Synthetix

About

Synthetix is a decentralized finance (DeFi) protocol that enables the creation and trading of synthetic assets on the Ethereum blockchain. Founded by Kain Warwick, it originally began as Havven before rebranding to Synthetix in 2018. The platform allows users to mint new crypto assets that mimic real-world assets like the U.S. dollar and cryptocurrencies like Bitcoin. These synthetic assets, known as "Synths," track the value of their underlying assets using decentralized oracles for price feeds. Synthetix operates using its native token, SNX, which is used as collateral to issue these synthetic assets. Users can trade Synths on Kwenta, Synthetix's decentralized exchange, or other DeFi platforms like Curve and Uniswap. The protocol is governed by decentralized autonomous organizations (DAOs), allowing SNX holders to participate in decision-making. Synthetix has expanded to the Optimism Layer 2 network, enhancing scalability and efficiency. It provides exposure to a wide range of assets, including commodities and currencies, without requiring direct ownership of the underlying assets.