SNX (Synthetix Token)

SNX, or Synthetix Token, is a cryptocurrency used within the Synthetix platform, a decentralized finance (DeFi) system. It functions as collateral that users stake to create and trade synthetic assets—digital representations of real-world assets like currencies, commodities, or stocks. These synthetic assets allow users to gain exposure to various markets without owning the actual assets. When users stake SNX, they earn rewards and fees generated by the platform. Essentially, SNX enables participants to access a wide range of financial instruments in a decentralized, blockchain-based environment, fostering liquidity and innovation in digital finance.