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Synthetix is a decentralized platform on Ethereum for the creation of Synths: on-chain synthetic assets that track the value of real-world assets. Born as stablecoin project Havven, Synthetix rebranded and expanded its scope prior to launching on mainnet in February 2019. The Synthetix platform supports over 30 Synths representing fiat currencies, commodities (e.g., gold), and cryptoassets. Stocks, indices, and other derivatives are planned. Synthetix has a native token called SNX. Holders can lock in collateral such as SNX to mint Synths, which are freely tradeable ERC20 tokens. Transaction fees from Synths exchanged on Synthetix’s non-custodial DEX go to SNX holders/Synth minters, incentivizing Synth creation and giving value to the underlying collateral (i.e., the SNX token).
The best place to interact with the Synthetix Network is Mintr, where you can mint and burn Synths, collect fees, and more.