SNX

SNX is the native token of Synthetix, which is necessary to create synthetic assets (synths). Once the SNX tokens are locked up, new synths can be created.

Since synths are issued on Ethereum, they can also be placed into other DeFi platforms. After that, the assets can be used to provide liquidity and earn yield. Thus, in order to start trading synths, traders can exchange their ETH against synths and start trading immediately. Alternatively, one can also obtain SNX tokens on any platform, create synths, and begin trading them.