|
Synthetix SNX |
BUY
|
|
£0.2261713 |
2.21 % (24h) |
|
|
Marketcap |
||
|
£77,919,683 |
||
|
Volume 24h |
||
|
£7,366,064 |
Description
Synthetix (SNX) is a decentralized liquidity provision protocol that enables the creation of synthetic assets, known as "Synths," which track the value of real-world assets. These Synths can represent everything from cryptocurrencies and fiat currencies to commodities like gold and even stocks. The SNX token is used as collateral to back the issuance of these assets, and stakers earn rewards from the trading fees generated on the Synthetix exchange. By bringing traditional financial instruments onto the blockchain, Synthetix provides a gateway for decentralized speculation and hedging.