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Synthetix Network

Synthetix Network (SNX)

$ 0.24
-0.02 %
Main info
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Analytics
Market cap
$139.75M
-0.02 %
Volume (24h)
$2.21M
-0.02 %
Circulating supply
343,466,217 SNX
Total supply
343,889,850 SNX
Max. supply
339,889,850 SNX

About Synthetix Network

Synthetix is a crypto-backed synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Synthetix Network Tokens (SNX) locked into a smart contract as collateral. Synths track the prices of real-world assets, allowing crypto-native or unbanked individuals to access the values of non-crypto assets. They can be used as stable mediums of exchange or traded at Synthetix Exchange. All Synth trades and transfers generate fees, which are distributed to SNX holders as reward for providing collateral.

Key data

updated $0
Market cap$139.75M
Volume 24h$2.21M
Circulating supply343.47M100% of max 339.89M
All-time high$28.53-99% from peak · 2021-02-13

Synthetix Network (SNX) is a decentralized protocol for trading synthetic assets — tokens that mirror the price of real-world things like currencies, commodities, and crypto — without you ever holding the underlying asset. Think of it as the liquidity engine behind DeFi derivatives: every trade happens against a shared pool instead of a counterparty. The SNX token is the fuel for this machine, since staking it as collateral is what allows new synthetic assets to be minted.

Frequently asked questions

What is Synthetix, and how is it different from other crypto projects?

Most tokens are either payment coins or governance tokens, but SNX is collateral at its core. The protocol lets you trade 'synths' — synthetic versions of assets like the US dollar, gold, or other cryptocurrencies — through smart contracts with no middleman. Instead of matching buyers with sellers like a traditional exchange, Synthetix uses pooled liquidity, so trades execute instantly against the collective pool.

Does SNX have its own blockchain and consensus mechanism?

No — SNX is an ERC-20 token that lives on Ethereum and its layer-2 network Optimism, so it doesn't run its own consensus. Security comes from Ethereum's proof-of-stake network, while Synthetix's smart contracts handle staking, minting, and debt tracking. Much of the activity moved to Optimism because it offers the same experience with far lower fees than the Ethereum mainnet.

How is SNX supply and emission structured?

SNX has a hard cap of 339,889,850 coins, so no more than that will ever exist. Early on, inflation rewarded stakers for keeping the system collateralized, but the schedule has been gradually reduced, and protocol fees are now used to buy back and burn tokens. The long-term idea is to shift from paying stakers with new coins to paying them with real protocol revenue.

How can I store and use SNX?

Since SNX is an ERC-20 token, any Ethereum-compatible wallet works — MetaMask, Rabby, or a hardware wallet like Ledger for safer long-term storage. The main use is staking on the official app at synthetix.io: you lock SNX as collateral, help back the system, earn a share of protocol fees, and take part in governance votes. Keep in mind that staking involves debt mechanics, so it's worth reading the docs on the official site before diving in.