Synthetix Today: Current Price & Market Data
The current Synthetix (SNX) price is $0.57**, with a 24-hour trading volume of **$8.08 million. Key metrics:
- Circulating Supply: 343.47M SNX
- Max Supply: 339.89M SNX
- 24h Price Change: +0.00%
👉 Track real-time SNX price movements
What Is Synthetix?
Synthetix operates as a decentralized liquidity provisioning protocol that enables:
- On-chain synthetic asset (Synth) creation
- Low-fee derivatives trading
- Multi-chain interoperability (Ethereum & Optimism)
Core Features:
- Collateralization: Backed by SNX, ETH, and LUSD
- Synth Diversity: Crypto, forex, and DeFi index assets
Upcoming Upgrades:
- Perps V2: Chain-agnostic futures trading
- V3 Protocol: Permissionless derivatives infrastructure
Synthetix Historical Timeline
Key Milestones:
- 2018: Launched as Havven with nUSD stablecoin
- 2022: TVL surpassed $300M despite reduced commodity Synths
- Present: Major DeFi derivatives protocol with ecosystem partners like Kwenta, Lyra, and Polynomial
How Synthetix Works: Technical Breakdown
Synth Creation:
- Users stake SNX as collateral
- Mint synthetic assets via smart contracts
Price Oracles:
- Decentralized feeds track underlying asset prices
- Enables accurate Synth pegging
Trading Ecosystem:
- Kwenta DEX for Synth swaps
- Integrated protocols (Curve, Yearn) leverage Synthetix liquidity
SNX Token Utility & Staking Mechanics
Primary Use Cases:
- Collateral: Backs Synth issuance (750% collateral ratio)
Staking Rewards:
- Earn trading fees & inflation rewards
- Requires debt repayment upon unstaking
FAQs: Synthetix Explained
Why did Synthetix remove commodity Synths?
To optimize protocol efficiency and focus on high-demand assets like crypto and forex pairs.
How does Synthetix compare to traditional derivatives?
It offers:
- Non-custodial trading
- 24/7 market access
- No intermediary fees
Is SNX staking profitable?
Returns depend on:
- Network trading volume
- Collateralization ratios
- ETH/SNX price correlation
Future Outlook: Synthetix Roadmap
- V3 Migration: Enhanced capital efficiency
- Cross-Chain Expansion: Broader liquidity access
- Institutional Adoption: Compliance-focused features