Synthetix (SNX)USD

Synthetix is a decentralized finance protocol on Ethereum and Optimism that provides liquidity and infrastructure for trading synthetic assets and perpetual futures. Kain Warwick founded the project in 2017 as Havven, rebranding it to Synthetix in 2018. The SNX token sale ran from 28 February to 7 March 2018, with the token commonly recorded as launching in June 2018. Synthetix operates through smart contracts on Ethereum and Optimism, relies on Ethereum's proof-of-stake consensus, and SNX is an ERC-20 token with protocol logic handled entirely in smart contracts. The native token, Synthetix Network Token (SNX), is used to collateralize and mint synthetic assets, provide liquidity, earn a share of protocol fees, and participate in on-chain governance. Traders use Synthetix to get on-chain exposure to synthetic representations of cryptocurrencies, fiat currencies, commodities, and other instruments through its derivatives and perpetual futures infrastructure. The supply model has been historically inflationary with no hard immutable cap, though governance halted new issuance after total supply reached approximately 343 to 344 million SNX, with reported figures varying across data providers and chains.