Synthetix is a decentralized finance (DeFi) protocol that enables the creation and trading of synthetic assets on the blockchain.

Synthetic assets, known as Synths, track the value of real-world assets such as cryptocurrencies, fiat currencies, commodities, and indices. This allows users to gain exposure to various assets without directly owning them.

The platform uses its native token, SNX, as collateral to issue Synths and secure the network. Synthetix plays a key role in the DeFi ecosystem by providing liquidity and infrastructure for decentralized derivatives trading.