Synthetix’s current price is $0.555**, with a 24-hour trading volume of **$9.29 million. Over the past day, SNX has remained stable (±0.00%). The circulating supply stands at 343.47 million SNX, with a maximum cap of 339.89 million SNX.
What Is Synthetix?
Synthetix is a decentralized liquidity protocol that supports on-chain derivatives and synthetic assets (Synths). Key features:
- Deep Liquidity: Powers platforms like Kwenta (spot/futures), Lyra (options), and Polynomial (automated options).
- Multi-Chain: Operates on Optimism and Ethereum.
- Collateralization: Backed by SNX, ETH, and LUSD to mint Synths.
Upcoming Releases:
- Perps V2: Low-fee futures via off-chain oracles.
- V3: Permissionless derivatives protocol.
👉 Explore Synthetix’s official blog for updates.
Synthetix’s History
Founder: Cain Warwick (UNSW Sydney, Genetics).
Key Milestones:
- 2018: Launched stablecoin nUSD under the name Havven.
- 2022: Synths shifted focus to crypto, forex, and DeFi indices (dropping commodities like gold).
- TVL: Over $300 million (June 2022).
How Synthetix Works
- Synths: ERC-20 tokens mirroring real-world assets (e.g., sEUR, sUSD).
- Oracles: Decentralized price feeds for accuracy.
- Trading: Synths trade on Kwenta (DEX) and partner platforms (Curve, Yearn).
Use Cases:
- Hedging via perpetual futures.
- Low-slippage swaps.
SNX Token Utility
- Collateral: Required to mint Synths.
- Staking: Earn fees/inflation by locking SNX (Mintr dApp).
- Debt Mechanism: Stakers repay debt by burning Synths to unlock SNX.
FAQs
Q: Can I trade gold on Synthetix now?
A: No—Synths currently track crypto, forex, and DeFi indices.
Q: What chains support Synthetix?
A: Ethereum and Optimism.
Q: How do SNX stakers earn rewards?
A: Through trading fees and protocol inflation.