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1 SNX =
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What is Synthetix?
Synthetix is a token which enables its users to bet on cryptocurrency assets, currencies, precious metals, stocks and other real world assets. SNX tokens or "Synths" are able to copy the price of an asset in the "real world" and then bring the asset onto the Ethereum blockchain by utilising the ERC20 token.
Like traditional CFD's, holding a Synth or SNX token is not the same as holding the asset. An example of this could be holding a synthetic UNI token, the price here is the same as a "real" UNI token but without the voting rights a real token holder would have. This protocol enables users to be able to speculate on the price of an asset without holding the actual asset.