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Synthetix Network Token


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Market stats

Market cap


Volume (24h)


Circulating supply

291.9M SNX

Typical hold time

22 days



All time high


Price change (1h)


Price change (24h)


Price change (7d)


About Synthetix Network Token

Synthetix Network Token (SNX) is an Ethereum token that powers Synthetix, a decentralised synthetic asset issuance protocol. Synthetic assets are minted when token holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. The protocol currently supports synthetic fiat currencies, cryptocurrencies, and commodities.

What Is Synthetix Network Token (SNX)?

Synthetix (SNX) is software built on the Ethereumblockchain. Synthetix utilizes a decentralized finance (DeFi) protocol that enables it to provide services without needing any intermediary. This implies that Synthetix users do not have to trust any specific institution or person to manage their crypto asset. The primary purpose of Synthetix is to be used for the creation of synthetic assets, also known as “synths”—a combination of assets having the same value as another asset. The synths may track and provide a return on another asset without requiring anyone to hold that asset. In simpler words, Synthetix cryptocurrency provides exposure to a wide variety of crypto as well as non-crypto assets in a decentralized and permissionless manner. It enables users to participate in the DeFi ecosystem despite not holding the assets.

Further, as mentioned in the whitepaper, synths provide access to even those assets that are usually not accessible for an average trader, such as gold and silver. For doing so, synths use smart-contract-based price discovery protocols, known as oracles, that permit users to hold and exchange the underlying assets. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. They are used to automate a workflow and trigger the forthcoming actions when the conditions are met. In this way, Synthetix aims to allow users to efficiently trade synth assets without facing liquidity issues. Unlike traditional finance, Synthetix does not require any KYC or creating an account, yet anyone can get exposure to stocks, bonds, real estate, and other assets.

SNX is the native token of Synthetix, which is necessary to create synthetic assets (synths). Once the SNX tokens are locked up, new synths can be created.

Since synths are issued on Ethereum, they can also be placed into other DeFi platforms. After that, the assets can be used to provide liquidity and earn yield. Thus, in order to start trading synths, traders can exchange their ETH against synths and start trading immediately. Alternatively, one can also obtain SNX tokens on any platform, create synths, and begin trading them. 

History of Synthetix Network Token (SNX)

Synthetix was founded by Kain Warwick as a system named Havven, which raised around $30 million in 2018 by selling 60 million HAV tokens through an ICO (initial coin offering). Havven changed its name to Synthetix at the end of 2018, broadening its objectives to the formation of synthetic assets for cryptocurrencies and commodities.

Kain Warwick has previous experience in developing cryptocurrency payment services in Australia, the most well-known of which is Blueshyft. Moreover, Warwick has also worked on several other cryptocurrency projects before finding Synthetix.

Peter McKean, Justin Moses, and Jordan Momtazi are three additional key members of the Synthetix core team. Peter McKean is the project's CEO and has vast experience in software development. Justin Moses is the CTO at Synthetix. Jordan Momtazi is the COO, with several years of experience in cryptocurrency, blockchain, e-commerce systems, and more.

How Are New SNX Tokens Created?

New SNX tokens can be created via the staking process. Staking is a way of earning rewards by holding certain cryptocurrencies. The reason why crypto earns rewards while staked is because the blockchain puts it to work. Crypto assets that utilize staking use a consensus mechanism known as proof of stake, which is used to ensure that all transactions are verified and secured without any intermediary. Thus, the crypto that the users choose to stake becomes a part of the process.

On Synthetix, staking enables users to earn weekly rewards for collateralizing the network. In contrast, without staking, traders can make a profit only from an increase in the price of the token. Anyone who holds SNX tokens can participate in the staking process. However, if a staker only has 250–500 SNX, gas expenses may outweigh the benefits of staking. 

How Many SNX Tokens Are There?

The maximum supply of SNX tokens is capped at 240 million SNX. 


Synthetix Blog • Nov 28, 23

What is the Andromeda Release?

The Andromeda Release marks a significant advancement for Synthetix, featuring the deployment of Core V3 and Perps V3 simultaneously, the addition of new collateral in the form of USDC, and deployment on a new blockchain, Base. This release will propel Synthetix into a multi-chain protocol, lever...

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Synthetix Blog • Nov 01, 23

Synthetix V3 Markets: A Comprehensive Guide

Synthetix V3 brings a groundbreaking approach to creating onchain derivatives and financial products, with markets at its core. These markets draw from liquidity pools, fueled by liquidity providers (LPs) who delegate collateral and stablecoin liquidity.

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Synthetix Blog • Nov 01, 23

SNXweave Weekly Recap 113

<p>November 1, 2023</p><p><em>The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week.</em></p><h4 id="%F0%9F%91%89-tldr">&#x1F449; TLDR</h4><ul><li><strong>Deploy Synthetix V3 Core on Base: </strong>testing on Base Goerli is pending SCCP confirmation</li></ul>

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CoinDesk • Mar 31, 23

Decentralized Liquidity Platform Synthetix Sees Jump in Fees Collected Amid Incentive Campaign

Synthetix generated more than $730K in fees on March 30 ahead of the start of its allocation of 200,000 OP tokens to traders.

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Bankless • Jun 07, 22

Your Guide to the Synthetix Ecosystem

Synths, derivatives, DEXs, options, and capital raises — here's how.

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The Defiant • Apr 25, 22

Synthetix Incentivizes sUSD Liquidity On Optimism With Lyra

Synthetix and Lyra look to boost sUSD liquidity on Optimism.

Read more

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Some highlights about Synthetix Network Token on social media

57 unique individuals are talking about Synthetix Network Token and it is ranked #232 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Synthetix Network Token has an average sentiment score of 3 out of 5. Finally, Synthetix Network Token is becoming more newsworthy, with 0 news articles published about Synthetix Network Token. This is a 0% increase in news volume compared to yesterday.

On Twitter, people are mostly bullish about Synthetix Network Token. There were 53.66% of tweets with bullish sentiment compared to 6.1% of tweets with a bearish sentiment about Synthetix Network Token. 40.24% of tweets were neutral about Synthetix Network Token. These sentiments are based on 82 tweets.

On Reddit, Synthetix Network Token was mentioned in 0 Reddit posts and there were 0 comments about Synthetix Network Token. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.

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57 people


73 posts



Volume rank


Average Sentiment

3 out of 5


Coinbase Bytes

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Synthetix Network Token is on the decline this week.

The price of Synthetix Network Token has fallen by 1.60% in the past 7 days. The price declined by 0.66% in the last 24 hours. In just the past hour, the price shrunk by 0.36%. The current price is $3.31 per SNX. Synthetix Network Token is 88.49% below the all time high of $28.77.

The current circulating supply is 291,871,891.664 SNX.


What is the current price of Synthetix Network Token?

We update our Synthetix Network Token to USD currency in real-time. Get the live price of Synthetix Network Token on Coinbase.

What is the market cap of Synthetix Network Token?

The current market cap of Synthetix Network Token is $966.39M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Synthetix Network Token?

The all-time high of Synthetix Network Token is $28.77. This all-time high is highest price paid for Synthetix Network Token since it was launched.

What is the 24 hour trading volume of Synthetix Network Token?

Over the last 24 hours, the trading volume of Synthetix Network Token is $47.99M.

What other assets are similar to Synthetix Network Token?

Assets that have a similar market cap to Synthetix Network Token include Ethereum, Tether, BNB, and many others. To see a full list, see our comparable market cap assets.

How many Synthetix Network Token are there?

The current circulating supply of Synthetix Network Token is 292 million.

What is the typical holding time of Synthetix Network Token?

The median time that Coinbase customers hold Synthetix Network Token before selling it or sending it to another account or address is 22 days.

What is the relative popularity of Synthetix Network Token?

Synthetix Network Token ranks 80 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Synthetix Network Token?

Currently, 66% of Coinbase users are buying Synthetix Network Token. In other words, 66% of Coinbase customers have increased their net position in Synthetix Network Token over the past 24 hours through trading.

Can I buy Synthetix Network Token on Coinbase?

Yes, Synthetix Network Token is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Synthetix Network Token guide.

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