What is Synthetix Network Token (SNX)?
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 is the native token of the Synthetix protocol and is used to pay for transaction fees on the platform.
It also serves as collateral for users who want to mint Synths. SNX holders can also stake their tokens in order to earn rewards in the form of additional SNX tokens. These rewards are distributed proportionally based on how much SNX each user has staked.
The Synthetix protocol is designed to be a trustless and permissionless platform that allows users to access a wide range of financial products without having to rely on centralized intermediaries or custodians. The protocol also provides users with access to a wide range of synthetic assets that can be used for hedging, speculation, and other financial activities.
