What is Synthetix ? | All about Synthetix in Short | Crypto Currency Synthetix

What is SYNTHETIX?

Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.

When was SYNTHETIX invented ?

The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.

Importance of SYNTHETIX?

Synthetix is a decentralized exchange (DEX) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset. The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.

Future of SYNTHETIX?

Synthetix (SNX) forecast since then has started hovering towards optimism rather than pessimism. The future price predictions for the token for this whole year remain quite encouraging, stating that the price of Synthetix might jump to about $28 by the end of 2021.

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