Synthetix Network Token to Hold AMA on Discord on August 1st

Synthetix Network Token will host an AMA on Discord on August 1st at 16:00 UTC.

Refer to the official tweet by SNX:

Introducing Office Hours 👩‍🏫

A new weekly open call every Friday to ask questions, give feedback, or just hang out and talk DeFi.

🔹 Starts July 25 @ 04:00 UTC (APAC Friendly)

🔹 Next: Aug 1 @ 16:00 UTC (EU Friendly)

📍Hosted in Discord:

SNX Info

Synthetix is a protocol on Ethereum that allows for the creation of synthetic assets, or “Synths”, which are essentially tokens representing the value of real-world assets. These can range from cryptocurrencies to commodities and fiat currencies, offering traders exposure to these assets without the necessity of owning them directly.

Synths leverage decentralized price oracles to accurately track the prices of their underlying assets. Unlike stablecoins, Synths are not backed by a direct reserve of the asset they represent, but by on-chain mechanisms and smart contracts. Owning a Synth doesn’t mean owning the underlying asset; instead, it offers exposure to the asset’s price fluctuations. This functionality, coupled with the interoperability of Synths as ERC-20 tokens, allows them to be integrated into other DeFi protocols for liquidity provision and trading.

The Synthetix Network Token (SNX) is a key component of the protocol, acting as the primary form of collateral used to mint Synths. Synthetix also supports Ethereum as collateral. The system operates on an overcollateralization principle, ensuring each Synth represents less value than the collateral backing it. To maintain a certain collateralization ratio determined by governance, stakers mint or burn Synths or add more collateral, which is essential for them to continue earning staking rewards.