What is Synthetix?

Symbol: SNX · Market cap rank: #246

Short answer

Synthetix (SNX) is a cryptocurrency currently ranked #246 by market capitalisation.

Source: isthiscoinascam.com

Overview

Synthetix is a decentralized perpetual futures protocol on Ethereum Mainnet. It uses a hybrid architecture with off-chain order matching on a high-performance CLOB and on-chain settlement, aiming to keep custody and finality on Ethereum.

Liquidity is provided by the Synthetix Liquidity Provider (SLP) vault and backstopped by staked SNX collateral. This collateral underwrites the issuance of the sUSD stablecoin and the solvency of the SLP vault.

Scam-risk analysis

Synthetix is rated BBB on isthiscoinascam.com. Is Synthetix a scam?

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