Today's SNX Price Overview
- Current Price: $0.5713 USD
- 24h Trading Volume: $8.07 million USD
- Market Cap: Ranked #123 with 343.47M SNX in circulation (max supply: 339.89M SNX)
What Is Synthetix?
Synthetix is a decentralized liquidity provisioning protocol enabling on-chain synthetic asset ("Synth") trading. Key features include:
👉 Discover how Synthetix fuels DeFi derivatives
- Multi-Protocol Support: Powers platforms like Kwenta (spot/futures), Lyra (options), and 1inch/Curve (atomic swaps) via pooled liquidity.
- Collateralization: Backed by SNX, ETH, and LUSD to mint Synths representing cryptocurrencies, fiat currencies, and indices.
Upcoming Upgrades:
- Perps V2: Low-fee chain derivatives via off-chain oracles.
- Synthetix V3: Permissionless derivatives protocol rebuild.
Synthetix Historical Background
Founder: Kain Warwick (UNSW Sydney alum, Blockchain Australia advisor).
Milestones:
- 2018: Launched nUSD stablecoin (first Synth).
- 2022: Streamlined Synths to crypto/fiat/DeFi index tracking (TVL: $300M+).
How Synthetix Works
- Synth Creation: ERC-20 smart contracts mirror real-world assets via decentralized oracles.
- Trading: Synths (e.g., sEUR, sJPY) tradeable on Kwenta DEX.
- Ecosystem: Integrates Yearn, Curve, and DHedge for liquidity/risk management.
SNX Token Utility
- Collateral: Stake SNX to mint Synths via Mintr.
- Incentives: Stakers earn exchange fees and inflation rewards.
- Debt Mechanism: Users must burn Synths to unlock staked SNX.
FAQs
Q: Where can I trade SNX?
A: SNX is available on major exchanges like Crypto.com and decentralized platforms like Kwenta.
Q: What’s Synthetix V3’s goal?
A: To create a fully permissionless derivatives protocol with enhanced composability.
Q: How are Synths priced?
A: Via decentralized oracles tracking underlying asset values.