Question 1

Has the iTRX price changed today?

Accepted Answer

As a tracking website, we provide up-to-date information on cryptocurrency prices. You can check the current price, 24-hour change, and other real-time metrics for iTRX on our platform. Given the volatile nature of cryptocurrencies, prices can fluctuate significantly within a short period.

Question 2

What Is iTRX?

Accepted Answer

iTRX is a synthetic asset provided by Synthetix, a decentralized finance (DeFi) protocol that allows for the creation of on-chain synthetic assets that track the value of real-world assets. Synthetix enables users to mint, trade, and hold synthetic assets (known as Synths) that mimic the value of external resources such as fiat currencies, commodities, stocks, and other cryptocurrencies. iTRX, specifically, is designed to track the price of TRON's native token, TRX, in an inverse manner.

Question 3

How does Synthetix allow trading of synthetic assets like iTRX?

Accepted Answer

Synthetix allows users to create and trade synthetic assets using a system of collateralization. To mint Synths like iTRX, users need to lock up collateral in the form of SNX, the native token of the Synthetix platform. Once collateralized, they can trade their Synths on the Synthetix Exchange or other DeFi platforms. Unlike traditional exchanges, the Synthetix Exchange does not require an actual buyer and seller. Instead, it utilizes smart contracts to enable peer-to-contract trades.

Question 4

What Makes iTRX Unique?

Accepted Answer

iTRX stands out as it represents an inverse synthetic asset, meaning its price moves in the opposite direction to the price of the underlying asset it tracks, TRON's TRX. iTRX is beneficial for users looking to hedge their exposure to TRX or those who anticipate a decrease in TRX's value. As with other Synths, iTRX trades on the blockchain and can be converted into other Synths, offering a seamless and decentralized trading experience.

Question 5

How Is the iTRX Secured on the Synthetix Network?

Accepted Answer

Security on the Synthetix Network is upheld by smart contracts, the collateralization of SNX tokens, and a decentralized network of nodes. The Synthetix protocol incentivizes SNX holders to stake their tokens and support the collateralization ratio required to maintain the integrity and stability of the synthetic assets. In the event of fluctuations in SNX value, the protocol adjusts to ensure that all Synths, including iTRX, are fully backed.

Question 6

How Much iTRX Is in Circulation?

Accepted Answer

The supply of iTRX, as with other synthetic assets on the Synthetix network, is not capped and depends on the amount of SNX collateral locked within the system. It fluctuates as users mint and burn iTRX in response to market conditions and trading activity. Most accurate and current data on iTRX’s circulation can be found directly on our site.

Question 7

What is the role of iTRX within the DeFi ecosystem?

Accepted Answer

iTRX, as a synthetic asset, provides traders and investors within the DeFi ecosystem a tool for exposure to TRX's price movements without holding the actual TRX token. This enables participants to engage in price speculation or hedging, contributing to a more comprehensive and diversified DeFi landscape.

Question 8

Where Can You Buy iTRX?

Accepted Answer

iTRX and other synthetic assets created by Synthetix are typically available for purchase on the Synthetix Exchange. Additionally, since they are interoperable within the Ethereum network, they may also be traded on decentralized exchanges (DEXs) that support Ethereum-based assets. For a list of specific exchanges where iTRX is currently available, please refer to the latest data provided on our platform.

Question 9

How to Keep Your iTRX Safe?

Accepted Answer

Keeping your iTRX safe involves standard practices for securing cryptocurrencies. Utilize reputable hardware or software wallets that support Ethereum-based assets. Always keep your private keys secure and make backups of your wallet's recovery phrase. Enable two-factor authentication (2FA) where possible and stay vigilant against phishing scams and fraudulent websites.

Convert ITRX to GBP

Try our Crypto Pro app