Kriptoks

Synthetix (sUSD) is a decentralized protocol that allows for the issuance and trading of synthetic assets, known as Synths, on the Ethereum network. These synthetic assets are created by staking crypto assets as collateral, and can represent various real-world assets such as commodities, equities, and currencies.

The Synthetix platform aims to provide a more accessible way for users to trade, borrow, or stake a variety of assets, by creating digital stablecoins that are tied to the price of real-world assets. One such stablecoin is sUSD, which is pegged to the US dollar, and aims to maintain a balance of supply and demand to reflect the underlying asset's price.

Apart from cryptocurrencies, Synthetix also seeks to include synthetic assets of various non-crypto assets such as oil, EUR, USD, Amazon, Tesla, gold, silver, and Netflix, all based on blockchain technology. Synthetix Network Token (SNX) is the native ERC-20 token of the Synthetix platform, which is used to collateralize synthetic assets and issue them through smart contracts.

The Synthetix ecosystem is used by various decentralized platforms such as 1inch network, which aims to combine decentralized protocols to execute DeFi operations, and Curve, an exchange liquidity pool that provides secondary fee income to liquidity providers. Other platforms include dHEDGE, a decentralized social asset management system on EVM chains, ParaSwap, which combines DeFi services like DEXs in one extensive interface to facilitate user interaction with decentralized finance on Ethereum and EVM chains, yearn finance, a suite of DeFi products that seek to give yield generation and lending aggregation on the blockchain, and Aelin, a fundraising protocol built on Ethereum.

The project was founded by Kain Warwick in 2018 under the name Havven, and introduced a stablecoin called nUSD on June 11, 2018. In December 2018, the Havven project was rebranded as Synthetix, a platform that currently represents more than 20 synthetic assets that further define traditional currencies, commodities like gold and silver, and crypto-assets. The rebranding was done to better reflect the platform's capabilities and potential for creating a wide range of synthetic assets.