Synthetix is a decentralized liquidity protocol built on Ethereum, allowing users to issue and trade synthetic assets (synths). These synths are backed by collateralized SNX tokens, enabling seamless swaps without the need for counterparties. The platform's pooled collateral model eliminates liquidity and slippage issues found in other decentralized exchanges. SNX stakers earn rewards from fees generated by trading activity and inflation incentives. Products available on Synthetix include Perpetual Futures and Spot Synths.