Synthetix
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Information about Synthetix (SNX)
Synthetix is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. Synthetix gives users access to a wide range of crypto and non-crypto assets. Specifically, this protocol provides users with access to highly liquid synthetic assets. It helps users track and profit from those assets without requiring the user to hold that property.
The Synthetix platform has helped expand the crypto space by introducing non-blockchain assets that access a more robust financial market.
SNX is a token that works within the Synthetix platform and is used as collateral to make it easier for users to buy/own other synthetic assets available on Synthetix. In addition, SNX is also used for the following purposes:
- Stake: Users can participate in staking assets and receive rewards paid in SNX.
- Shared transaction fees are generated on some operations of the Synthetix platform.
- Used to lock up as collateral to issue synthetic assets to the market.
- Used to pay transaction fees on the Synthetix DEX exchange.
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