What is SynthetiX (SYNT)?

Analogous to derivatives in legacy finance, synthetic assets are financial instruments in the form of ERC-20 smart contracts known as “Synths” that track and provide the returns of another asset without requiring you to hold that asset. Synthetix is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain.

What is SynthetiX network token?

The system uses two types of tokens–the main Synthetix Network Token (SNX) and synthetic assets or Synths. The system is similar to MakerDAO ’s where ETH is locked up to create DAI.

What are SynthetiX’s synthetic cryptocurrency indexes?

Synthetix also offers two synthetic cryptocurrency indexes: sDEFI, which tracks a basket of DeFi assets, and sCEX, which tracks a basket of centralized exchange tokens. Both asset baskets were selected through community governance.

What is SynthetiX (MKR)?

Holding a Synth is not the same as holding an asset. For example, a synthetic MKR token is the same price as a “real” MKR token, but without the voting rights an actual MKR token holder would have. This system allows users to bet on the price of an asset without holding the actual asset. Who Invented Synthetix?