Let's take a look at Synthetix network token today.
This token may be a trading platform built on Ethereum. It allows the creation of world assets, like stocks and shares to be bought and traded using crypto. Synthetix began as a stablecoin, before pivoting to DeFi.
Synthetix could also be a derivatives liquidity protocol on Ethereum that allows the issuance and trading of synthetic assets.
A wide kind of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes.
How Synthetix works.
Synthetix is otherwise composed of a wise contract infrastructure and a gaggle of incentives that maintains Synth prices. it's underpinned by the price of the Synthetix Network Token (SNX).It acts as collateral; staking a proportional value of Synthetix network token required to mint Synths. Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity within the system. the worth of SNX is thus directly connected with the usage of the network it collateralizes.
This system or natural establishment allows Synthetix to support swift, near-frictionless conversion between different extract of Synths without the liquidity and slippage issues that other decentralized exchanges experience. The ensuing network of tokens assist a thorough set of use cases
which includes trading, loans, payments, remittance, eCommerce.
This Synthetix was originally under the name of Havven (HAV), it was launched in late 2017.
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Stick around guys.