Synthetix

Synthetix is used for a variety of purposes, such as hedging against price fluctuations, gaining exposure to a diverse range of assets, and trading on the price movements of real-world assets without actually owning them. The platform currently supports synthetic fiat currencies, cryptocurrencies (long and short), and commodities. SNX holders are incentivized to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. The value of the SNX token is derived from the right to participate in the network and capture fees generated from Synth exchanges.