Review on Synthetix Network Token by Pedro O. Alvino M.
synthetic asset platform
Synthetix is built on Ethereum and involves two different token types in which the main token is called Synthetix (its symbol is 'SNX') and the second token type is Synth that these Synths tokens are the synthetic assets that are created through of the system.
Synths pricing is determined by oracles, many of which are provided through partnerships with Chainlink, and can be exchanged on the Synthetix exchange, where it will be quick and easy to use Synths as a way to track different prices in different ways. .
Pros
- Focused on creating synthetic assets
- Includes a decentralized Exchange
- Supports smart contracts on the platform.
- It assumes almost infinite liquidity.
- Ability to store and coin Synths.
Cons
- Some functions are centralized.
- It depends on reliable prices for your synthetic assets.
- Regulatory changes could also impact Synthetix.
