sXAU to USD Price Chart

What is the current price of sXAU?

sXAU, or synthetic Gold, currently has a price of $ 2,542.41. Over the past 24 hours, its value has increased by +0.00%%.

What is sXAU?

sXAU is a synthetic asset, also known as a Synth, that tracks the value of Gold. It is part of the Synthetix network, a decentralized finance (DeFi) platform that allows users to trade synthetic versions of real-world assets on the blockchain. The value of sXAU is intended to mimic the price movements of Gold, giving investors exposure to the precious metal without the need to physically own it.

Who created sXAU?

sXAU is issued by the Synthetix platform, which was originally launched as Havven in 2017 before rebranding to Synthetix in 2018. The platform and its range of synthetic assets, including sXAU, were conceptualized and developed by Kain Warwick and the Synthetix team, with the intent to bring a variety of assets to the blockchain.

How does sXAU work?

sXAU works by utilizing a smart contract infrastructure on the Synthetix platform that allows it to track the price of Gold. When users buy sXAU, they are essentially holding a digital token that represents a claim on the value of Gold. As the price of Gold fluctuates, so does the value of sXAU. This is done without the need to physically handle or store the commodity, streamlining the investment process.

What is the Synthetix Network?

The Synthetix Network is a DeFi protocol that facilitates the creation of synthetic assets, known as Synths. These assets are collateralized by the Synthetix Network Token (SNX), which when staked, enables the issuance of Synths like sXAU. The network uses a combination of over-collateralization and a dynamic fee structure to maintain the stability of issued Synths and to ensure that they can be reliably exchanged for their target reference assets.

How Is the Price of sXAU Secured and Maintained?

The price of sXAU is secured and maintained by Synthetix's oracle mechanism, which feeds real-time price data of Gold into the platform. This data ensures that the value of sXAU reflects current market prices of Gold. To protect against volatility and to maintain price stability, the Synthetix system requires over-collateralization, meaning that the value of the SNX tokens locked in the system exceeds the value of sXAU in circulation.

How Much sXAU Is in Circulation?

The circulating supply of sXAU, like all Synths, can vary as these synthetic assets are minted and burned in response to trading activities on the Synthetix platform. The exact amount in circulation is determined by the demand by traders and the amount of SNX staked as collateral.

What Role Does sXAU Play in the Cryptocurrency Ecosystem?

As a synthetic representation of Gold, sXAU plays a significant role in bridging the gap between traditional financial markets and the cryptocurrency ecosystem. It provides cryptocurrency investors with the ability to diversify their portfolios with exposure to precious metals, which are often considered safe-haven assets, without the need to exit the blockchain environment.

How Can You Obtain sXAU?

sXAU can be obtained by participating in the Synthetix network. Users can trade other Synths or provide SNX as collateral to mint new sXAU through the platform's non-custodial exchange. It can also be traded on decentralized exchanges (DEXs) that support Synthetix assets.

Where Can You Trade sXAU?

sXAU can be traded on several exchanges. For the most current list of exchanges where sXAU is available, it is best to check the Synthetix website or the platform's own decentralized exchange. It is important to note that availability can change, so always refer to the most recent sources for up-to-date information.

View similar coins

sXAU Links