Synthetix (SNX) is a decentralised derivatives protocol that lets people trade on chain exposure to assets like crypto and commodities without holding the underlying asset. Launched in 2018 by Kain Warwick, it began as a platform for synthetic assets, called Synths, and now supports perpetual futures trading on networks such as Optimism and Base, as well as Ethereum. Stakers deposit SNX as collateral to back the system and earn a share of trading fees. SNX is also used for governance, giving holders a vote on how the protocol develops. Synthetix is one of the earliest DeFi projects, and many other protocols build on its technology.