Like most of its counterparts, Synthetix is a cryptocurrency built up on top of Ethereum’s blockchain, and it has its own token (SNX). Because of this, the decentralized finance (DeFi) project and protocol may appear more frequently at ETH casinos than you might imagine. Is it a good cryptocurrency to use at top crypto casinos, though? Join us as we explain what you can expect at Synthetix casinos here today.
We’ll begin by introducing you to a handful of trusted SNX casinos right here. These include:
Synthetix Network (SNX)
Synthetix began life as Havven (HAV) when it first appeared on a white paper. When it underwent a brand name change is unclear, but today, Synthetix gets its name from its role as a decentralized synthetic asset platform. It is built on top of Ethereum’s blockchain and uses SNX (Synthetix Network Tokens) as its cryptocurrency. Those tokens act as collateral in smart contracts, while oracle technology tracks the value and price movements through those smart contracts.
Synthetix isn’t limited to one type of asset. It permits the trading of synthetics (or synths), decentralized assets, cryptocurrencies, FIAT currencies, and commodities. That’s great if you’re a regular user of Synthetix, but not necessarily a selling point for crypto casinos.
Synthetix Casinos are in short supply and include each and every cryptocurrency casino where the Ethereum-based SNX token can be used to deposit. However, we should stress that this token cannot be used to wager on games in most cases. Therefore, don’t be surprised to see casino bonuses and/or wagering done in other cryptocurrencies. How? Most SNX casinos will convert your deposit. Whether they convert it back to SNX for withdrawals is up for debate and depends on where you play.
Synthetix has an SNX token that can be used to deposit (and, in some cases, withdraw). However, we haven’t seen instances yet where SNX can be used to wager on games. The main reason for this is that SNX is mainly used as collateral, not an actual currency. This isn’t going to be music to the ears of some crypto gamblers, but that’s the reality of this situation.
There are a few perks to making use of Synthetix at online casinos, and these include the following:
Synthetix uses oracle tech, and it makes use of this to track the price movements of smart contracts. In fact, we’d argue that Synthetix could be at the forefront of this when it comes to DeFi. However, it may be too early to stand by that.
Because SNX is built on top of Ethereum’s blockchain, you shouldn’t have much trouble familiarising yourself with it. If you’ve used any ETH-based crypto before, you’ll know what to expect here.
If you’re looking for drawbacks, we only found two, and they include:
At present, Synthetix is still under development and is very much an experimental cryptocurrency. Therefore, there are some aspects that SNX should be capable of but that just aren’t up and running yet.
While Synthetix can be a comfort to some users because it is based on the Ethereum blockchain they know and trust, that can also be a drawback. It may not quite differentiate itself enough to give you a reason to switch from, say, Ethereum or another ETH-based token to Synthetix.
You’re going to find it challenging to find SNX casinos. Here is what you need to know:
While limited in number, the following crypto casinos do accept deposits made using SNX:
To begin betting with Synthetix at crypto casinos today, you’ll need to acquire SNX. Here’s how you can do that:
Synthetix is an interesting option if you want collateral-issued coins, but it isn’t quite ready to take the casino world by storm. There are many other Ethereum blockchain-based altcoins that are far more convenient for gambling.
You’re going to have a hard time finding games that permit SNX wagers.
We’d say no. We didn’t find any live dealer games accepting SNX stakes.
Again, we’d say no. At least, we didn’t see any, and we did an in-depth check.
Security doesn’t seem to be an issue with Synthetix. We’d say that this is a safe option.
There are fees associated with SNX, but they are small, at just 0.3% of the transaction cost.