Synthetix SNXPrice $ 0.588

Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). Synthetic assets, and associated products, are collateralized by stakers via Synthetix Network Token (SNX), which when locked in a staking contract enables the issuance of synthetic assets (synths). This pooled collateral model allows users to perform conversions between synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEXs. 

Synthetix currently supports a wide range of products enabled by this pooled collateral model. These products include Perpetual Futures and Spot Synths. These products serve as the base layer of liquidity for integrators to build novel financial derivatives.

SNX holders are incentivized to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix by integrators. They are also incentivized with SNX inflation.