What is sUSD Synths and other synthetic assets on Synthetix ?
sUSD Synths and other synthetic assets on Synthetix are digital assets that are created using the Synthetix Network Token (SNX).
These synthetic assets are designed to track the value of real-world assets, such as stocks, commodities, and currencies. sUSD is a synthetic asset that is pegged to the US Dollar, meaning it will always have a value of 1 USD. Other synthetic assets on Synthetix include sBTC (a synthetic asset pegged to Bitcoin), sETH (a synthetic asset pegged to Ethereum), and many more.
The Synthetix Network Token (SNX) is used to create these synthetic assets. When users create a new synth, they must lock up SNX tokens in order to mint the new synth. This creates an incentive for users to hold SNX tokens, as they can use them to create new synths and earn rewards from trading fees.
The SNX token also provides holders with access to governance rights on the platform, allowing them to vote on important decisions related to the network.
