Short description
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets. The Synthetix platform enables the creation of on-chain synthetic assets (Synths) that track the value of assets in the real world. Some examples of assets that the platform supports are synthetic fiat currencies (sUSD, sAUD, sKRW, etc.), synthetic commodities such as gold (sXAU), as well as more complex assets such as equity indices.
Abstract
Synthetix is a decentralized protocol that enables the creation and trading of synthetic assets on the Ethereum blockchain. The protocol uses a dual token system to facilitate price stability and liquidity. The native token, SNX, is used to stake the network and mint synthetic assets, called Synths, which track the value of various real-world assets, such as fiat currencies, commodities, stocks, and cryptocurrencies. The fees from transactions within the protocol are used to reward SNX stakers and incentivize the creation of a diverse and balanced pool of Synths. Synthetix is secured by the blockchain and powered by smart contracts, enabling the development of a new class of decentralized financial products.