Synthetix (SNX)

Synthetix is an Ethereum-based token trading platform that enables users to exchange ERC-20 tokenized representations and derivatives of various assets, including cryptocurrencies, stocks, currencies, precious metals, and more. The platform operates on a dual-token model using the primary token, Synthetix Network Tokens (SNX), as collateral to create new synthetic assets. These synthetic assets, known as ‘Synths,’ are designed to track real-world asset metrics, typically prices, allowing users to invest in those assets without physically holding them, similar to derivatives. Synthetix preceded Universal Market Access (UMA), another Ethereum-based project with a similar purpose.