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, launched first USD pegged stablecoin in June 2018. Havven rebranded as Synthetix and expanded its scope to a synthetic asset platform launching on mainnet December 2018. As of June 2019, the Synthetix platform supports over 20 Synths representing fiat currencies, commodities (e.g., gold), and cryptoassets. Stocks, indices, and other derivatives are expected to be added soon. It is one of the only platforms that supports shorting some tokens via the Synthetic inverse tokens such as iMKR, iXTZ, iBNB, iETH, iBTC
How Synthetix Works
Synthetix has a native token called SNX. Holders can lock SNX as collateral to mint Synths, which are freely tradeable ERC20 tokens. Trading fees from Synths exchanged on Synthetix’s non-custodial DEX (Synthetix.Exchange) go to SNX holders/Synth minters, incentivizing Synth creation and giving value to the underlying collateral (i.e., the SNX token).