Synthetix is a DeFi protocol built on Ethereum that offers synthetic assets (synths), allowing users to gain exposure to crypto and non-crypto assets without holding the actual assets.
Founded by Kain Warwick, it was initially launched as Havven (HAV) in 2017 and later rebranded to Synthetix. The platform functions as a DEX and synthetic asset platform, letting users trade synths automatically.
SNX tokens are used as collateral for minting synths and can be staked to earn a share of trading fees. Synthetix uses price oracles to track asset values and recently moved to Optimistic Ethereum to reduce gas fees and latency.
Reference: CoinMarketCap