$AFX is the utility token on Arbitrum of Wonderly Finance which is a DeFi project aimed at developing and popularizing synthetic tokens for multiple L1 & L2 Ecosystems. Imagine having exposure to the price of FTM, AVAX, ETH, or any other token without actually owning it.
AFX is a reward token given out to users of the Wonderful Protocol, and partially collateralizes the XETH token.