iXTZ price is $1.28
As of now, the price of iXTZ is $ 1.28. Over the past 24 hours, the price has increased by +0.00%%. Please note that cryptocurrency prices are highly volatile and can fluctuate within very short periods.
iXTZ is a synthetic asset, also known as a "synth," that tracks the price of Tezos (XTZ) within the Synthetix platform. Synthetix is a decentralized finance (DeFi) protocol that enables the creation of on-chain synthetic assets that track the value of real-world assets like currencies, commodities, and other cryptocurrencies.
Synthetix was originally launched as Havven in 2017 by Kain Warwick and has since evolved to become one of the fundamental DeFi platforms in the cryptocurrency space. The team behind Synthetix is composed of experienced professionals in both the traditional finance and cryptocurrency industries.
Synthetix allows users to mint synthetic assets like iXTZ by staking the native token of the Synthetix network, SNX. When you stake SNX, you can mint synths, which can be traded on the Synthetix exchange or used in various ways in the DeFi ecosystem. iXTZ, in particular, is a synthetic version of Tezos and mirrors its price movements without requiring ownership of actual XTZ tokens.
Synthetix is unique because it provides access to a wide range of synthetic assets, enabling exposure to various asset classes without having to hold the underlying assets. This means users can trade and invest in assets like gold, stock indices, and other cryptocurrencies through the Synthetix platform just by holding SNX and minting synths.
The Synthetix network is secured through the Ethereum blockchain, as it is built on top of this platform. Ethereum provides a secure and decentralized environment. The security of Synthetix is further enhanced by the use of smart contracts that handle the staking, minting, and trading of synthetic assets.
The circulating supply of iXTZ is not fixed and can vary as it is a synthetic asset that is minted and burned based on the trading activities within the Synthetix network. The supply corresponds to the amount of iXTZ that has been minted by stakers and is currently available in the market.
iXTZ maintains its peg to the price of Tezos through the use of price oracles that feed real-time price information into the Synthetix system. The platform's smart contracts use this information to ensure that the value of iXTZ remains in line with the current market price of Tezos.
You can purchase iXTZ on the Synthetix exchange and other platforms where Synthetix assets are supported. To trade synthetic assets within the Synthetix ecosystem, users typically need to hold SNX tokens, which are used as collateral.
Storing synthetic assets like iXTZ safely is similar to storing any cryptocurrency. The best practice is to use secure wallets, such as hardware wallets or reputable software wallets, and ensure you follow all recommended security procedures, such as keeping your private keys offline and using two-factor authentication where available.
As synthetics, assets like iXTZ are generally purchased through the Synthetix exchange or other DeFi platforms that support synthetic assets. Trading synthetic assets typically requires a wallet compatible with Ethereum, as Synthetix is built on the Ethereum network. Always make sure to use well-known and respected exchanges for your transactions.
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