Synthetix Network Token (SNX) Crypto Exchange
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What is Synthetix Network Token (SNX)
Synthetix is a protocol for the creation and trade of digital assets. Like many other DeFi projects, it is based on the Ethereum network. The network was founded in 2018 by Kain Warwick and is designed to support a limitless number of commodities. Synthetix was initially called Havven and aimed to create assets that would mimic the performance of both fiat and crypto assets.
To understand how to create an asset and give it value, one must first understand how the Synthetix network works. The network functions relying solely upon code and does not utilize any financial intermediaries. For one to make a digital product, they first have to offer collateral in the native token called SNX. The number of synths that one can offer must be equal to the number of tokens that they are willing to stake. This ensures that the collective pool of holders acts as a counterparty to the deal when converting minted synths to any real-world asset. Synths mimic assets’ performances with the help of oracles that provide data on assets’ gains or losses.
On July 19th, 2022, the Synthetix network announced that the sUSD bridge has been enabled. The said bridge allows users to transfer sUSD between the mainnet and Optimistic Ethereum. Optimistic Ethereum is a Layer-2 blockchain that benefits from Ethereum’s security but reduces its costs and latency.