The information about Synthetix Network (SNX) token is.  

 

Synthetix Network Token (SNX) is a key component of the Synthetix ecosystem, a decentralized liquidity provisioning protocol that supports the creation and trading of synthetic assets, known as Synths, on multiple blockchains, including the Polygon Blockchain. Launched initially on the Ethereum blockchain in 2017 as Havven, SNX was later expanded to Polygon to leverage its low-cost and high-speed transaction capabilities, making it an attractive layer for DeFi applications. On Polygon, SNX functions similarly to its Ethereum counterpart, serving as collateral for minting synthetic assets that track the value of real-world assets, such as fiat currencies, cryptocurrencies, commodities, and indices, without requiring direct ownership of those assets.  

 

The SNX token on Polygon is an ERC-20 token bridged from Ethereum, allowing interoperability between the two networks. It enables users to stake their SNX in liquidity pools or staking contracts on Polygon to mint Synths, such as sUSD (synthetic USD), sBTC (synthetic Bitcoin), and others. Staking SNX on Polygon provides access to the Synthetix protocol’s features, including decentralized trading on platforms like Kwenta and Lyra, which utilize Synthetix’s deep liquidity to offer spot trading, futures, options, and automated options strategies. The token’s presence on Polygon enhances accessibility for users seeking lower gas fees and faster transactions compared to Ethereum Mainnet.  

 

Governance is a core function of SNX on Polygon, where token holders can participate in the Synthetix DAO to vote on protocol upgrades, fee structures, and new Synth issuances. The token also allows users to earn rewards through staking, as stakers receive a share of transaction fees generated from Synth trades on the network. These rewards are distributed in SNX or stablecoins like sUSD, incentivizing participation and liquidity provision. Posts on X and websites note that Synthetix’s migration to Optimism and expansion to Polygon have been strategic moves to reduce costs and improve scalability, with Polygon serving as a key scaling solution for the ecosystem.  

 

Synthetix on Polygon integrates with other DeFi protocols, such as Aave, Curve, and 1inch, allowing users to use SNX and Synths for lending, borrowing, and swapping. The protocol uses decentralized oracles, primarily Chainlink, to ensure accurate price feeds for Synth assets, maintaining their peg to underlying assets. On Polygon, SNX supports features like perpetual futures markets and tokenized strategies, expanding the utility of the token beyond traditional synthetic asset issuance. Websites and social media discussions highlight Polygon’s role in making Synthetix more accessible to a broader user base, particularly in regions where transaction costs are a barrier.  

 

The token’s smart contract on Polygon, with the address 0x50B728D8D964fd00C2d0AAD81718b71311feF68a, allows users to interact with it via wallets like MetaMask and decentralized exchanges. Information from sources indicates that SNX on Polygon is part of Synthetix’s broader vision to create a permissionless derivatives protocol, with plans for further enhancements like Synthetix V3, which aims to rebuild the protocol for greater flexibility and efficiency. Posts on X emphasize the community’s enthusiasm for SNX’s Polygon integration, noting its potential to drive adoption in the DeFi space by combining Synthetix’s robust infrastructure with Polygon’s scaling benefits.[](https://polygonscan.com/token/0x50b728d8d964fd00c2d0aad81718b71311fef68a)[](https://coinpaprika.com/coin/snx-synthetix-network-token/)[](https://cryptoslate.com/coins/synthetix-network-token/)