What is Synthetix (SNX)? | Synthetix Network Explained In Under 60 Seconds #shorts
Synthetix network is a decentralized infastructure for derivatives trading in DeFi on Ethereum. It is powered by the Synthetix Network Token (SNX). With the creation of Synths (synthetic assets), traders can access a range of assets, such as commodities, fiat currencies and cryptocurrency.
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Staking is the process that converts the SNX token into pooled collateral for the network. This enables the creation of synthetic assets (Synths) by staking in SNX.
Synths have properties of ERC-20 tokens, and can be traded using Synthetix smart contracts. The derivatives liquidity enabled by Synthetix is already being used by many platforms & projects.
In 2021, Synthetix V3 will be launched which will represent a complete restructure of the Synthetix contracts. Synthetix V3 will solve the problem of removing legacy code & contracts through token holder migration.
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