Synthetix Price

SNX is the native token of Synthetix, a decentralized finance protocol built on Ethereum that enables the creation and trading of synthetic assets. Currently ranked #255 with a price of $0.5906, SNX serves as collateral for these synthetic assets which track the value of real-world assets like commodities, stocks, and other cryptocurrencies. The token has seen -0.79% price movement in the last 24 hours, with trading volume reaching $290.48K. SNX has a market cap of $202.85M with a circulating supply of 343.46M SNX out of a maximum supply of 343.88M SNX. SNX token holders can stake their tokens to mint synthetic assets, earn trading fees, and participate in governance decisions. The protocol has become a cornerstone of the DeFi ecosystem, particularly in the derivatives market, allowing users to gain exposure to various assets without leaving the blockchain environment.

Synthetix was created on March 14, 2018, when it was first listed on cryptocurrency exchanges. The project officially launched on the Ethereum blockchain platform, starting as a decentralized synthetic asset issuance protocol. Since its inception, Synthetix has evolved into a comprehensive DeFi protocol that allows users to create and trade synthetic assets representing various real-world assets, cryptocurrencies, and financial instruments.

Synthetix was founded by Kain Warwick in 2017. Originally launched as Havven, the project was rebranded to Synthetix in 2018. Kain Warwick is an Australian entrepreneur who previously founded Blueshyft, a retail payment network. The project has since evolved into a decentralized synthetic asset platform on Ethereum, allowing users to create and trade synthetic versions of cryptocurrencies, fiat currencies, and commodities. The Synthetix protocol is now governed by a DAO (Decentralized Autonomous Organization), with the SNX token serving as both governance token and collateral for minting synthetic assets.

Synthetix works as a decentralized protocol that enables the creation of synthetic assets (Synths) on the blockchain. When users stake their SNX tokens as collateral, they can mint various Synths that track the value of real-world assets like cryptocurrencies, fiat currencies, commodities, and stocks. The SNX token serves three key functions: 1. Collateral: Users must stake SNX at a ratio of at least 400% to mint Synths, ensuring the system remains overcollateralized. 2. Rewards: Stakers earn fees generated from Synth trades (0.3% of all trades) proportional to their stake. 3. Governance: SNX holders can vote on protocol upgrades and parameter changes through the DAO structure. The protocol operates primarily on Ethereum and Optimism, with SNX having a maximum supply of 343.88M SNX. Currently ranked #255 with a price of $0.5906, Synthetix has established itself as a leading DeFi protocol for synthetic asset trading.

Synthetix operates on a multi-layered technical architecture built primarily on Ethereum. At its core, it uses a Proof of Stake consensus mechanism where SNX tokens serve as collateral for minting synthetic assets (Synths). The architecture includes: 1. Smart Contracts: A collection of Solidity contracts that manage collateralization, staking, and trading functions. 2. Staking Mechanism: Users stake SNX tokens to maintain the system's collateralization ratio, currently at 400%. 3. Debt Pool: A shared pool where all stakers collectively back the network's synthetic assets. 4. Price Oracles: Chainlink oracles provide real-time price feeds for accurate asset valuation. 5. L2 Solutions: Synthetix has expanded to multiple networks including Optimism for lower gas fees and higher throughput. 6. Governance: A DAO structure where SNX holders vote on protocol changes and upgrades. 7. Synthetix V3: The latest architectural upgrade introducing isolated debt pools and improved capital efficiency.

Synthetix is focused on expanding its DeFi ecosystem with several key developments on its roadmap. In 2025, the project is enhancing its synthetic assets platform and improving cross-chain functionality across Ethereum, Optimism, and Base ecosystems. By 2026, SNX plans to launch advanced derivatives trading features and expand its real-world asset tokenization capabilities. The protocol aims to increase its TVL significantly through new partnerships and improved yield farming mechanisms. For 2027-2030, Synthetix has outlined plans to develop more sophisticated governance mechanisms, further decentralize its protocol, and integrate with emerging Layer 2 solutions to reduce transaction costs. Currently ranked 255 with a market cap of $202.85M, SNX is positioning itself as a leading platform in the derivatives and synthetic assets space. The team continues to focus on scalability improvements and institutional adoption to drive long-term value for the ecosystem.