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Marianne Beltran
4 min read

AAVE Trading and SNX Trading is Now Live on Coinhako!

Aave Trading (AAVE) and Synthetix Network Token Trading (SNX) in SGD, USD, VND and other tokens are now available on Coinhako.

AAVE Trading and SNX Trading is Now Live on Coinhako!

1. Trade AAVE and SNX directly with Singapore Dollars (SGD) 🇸🇬

With AAVE/SGD and SNX/SGD trading pairs available on Coinhako, and our Singapore users will be able to buy & sell AAVE and SNX in Singapore Dollars (SGD) when they fund their accounts with SGD.

2. Trade AAVE and SNX directly with Vietnamese Dong Trading (VNDT) 🇻🇳

With AAVE/SGD and SNX/SGD trading pairs available on Coinhako, and our Vietnam users will be able to buy & sell AAVE and SNX when they fund their accounts with VND.

3. Trade AAVE and SNX directly with US Dollars (USD) 🇺🇸

The AAVE/USD and SNX/USD trading pair prices AAVE and SNX against the United States Dollar (USD), and our Singapore users will be able to buy & sell AAVE and SNX when they fund their accounts with USD.

4. AAVE and SNX Swaps (Crypto-to-crypto trading)

Coinhako users will also be able to trade both AAVE and SNX with other cryptocurrencies that are supported in their countries, with our Swap function.

5. Coming SOON: AAVE and SNX wallet for all

With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store both AAVE and SNX.

6. Get the latest AAVE coin news and and SNX coin news on Coinhako 🚨

As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.

The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on the other top DeFi projects, like uniswap, polkadot, band protocol, as well as AAVE and SNX.

What is Aave?

🤔 Fun fact: Aave actually means “ghost” in Finnish! But don’t worry, Aave is here to stay and won’t be floating away anytime soon.

Inspired to increase the number of lending protocols on the Ethereum network, Stani Kulechov created a protocol called ETHLend in November 2017. It was later rebranded as Aave, and is an open-source decentralised finance protocol that facilitates the borrowing and lending of crypto.

👉 Try AAVE Trading Now

People who want to provide liquidity make a deposit and earn a passive income from the interest earned, while borrowers can use their crypto as collateral to take out a loan.

Aave facilitates the borrowing and lending of over 20 cryptocurrencies, offering users a plethora of choices. Aave is also flexible in allowing its users to switch between fixed and variable rates; while fixed rates are a popular choice during periods of market volatility, variable rates may work better if prices appear like they are going to fall.

What is the AAVE token?

The AAVE token serves as a governance tool for the network, empowering community governance by allocating voting rights to token holders.

Out of the total supply of 16 million AAVE, nearly 12.4 million are already in circulation. During its initial coin offering in November 2017, the project raised funds by selling 1 billion AAVE for $0.0162 each.

AAVE reached its all-time-high on 10 Feb 2021 at $559.12.

At the time of writing, AAVE was trading for $425.98 USD on Coinhako.

What is Synthetix?

Similar to AAVE, the Synthetix protocol is a decentralised synthetic asset issuance protocol built on the Ethereum network.  Synthetix was founded by Kain Warwick, who built Relaypay, one of the biggest crypto payment getaways in Australia, before working on the protocol.

To understand how the protocol functions, you should get acquainted with two important terms -

  1. SNX: Synthetic Network Token
  2. Synths: Synthetic assets.

👉 Try SNX Trading Now

The native token of the network - Synthetic Network Token (SNX),  serves as collateral for the synthetic assets. The SNX is locked up in contracts, which enable the issuance of synthetic assets (Synths). Synths help users to hedge and reduce their risk, gain access to unavailable assets or markets, without them even holding the underlying asset.

Users are offered incentives to stake their tokens and mint Synths, and are paid a pro-rated portion of the fees generated through activity on Synthetix. For example, whenever someone  swaps one Synth to another, the trade incurs an exchange fee that is sent to a fee pool. SNX stakers can then claim their portion share each week.

Synthetix was originally governed by the Synthetix Foundation, a not-for-profit foundation based in Australia, but in 2020 it shifted control to three decentralized autonomous organizations (DAOs).

What is SNX?

Synthetic Network Token is the native token of the Synthetix network. SNX is used as a collateral for Synths, and are also awarded to users as rewards for using the Synthetix protocol.

SNX currently ranks #29 among all cryptocurrencies with a market cap of $2,825.172.221.

At the time of writing, SNX was trading for $23.34 USD on Coinhako.

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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.