What is SynthetiX and how do I trade synths?

You can trade Synths — which range from cryptocurrencies, indexes, inverses, and real-world assets like gold — on Kwenta, Synthetix’s decentralized exchange (DEX). Synthetix’s native token, the Synthetix Network Token (SNX), is used to provide collateral against Synths that are issued.

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 is SynthetiX (SNX)?

The Synthetix platform was primarily created for users to trade Synths. Holders of Synths can go long on an asset – bet the price will increase. Or they can short an asset – bet the price will decrease. By staking SNX, holders can create new Synths, collect rewards, and watch their holdings grow.

Who is the SynthetiX project?

The leader of the Synthetix project is Kain Warwick, who built Australia’s largest cryptocurrency payment platform prior to starting work on Synthetix. Synthetix Team.