Synthetix snx
What is Synthetix?
Synthetix (SNX) is a decentralized synthetic asset protocol. SNX is the collateral token used to mint synthetic assets (Synths) that track real-world assets like currencies, commodities, and stocks.
What problem does Synthetix solve?
Synthetix enables trading of real-world asset exposure on-chain without holding the underlying assets. Users can access forex, commodities, and other markets through Synths.
How does Synthetix work?
SNX holders stake tokens to mint Synths like sUSD, sBTC, sETH. The protocol uses a pooled collateral model where all stakers share the debt pool. Stakers earn fees from Synth trades.
Key facts
- Ticker: SNX
- Synthetic asset protocol
- SNX collateral for Synths
- sUSD, sBTC, sETH Synths
- Pooled collateral model
Official links
Categories
Decentralized Exchange (DEX)Exchange-based TokensDecentralized Finance (DeFi)Yield FarmingDerivativesSynthetic IssuerAvalanche EcosystemPolygon EcosystemNear Protocol EcosystemFantom EcosystemHarmony EcosystemEthereum EcosystemOptimism EcosystemBase EcosystemDWF Labs PortfolioParadigm PortfolioCoinbase Ventures PortfolioIndex Coop Defi IndexEnergi EcosystemHuobi ECO Chain EcosystemGMCI DeFi IndexSyntheticGMCI IndexCoinbase 50 IndexGovernanceBase Native
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Frequently asked questions
What is Synthetix?
A protocol for creating and trading synthetic assets on-chain.
What is SNX used for?
Collateral to mint Synths and earn trading fees.
External trackers
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