Synthetix is a decentralized finance (DeFi) protocol that allows users to trade crypto and non-crypto assets on the blockchain. The system, which is built on the Ethereum blockchain, provides users with access to highly liquid synthetic assets, or synths. Synths track and offer returns on underlying assets without requiring the asset to be held directly.Synths track the values of the assets represented via decentralized oracles, which are smart contract-based price discovery protocols, allowing users to keep and exchange Synths as if they owned the underlying assets. Synths allow exposure to assets such as gold and silver that are generally inaccessible to the ordinary crypto investor.Synthetix was initially managed by the Synthetix Foundation, an Australian not-for-profit corporation, but in 2020, authority was transferred to three decentralized autonomous organizations (DAOs).