Harmony Ecosystem, Derivatives, Avalanche Ecosystem, Decentralized Exchange (DEX), Synthetic Issuer, Polygon Ecosystem, Fantom Ecosystem, Yield Farming, Decentralized Finance (DeFi), Governance, Exchange-based Tokens, Ethereum Ecosystem, Optimism Ecosystem
About Synthetix Network
Synthetix Network Token (SNX) is a decentralized finance (DeFi) protocol built on the Ethereum blockchain.
It is an open-source, permissionless platform that enables users to create and trade synthetic assets, also known as Synths. Synths are digital tokens that track the price of real-world assets such as stocks, commodities, and currencies. SNX holders can use their tokens to mint Synths and earn fees from trading activity on the Synthetix Exchange.
The Synthetix Network Token is used to pay fees for trading and minting Synths, as well as to reward users who provide liquidity to the platform. SNX holders also receive a portion of the platform’s transaction fees in the form of rewards. The Synthetix Network Token is an ERC-20 token and can be stored in any Ethereum wallet.