX tokens as collateral on the Synthetix platform. The collateralized SNX allows users to participate in the creation of synthetic assets that represent both fiat currencies, commodities, other cryptocurrencies, and inverse assets like iETH. Once minted, iETH can be traded on the Synthetix Exchange or other platforms that support Synths, allowing for straightforward access to inverse market exposure.
Synthetix is a comprehensive DeFi platform that includes an array of Synths representing various assets. iETH is a part of this broad spectrum of synthetic assets. The ability to trade Synths seamlessly and without the need for counterparties is a significant advantage that Synthetix has brought to the DeFi space. Users in the Synthetix ecosystem can move between different Synths, including iETH, providing versatility and opportunities within the synthetic asset space.
The current market capitalization of iETH ($ 60.0K) puts it at a rank of #1 in the cryptocurrency market. Remember that market cap is a dynamic metric, reflecting the total market value of iETH and can fluctuate with changes in the price and circulating supply.
The circulating supply of iETH is 77.3. This number is subject to change as users mint and burn tokens within the Synthetix ecosystem. The total supply of iETH could be different from the circulating supply depending on how the Synthetix platform manages its assets and any imposed limits or functionalities particular to iETH.
You can purchase iETH on various exchanges where Synths are supported. are some of the platforms that list iETH for trading. Always ensure you are using a trusted and secure exchange when buying or trading cryptocurrencies.
Protecting your iETH involves proper digital asset security practices. Always store your assets in a reputable wallet, consider using hardware wallets for higher security, and ensure that you're following safe protocols when interacting with DeFi platforms. Be cautious of phishing attempts and keep your private keys secure and offline whenever possible.
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