Log In


No. 110
SNX Price Today
Lower Price
Upper Price
24H Value(USD)
Total Market Cap(USD)
Circulating Market Cap (USD)
Total Circulation
Total Supply


SNX Price Change
7 days
30 days
90 days
180 days
365 days


24H Change
30D Change
24H Volume
24H Value
Coin Introduction

What is The Synthetix (SNX)?

Synthetix is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. It enables the creation and trading of synthetic assets, also known as "synths." Synths are tokenized versions of real-world assets like fiat currencies, commodities, cryptocurrencies, and indices.

Users can gain exposure to these assets without needing to own them directly. For example, through Synthetix, one can trade synthetic versions of USD, gold, or even popular cryptocurrencies like Bitcoin or Ethereum.

The protocol operates using a native token called SNX (Synthetix Network Token). SNX holders can stake their tokens as collateral to mint synths. They are also responsible for maintaining the system's stability by participating in governance decisions and receiving rewards for their contributions.

Synthetix aims to provide liquidity and price exposure to a wide range of assets, allowing users to hedge against risks, speculate on price movements, and access assets that might be otherwise inaccessible or illiquid. It's a significant player in the DeFi ecosystem, offering innovative financial tools and paving the way for the future of decentralized finance.

Who Created The Synthetix (SNX) ?

The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.

Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.

Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu.

Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems.

Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.

How Does Synthetix (SNX) Work?

Synthetix, powered by the SNX token, operates as an asset platform where users can generate synthetic assets, known as "synths," representing various assets such as fiat currencies, commodities, and cryptocurrencies. Synths are digital tokens mirroring the value and characteristics of real-world assets, eliminating the need for physical ownership.

As outlined in the litepaper, the creation of a synth necessitates locking SNX tokens into a smart contract, amounting to 750% of the synth's underlying asset value. Upon depositing SNX into the contract, a new synth token enters circulation.

Users staking their SNX tokens are incentivized with SNX transaction fees as a reward for their continuous over-collateralization of synth tokens and active engagement within the Synthetix network. Additionally, SNX holders contribute to price stability by locking their tokens in smart contracts.

Unlike conventional decentralized exchange (DEX) platforms, Synthetix facilitates synth trading without the need for counterparties. This is enabled by the over-collateralization of SNX, establishing a collateral pool that permits synth conversion based on exchange rates and SNX value.


Token Utility

SNX serves as the utility token of the ecosystem, facilitating staking rewards and decentralized governance through community voting.

Token Distribution

Following a community proposal in May 2022, the SNX token now has a target annual inflation rate of twenty percent, representing the creation of new tokens per year. These newly minted tokens are used to reward stakers for their contributions to the ecosystem.

During the initial distribution of the SNX token, sixty percent went to investors and token sales, twenty percent to the development team and advisors, twelve percent to the Synthetix Foundation (later split into three separate decentralized autonomous organizations), five percent to partners, and three percent to bounties and marketing incentives.

Investing in cryptocurrencies carries market risks and price volatility. Before buying or selling, investors should consider their investment objectives, experience, and risk tolerance. Investments can result in partial or total loss, and investors should determine the investment amount based on the level of loss they can afford. Investors should be aware of the risks associated with crypto assets and seek assistance from financial advisors if in doubt. Additionally, there may still be unforeseen risks. Investors should consider their financial situation with diligence before making any trading decisions. The opinions, news, analysis, etc., provided on this website are market commentary and do not constitute investment advice. The platform is not responsible for any profit losses incurred due to reliance on this information.

The cryptocurrency data displayed on the platform (such as real-time prices) is sourced from third parties and for reference only, no guarantees provided. Trading on the internet comes with risks, including software and hardware failures. The platform does not control the reliability of the internet and is not responsible for any losses resulting from connection failures or other related issues.