Synthetix is a decentralized synthetic asset platform that allows users to trade real-world currencies, commodities, equities, and indices directly on the blockchain. Synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX), which are collateralized under a smart contract. Synths keep track of the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on the Synthetix Exchange without having to worry about liquidity.