What is Synthetix?
Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. These synthetic assets are backed by the Synthetix Network Token (SNX) which, when locked into the contract, enables the issuance of synthetic assets (Synths). This pooled collateral model allows users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage problems experienced by DEXs.
Who founded Synthetix?
Kain Warwick founded Havven and later adjusted the name to Synthetix. In 2018 they managed to raise about $30 million selling in 60 million HAV tokens. Their goal was to create cryptocurrencies that mimicked the performance of fiat currencies like the Dollar or Euro on several blockchains, including Ethereum (ERC-20) and EOS.
The ICO was held in February 2018, a total of 100.000 millions tokens have been released. Synthetix is an ERC-20 token, which means that the platform is built on the Ethereum Block Chain.