SNX is a utility token that serves as the native token of Synthetix, formerly named Havven.
Synthetix is an Ethereum-based protocol that allows users to create and issue synthetic assets, or Synths, which can be traded on supported decentralized exchanges.
Synths are essentially tokenized versions of traditional assets and derivatives, including fiat currencies, indexes, inverses, gold, other cryptocurrencies, and more. The values of Synths fluctuate based on the current price of the asset they represent.
What is Synthetix Network Token (SNX)?
SNX is used as collateral when minting Synths, which are created as ERC-20 smart contracts. Token holders can also choose to stake SNX to earn a portion of trading fees and interest, in effect, through inflationary monetary policy.
Finally, SNX serves as a governance token, as users stake the token to vote on governance proposals and nominate candidates for one of three decentralized autonomous organizations (DAOs) that govern Synthetix.
How to buy Synthetix Network Token (SNX) on Binance.US
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