What is Synthetix Network Token?
Synthetix Network Token is the network token of Synthetix protocol, which allows the users to create digital assets, which mirror the value of real assets. The platform includes such governance tokens as sUSD, sAUD, sKRW, gold sXAU, and exchange indexes. These assets form new type tokens in the platform and are called Synths. SNX is the backbone of Synthetix ecosystem and enables the users to take part in the creation of Synths providing their support at the same time. In their turn, synthetic tokens bring income from the done investments. The project Synthetix appeared in 2017 and was called "Havven". The founder was Kain Warwick co-founder and CEO of one of the major cryptocurrency payment networks in Australia. In July 2018 the developers released the source code of v1.0 Havven protocol licensed by MIT. In February the first Havven tokens appeared and brought $30 million. SNX functions in Ethereum as ERC-20 standard token. The holders are rewarded for providing deposit and stability with fees caused by Synth activities.