Overview

$SNX Synthetix is a decentralized finance (DeFi) platform that provides liquidity for a range of permissionless derivatives, including perpetual futures, options, and parimutuel markets, across Ethereum Virtual Machine (EVM) compatible chains. The platform features a set of composable and decentralized smart contracts. Users can stake collateral via the Synthetix staking decentralized application (dApp) to contribute liquidity to the ecosystem, earning weekly inflation incentives and trading fees. The Synthetix protocol is governed by decentralized representative councils, elected by stakers.

History

Synthetix is a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. These synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Synthetix Exchange without liquidity limitations. Previously, this project was launched as Havven (HAV), a decentralized stablecoin protocol. The published white paper still refers to the previous project, Havven.

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