Stablecoin information
Synthetix is a protocol for issuing and trading synthetic assets on Ethereum. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example each sUSD token tracks the price of the US dollar.
Category:crypto-backed
Minting and Redemption
An SNX holder can mint sUSD by locking their SNX as collateral via the Synthetix smart contract. sUSD can be burned to swap to another synthetic asset or to repay the debt to retrieve the collateral.
Audits:No