|Market Cap||$ 34.8M|
|Volume 24h||$ 0.3M|
As of the latest data, the price of sETH $ 2,252.55, which has increased by +4.24% in the past 24 hours. The trading volume for the same period is 0.3M.
sETH is a synthetic asset issued by Synthetix, a decentralized platform that allows users to trade synthetic instruments. Synth sETH in particular is designed to track the price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain, through price feeds supplied by an oracle. This means that holding sETH is similar to having exposure to the price movements of Ether without needing to own the actual cryptocurrency.
Synthetix, the platform behind sETH, was originally created as Haven, and later rebranded to Synthetix. The team responsible for Synthetix has not been made public, but it is known that Kain Warwick is one of the main individuals behind its inception. Warwick and his team aim to offer a wide range of synthetic assets (Synths) on their decentralized finance (DeFi) platform, which include fiat currencies, commodities, and other cryptocurrencies.
sETH works by allowing users to mint new sETH tokens through the Synthetix platform by locking up Synthetix Network Tokens (SNX) as collateral. sETH's value is tied to the value of Ether through the use of oracles, which are third-party services providing accurate price feeds. Trades between sETH and other Synths are enabled on the Synthetix Exchange without the need for an intermediary or the physical exchange of the assets, providing a frictionless trading experience.
sETH is a unique offering in the DeFi space as it replicates the price movements of Ether. It allows investors to gain exposure to the price of Ether without the technical requirements of holding the actual cryptocurrency. Additionally, sETH can be used within the Synthetix ecosystem for various functions, such as collateral for loans or for providing liquidity.
The price feed of sETH is secured through the use of oracles. Oracles are services that feed reliable real-world data to blockchains that smart contracts can access and use. In the case of Synthetix, they use Chainlink as their primary oracle solution to ensure that the sETH price mirrors the real-time price of Ether accurately and securely.
The circulating supply of sETH adjusts in response to market demands and the number of sETH that users mint or burn. The supply mechanism is dynamic since it depends on the amount of SNX collateralized and the fluctuations of Ether's price. As of now, there are 15.4K sETH tokens in circulation.
With the provided data, the market capitalization of sETH is $ 34.8M. This puts sETH at a market cap rank of #615 in the cryptocurrency market.
sETH is a synthetic representation of Ether and thus, its role as a store of value is closely tied to the perception of Ether itself. However, sETH is primarily used as a trading instrument within the Synthetix ecosystem and may not be commonly viewed as a long-term store of value like traditional cryptocurrencies.
The Synthetix platform and, by extension, sETH, are governed by a decentralized community of SNX token holders. Proposals for changes can be put forward by any community member and voted on by SNX holders. The decisions include changes to the protocol, upgrades, and fee structures, among others.
sETH can be purchased on various cryptocurrency exchanges, including but not limited to the ones listed in . Prospective buyers should ensure that they are using reputable platforms and adhere to local regulations regarding cryptocurrency trading.
To keep your sETH safe, it is recommended to use hardware wallets or reputable software wallets that provide strong security measures. As with any cryptographic assets, keeping your private keys secure and offline when not trading can help reduce the risk of theft through hacking. Always make sure to follow best practices for digital asset security.
sETH can be bought as mentioned on various cryptocurrency exchanges found in the list . Always ensure you're dealing with an exchange that supports Synthetix assets and offers a reliable trading platform.