Synthetix

SNX Price

What is Synthetix?

Synthetix is a decentralized perpetual futures protocol built on Ethereum Mainnet. Synthetix uses a hybrid design — off-chain order matching on a high-performance CLOB with on-chain settlement — to deliver low latency, deep liquidity, and MEV-resistant execution while keeping custody and finality on Ethereum. Traders get CEX-like performance with on-chain security and composability. The protocol’s liquidity is provided by the Synthetix Liquidity Provider (SLP) vault and backstopped by staked SNX collateral, which underwrites the issuance of the sUSD stablecoin and the solvency of the SLP vault.

What makes Synthetix unique?

Synthetix Mainnet Perps offer the only hybrid model combining off-chain speed with on-chain finality on Ethereum. The system supports multi-collateral margining—including yield-bearing assets like wstETH—so traders can earn yield while using collateral to trade. Orders are private, protecting trader strategies, while SLP vault depositors supply liquidity and share in fees. Staked SNX acts as a backstop to the SLP vault, ensuring solvency even under extreme market conditions.

History of Synthetix

Synthetix was founded in 2017 by Kain Warwick under the name Havven (HAV) before rebranding to Synthetix in 2018. It began as a synthetic-asset protocol on Ethereum and evolved into one of the earliest large-scale DeFi systems. Synthetix pioneered staking-backed liquidity and yield incentives that helped catalyze “DeFi Summer.” Governance later transitioned to the Spartan Council, a seven-member elected body that oversees upgrades and risk parameters. The protocol’s latest phase brings its derivatives markets back to Ethereum with improved capital efficiency and privacy.

What's next for Synthetix

Upcoming development focuses on expanding Synthetix Mainnet Perps liquidity, collateral options, and integrations. New yield-bearing assets such as sUSDe and cbBTC will be supported as margin, and additional market types will launch following governance approval. The Spartan Council continues to iterate on fee distribution and SLP vault parameters to optimize liquidity and risk. Long-term plans include extending Synthetix’s hybrid on-chain/off-chain architecture to additional market types, reinforcing Ethereum Mainnet as the home for decentralized derivatives.

What can SNX be used for?

SNX functions as the backbone of Synthetix’s liquidity system. Staked SNX collateralizes sUSD and the SLP vault, providing the capital that powers all perpetual futures markets. In exchange, stakers earn yield from real trading fees rather than inflation, directly sharing in the protocol’s revenue. If market conditions cause a deficit, staked SNX can be slashed to cover losses, ensuring solvency for traders and liquidity providers. SNX stakers also elect community seats for the Spartan Council, the entity which governs the Synthetix protocol.

Where can you buy Synthetix?

SNX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Synthetix is Binance, where the most active trading pair SNX/USDT has a trading volume of $1,827,791.52 in the last 24 hours. Other popular options include Coinbase Exchange and OKX.

What is the daily trading volume of Synthetix (SNX)?

The trading volume of Synthetix (SNX) is $18,466,514.09 in the last 24 hours, representing a 93.30% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Synthetix (SNX)?

Synthetix (SNX) reached an all-time high of $28.53 and an all-time low of $0.03479. It’s now trading -99.20% below that peak and 567.50% above its lowest price.

What is the market cap of Synthetix (SNX)?

Market capitalization of Synthetix (SNX) is $134,903,936 and is ranked #235 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of SNX tokens (580 Million tokens are tradable on the market today).

What is the fully diluted valuation of Synthetix (SNX)?

The fully diluted valuation (FDV) of Synthetix (SNX) is $135,002,304. This is a statistical representation of the maximum market cap, assuming total number of 580 Million ETH tokens are in circulation today.

How does the price performance of Synthetix compare against its peers?

With a price increase of 15.20% in the last 7 days, Synthetix (SNX) is outperforming the global cryptocurrency market which is up 10.10%, while outperforming when compared to similar Exchange-based Tokens cryptocurrencies which are up 8.70%.

How to add Synthetix (SNX) to MetaMask?

Adding Synthetix (SNX) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import SNX as a token. You can copy SNX’s contract address (0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f) and import it manually, or if you've installed MetaMask's chrome extension, add SNX to MetaMask with one click on CoinGecko.

Add SNX to MetaMask.