What is Synthetix Token (SNX)?
Synthetix (SNX) is a decentralized finance (DeFi) protocol that allows for the issuance and trading of synthetic assets. Launched in 2018, it enables users to gain exposure to a variety of assets, including cryptocurrencies, stocks, and commodities, within the Ethereum blockchain. SNX, its native token, is used to collateralize these synthetic assets.
Synthetix stands out for enabling access to non-blockchain assets in a decentralized environment, diversifying the possibilities within the DeFi space. The protocol has been pivotal in expanding the scope and accessibility of DeFi, allowing for more complex financial operations.