Synthetix is originally an Erc 20 based token. Created as a decentralized, synthetic asset platform, Synthetix includes stablecoins indexed to cryptocurrencies, fiat currencies, US stocks, commodities. Among them, there are currently 11 cryptocurrencies, one DeFi index, and 3 commodities. The value of non-cryptocurrency assets listed on the Synthetix platform is determined by the calculations of decentralized oracles, thanks to the partnership with Chainlink. The use of Synthetix Exchange continues to increase as confidence in decentralized finance and decentralized exchanges increases.
Synthetix (SNX) is the 92th most valuable cryptocurrency with a market cap of 1 billion 100 million USD. There are 1114,841,533.01 SNX in circulation, with a total of 215,258,834 SNX.
Its founders are Kain Warwick and Justin J. Moses. One is building Australia's largest cryptocurrency payment platform, while the other is an engineer with expertise in designing and deploying scaling systems. Synthetix Network offers a decentralized exchange service. This exchange can be accessed at https://synthetix.exchange/. Smart contracts on the stock market work with P2C, that is, peer to contract algorithm. Thus, a fast and easy connection can be established between smart contracts and users.
Two tokens owned by Synthetix Network are synthetic assets called Synthetix and Synths. All synthetic beings are Synths. These coins, which are locked as collateral, are used in transactions on the network in return for SNX staking. In exchange for staking, Synthetix is earned and transaction fees are reduced. Staking process is done in a flexible way. SNXs locked in this way can be withdrawn at any time. Likewise, it is necessary to lock SNX in order to trade in other parities. The management of all platforms belonging to Synthetix belongs to users who own SNX. Thus, developments can be made with smart contracts without being dependent on any central authority, and problems seen in the network can be solved by software developers working in the community.