Synthetix is a decentralized trading ecosystem. It is built on the Ethereum blockchain as an asset issuance protocol, where users can create “synthetic” versions of stocks, crypto, or other financial instruments through smart contracts. There is an exchange as well as a decentralized application (dApp) to facilitate trading of the instruments issued on Synthetix.
In order to participate in the Synthetix network, a user must stake their native token, SNX. SNX is ERC20 compliant.