Today's SNX Market Overview
Synthetix (SNX) is currently priced at $0.5762**, with a 24-hour trading volume of **$8.3 million. The price has remained stable (±0.00%) over the past day. The circulating supply stands at 343.47 million SNX tokens, against a maximum supply of 339.89 million.
What Is Synthetix?
Synthetix is a decentralized liquidity provisioning protocol that supports diverse DeFi applications across Ethereum and Optimism networks. Key features include:
- High liquidity with low fees
- Multi-protocol integration: Powers platforms like Kwenta (spot/futures), Lyra (options), Polynomial (automated options), and 1inch/Curve (atomic swaps)
- Collateralization: Backed by SNX, ETH, and LUSD to mint synthetic assets (Synths)
- Upcoming upgrades: Perps V2 (low-fee on-chain futures) and V3 (permissionless derivatives protocol)
👉 Explore Synthetix's advanced trading tools
Historical Background
Founded by Kain Warwick (UNSW genetics graduate and Blockchain Australia advisor), Synthetix launched in 2018 as Havven. Key milestones:
- 2018: Introduced nUSD stablecoin
- 2022: Became a top DeFi derivatives protocol (>$300M TVL)
- Asset evolution: Transitioned from commodities (gold/silver) to crypto/forex/DeFi indices
How Synthetix Works
- Synthetic Asset Creation: ERC-20 based tokens track real-world assets via decentralized oracles
Two-Token System:
- SNX: Native governance/collateral token
- Synths: Price-pegged derivatives (e.g., sEUR, sUSD)
- Platform Synergy: Integrates with Kwenta DEX, Yearn, and Curve for enhanced liquidity
SNX Token Utility
| Function | Description |
|---|---|
| Collateral | Required to mint Synths |
| Staking | Earn inflation rewards & trading fees |
| Debt Management | Users repay loans by burning Synths |
FAQ
Q: Where can I trade SNX?
A: Major exchanges like OKX, Binance, and Crypto.com support SNX trading.
Q: What's Synthetix V3's main improvement?
A: It aims to become fully permissionless for derivative creation.
Q: Is SNX staking profitable?
A: Returns depend on network activity and include fees + inflation rewards.
👉 Discover SNX staking opportunities
Q: How does Synthetix handle price volatility?
A: Dynamic debt pools and oracle feeds maintain peg stability.
Q: Can I still trade gold Synths?
A: No, commodity Synths were discontinued in 2022.
Q: What's the SNX inflation rate?
A: Currently ~2.5% annually, adjusted via governance.