What is SNX?

Modified on Thu, 16 Feb, 2023 at 11:55 PM

SNX or Synthetix is the DeFi platform where users can trade Derivatives that track the price of real-world assets without the need of a middleman or having to hold the actual derivative.
Launching in September 2017, the platform was called Havven at first, then its name and vision were changed during late 2018.


Synthetix is well-known as the biggest platform to gain exposure to derivative assets among the DeFi community.


The derivative assets that are listed on Synthetix are called Synths. They are the assets that track the price of real derivative asset, such as Forex (sUSD, sEUR, sAUD) Commodities (sOIL, sXAU, sXAG), as well as Cryptocurrencies (sBTC, sETH, sXRP), the list goes on.


Synthetix uses Data Oracle to accurately feed the price of real derivatives assets to the Synths on the platform in real-time.


By using Synthetix platform, the users can gain exposure or hedge in the derivative assets without having to hold a real derivative, allowing more investors, who initially might have trouble gaining access to such market, to participate in the market.


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