Synthetix soars but the demand side is conspicuously absent

Launched in February 2019, Synthetix is a synthetic asset issuance protocol. To issue synthetic assets, users must stake the protocol’s native token, SNX, maintaining a 750% collateralization ratio at all times. Post-issuance, synthetics can be traded directly through the protocol’s integrated exchange with zero slippage.

Alternatively, as fungible assets, outstanding synthetics can be traded on the multitude of Ethereum ecosystem non-custodial exchanges.