SNX is the native utility token of the Synthetix platform, which allows people to trade synthetic assets.
On Synthetix, users can trade for a variety of different commodities and assets through the Ethereum blockchain. The platform works by creating a bridge between a number of assets or commodities for users to choose from (from things like fiat money to gold to crypto, among several others) by assigning a “Synth” to each asset. Synths are ERC-20 tokens that represent each respective asset or commoddity. SNX is used as the main form of collateral on the platform.