What is SNX used for?

Modified on Sat, 18 Feb 2023 at 09:26 PM

SNX is the Governance token of the Synthetix platform. The token function is mostly similar to other governance tokens, which grant its holders the right to propose a proposal related to the platform development. It also grants the right to vote on other holders’ proposals as well.


Furthermore, SNX is also used in the process called Minting, which is the process of creating a new Synth asset where users have to lock their SNX in the system as the collateral in order to create new Synths to trade on the platform.


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