Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets.
Traders and other market participants can gain on-chain exposure to a variety of assets without slippage on the Synthetix exchange.
SNX tokens are used to earn exchange fees for collateralizing the protocol. SNX tokens can be staked on Mintr. In addition, network statistics are open to public.
In the Synthetix protocol, collateralized assets are combined together to act as a counterparty debt pool to all minted assets (e.g., synthetic assets like sUSD and sBTC). It allows users to trade synthetic assets directly without the need for direct counterparties while solving liquidity and slippage issues.
As of July 9th 2020, Synthetix is one of the largest DeFi protocols on Ethereum based on total net asset locked value; its on-chain collateral is worth more than $350 million.