Synthetix Network price

Synthetix is a crypto-backed synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX) locked into a smart contract as collateral. Synths track the prices of real-world assets, allowing crypto-native or unbanked individuals to access the values of non-crypto assets. They can be used as stable mediums of exchange or traded at Synthetix Exchange. All Synth trades and transfers generate fees, which are distributed to SNX holders as reward for providing collateral.