Synthetix (SNX) is a decentralized financial protocol (DeFi) that provides on-chain services for a wide variety of crypto and non-crypto assets. This protocol uses the blockchain. Ethereum and provides users with access to highly liquid synthetic assets (synths). Synths track and return on underlying assets without having to directly hold the asset.
Essential details:
- Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset.
- The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
- SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract.
- The SNX token is compatible with ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus.
- Maximum supply 215,258,834 SNX