Synthetix

Synthetix (SNX) is a DeFi (Decentralized Finance) ecosystem based on the Ethereum blockchain that functions as a decentralized exchange (DEX) and an issuer of synthetic assets.

Synthetix is more than a collection of smart contract operations on the Ethereum blockchain. Kain Warick conceptualized the protocol in 2017 for a platform to issue and trade in synthetic assets. Its assets, or Synths, are developed to mimic real currencies as the code allows synth creation for various assets like gold, silver, and even fiat currencies.