Synthetix Network Token (SNX) to Host Community Call on Discord on February 21st at 21:00 UTC

The event will offer attendees an exclusive look at the platform’s newest user experience upgrade.

DeFi protocol Synthetix is preparing to host a community call on Discord on February 21st at 21:00 UTC. During the event, attendees will be granted an exclusive sneak peek at the platform’s latest user experience upgrade.

Those interested in joining the call can do so via the official Synthetix Discord channel.

To participate in the call, follow these steps:

1. Join the Synthetix Discord server.

2. Head to the #🔊-voice-chat channel.

3. At 21:00 UTC on February 21st, click on the "Join Stage" button to participate in the community call.

About Synthetix Network TokenSynthetix is a protocol on Ethereum that enables the creation of synthetic assets, also known as "Synths." These are essentially tokens that embody the value of real-world assets.

These assets can range from cryptocurrencies and commodities to fiat currencies, offering traders exposure to these markets without the need to directly own the underlying asset.

Synths are pegged to the prices of their respective assets using decentralized price oracles. However, unlike stablecoins, Synths are not backed by a direct reserve of the asset they represent, but rather by on-chain mechanisms and smart contracts.

When you own a Synth, it doesn't mean you own the underlying asset; rather, you are exposed to the price fluctuations of that asset.

This functionality, combined with the interoperability of Synths as ERC-20 tokens, enables their integration into other DeFi protocols for liquidity provision and trading.

The Synthetix Network Token (SNX) is a crucial component of the protocol, serving as the primary form of collateral used to mint Synths. In addition to SNX, Synthetix also supports Ethereum (ETHUSD) as collateral.

The system operates on an overcollateralization principle, ensuring that each Synth represents a value less than the collateral backing it.

To maintain a specific collateralization ratio, which is determined by governance, stakers can mint or burn Synths, or they can add more collateral, which is essential for them to continue earning staking rewards.