What is Synthetix? Everything you need to know about one of the leading DeFi protocols
Synthetix (SNX) is one of the leading platforms in decentralized finance (DeFi). Synthetix itself is primarily a decentralized exchange but also a platform for the issuance of synthetic assets. The latter makes the project something special.
The platform enables users to issue and trade synthetic assets. In other words, digital assets that represent other real assets such as shares, fiat currencies, commodities, or cryptocurrencies. It also has a staking mechanism that provides incentives for users to provide liquidity to the platform.
The Synthetix protocol was originally conceived as early as 2017 by Kain Warwick. Warwick is currently also a Non-Executive Director of blueshyft, a network of over 1,200 retail locations in Australia.
But let’s roll the whole thing out from the beginning. This guide will explain what Synthetix is, how SNX token stacking works, and what synthetic products actually are.
What is Synthetix?
Put, Synthetix is an Ethereum-based deFi ecosystem that acts as a decentralized exchange (DEX) and as an issuer of assets. It is maintained through an incentive system in the…
