SNX
Synthetix
SNX

Synthetix price

in USD
$1.249
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Market cap
$433.32M #87
Circulating supply
343.47M / 343.89M
All-time high
$28.99
24h volume
$237.62M
4.0 / 5
SNXSNX
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About Synthetix

Synthetix (SNX) is a decentralized finance (DeFi) protocol that enables users to trade synthetic assets, which are digital versions of real-world assets like stocks, commodities, and cryptocurrencies. Built on Ethereum, Synthetix allows users to mint and trade these assets without needing intermediaries, offering a trustless and transparent trading experience. The SNX token is used to collateralize the system, stake for rewards, and participate in governance decisions. With its focus on decentralized derivatives and perpetual contracts, Synthetix provides a unique way to gain exposure to various markets while leveraging the security of Ethereum. Its innovative approach makes it a key player in the DeFi ecosystem, appealing to both traders and long-term investors.
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Last audit: 3 June 2021, (UTC+8)

Synthetix’s price performance

Past year
-11.30%
$1.41
3 months
+125.43%
$0.55
30 days
+88.36%
$0.66
7 days
+52.19%
$0.82
54%
Buying
Updated hourly.
More people are buying SNX than selling on OKX
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Synthetix on socials

Crypto Ninja
Crypto Ninja
$MITO is Perfect Deadly Oversold Chart Holding V Well Don’t Missout This Beautiful Chart On #Binance 2X v Easy For Charts Like This $zec $dash $red $xvg $dexe $NiL $Scrt $zen $Eigen $snx $bio
Gallery 1
9.88K
10
eezzyLIVE 🧸
eezzyLIVE 🧸
Back to Ethereum, Synthetix helped define DeFi, synthetic assets, early Layer 2 adoption. Now it’s returning to Ethereum Mainnet with a new focus: protocol-owned liquidity and renewed support for $SNX. At the core is the SLP vault.
4.29K
82
发牌大师 书童
发牌大师 书童
The significance of the phrase "buy more as it drops before the end of September" will become apparent in October. Here are some suggestions regarding detailed operations: 1. No rotation, only chase the leaders: The definition of leaders here is not determined by fundamentals or market capitalization, but by capital. If you ask me what the main theme of this round of market is, my answer is "running alongside and fishing in troubled waters." Currently, the market's capital does not support large-scale rallies of stocks within the same sector, so there will not be a situation where funds circulate within the same sector due to price deviations from fundamentals. Therefore, buying strong stocks instead of weak ones has become a rule. The explosive rise of aster did not ignite gmx, snx, or dydx. Similarly, the recent surge of zec has not revitalized the entire privacy sector's tokens. I can see zec reaching 300+, but I don't have the courage to hold zen or dash at the bottom with a 5x+ expectation; the strong will remain strong. 2. Increase positions on breakthroughs, widen stop losses: The current market has completed several stages of evolution, from a violent drop (starting in August, with a bear market atmosphere inflating funding rates) → false breakthroughs to deceive liquidity (concentrated in September, tricking those who are overly optimistic about myx and m bio into false breakthroughs to deceive liquidity in high consensus areas) → true breakthroughs that explosively break through resistance levels (starting in October). After the conditioning in September, the market has formed muscle memory; when facing resistance levels, one should run and not chase more. The entire chain is coherent, similar to what started in September 2023, from violent drops → deceiving liquidity → true breakthroughs where people are afraid to jump in. This is a complete set of methods to numb market perception and muscle memory. 3. Timely switch vehicles, chase hotspots: Whether it's project parties, institutions, or retail investors, there is a strong consensus—this round's cycle is the last wave of a bull market. Therefore, rushing to exit has become the main theme, which requires timely switching of vehicles. In a market with insufficient liquidity, value investing is ineffective; to sell chips, one can only attract following orders with large bullish candles. Most stocks will complete their main stage of gains within a week. When seeing stocks with three consecutive days of large bullish candles, the first thought should not be to write a small essay about this narrative or how great the project is, but rather to reduce positions and look for the next potential undervalued area that is favored by capital. So, let's start making money.
发牌大师 书童
发牌大师 书童
Before the end of the month, buy altcoins more as they drop. It doesn't matter what others say about the favorable news leading to a big drop; the time window threshold is approaching. It's simple to understand: the market always extends in despair. The signal for the bottom of the myx short-term 300x market is that the premise for playing such a volatile coin is that most people do not believe in the market. When they see a surge, they keep shorting, which allows the whales to manipulate contracts and data. The extremely negative funding rates lower the trading costs while trapping the short sellers. This is similar to August-September 2023, where the first two months saw a crazy transition between bulls and bears led by TRB in the BSC ecosystem. The bull market started in October, with the ordinals and Solana ecosystems taking the lead as the main characters in the market. There have been quite a few short squeezes in the last two months, right? Myx 300x, bio 5x, m 5x, nmr ath... These targets were all mentioned in the early channels. However, the short squeeze drama is gradually coming to an end, and the short sellers are slowly shifting from shorting to holding cash. The next few months will see a resonance between the spot and futures markets. Our strategy is transitioning from short-term to medium-term, from speculation to value. Prioritize large coins with good liquidity. In the next few days, we will release a medium-term observation list. The cost-effectiveness of Bitcoin and Ethereum is decreasing, and we can see many people on-chain switching their Ethereum profits after understanding the situation. Funds are rotating, believing in cryptocurrency and believing in cycles.
15.48K
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Synthetix FAQ

Synthetix (SNX) is a decentralized protocol on the Ethereum blockchain that facilitates the creation of synthetic assets, known as "synths." These synths mimic the value of real-world assets like cryptocurrencies, commodities, and fiat currencies. By leveraging smart contracts, oracles, and the SNX token, Synthetix enables users to access various assets without owning them directly. This opens up a new horizon of financial opportunities within the decentralized finance (DeFi) space.

The SNX token plays a crucial role within the Synthetix ecosystem, serving multiple functions. Primarily, it acts as collateral to back the value of issued synths. Holders can lock their tokens as collateral and mint synths, earning a proportionate share of fees generated by the Synthetix protocol. Additionally, SNX token holders can participate in the protocol's governance, giving them a voice in decision-making processes.

Easily buy SNX tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include SNX/USDT and SNX/USDC. You can also swap your existing cryptocurrencies, including Bitcoin (BTC),Cardano (ADA), Tether (USDT), and USD Coin (USDC), for SNX with zero fees and no price slippage by using OKX Convert.

Currently, one Synthetix is worth $1.249. For answers and insight into Synthetix's price action, you're in the right place. Explore the latest Synthetix charts and trade responsibly with OKX.
Cryptocurrencies, such as Synthetix, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Synthetix have been created as well.
Check out our Synthetix price prediction page to forecast future prices and determine your price targets.

Dive deeper into Synthetix

Amidst the Ethereum network's scalability issues and growing congestion, Synthetix has emerged as an innovative solution to these challenges. With its native token SNX, Synthetix provides a robust platform for synthetic assets in the decentralized finance (DeFi) arena. This platform goes beyond the typical DeFi offerings, presenting a distinctive approach to tokenization and asset management that unlocks numerous opportunities within the cryptocurrency space.

What is Synthetix?

Synthetix is a DeFi protocol operating on the Ethereum network, enabling the creation of synthetic assets. These assets, referred to as Synths, replicate the value of various other assets, including fiat currencies, cryptocurrencies, commodities, and stocks. The primary purpose of Synths is to offer users exposure to these assets without needing to possess them physically. The Synthetix Network Token (SNX) is the protocol's native token and is used as collateral for issuing Synths.

The Synthetix team

The Synthetix team, led by Kain Warwick, is a dedicated group of experienced developers and entrepreneurs. Some notable team members include Dustin Fontaine, the CTO; Justin Moses, the senior software engineer; Clint Ennis, the senior architect; and Sunny Vempati, the front-end architect. Additionally, the team is complemented by Andrew Porter, a non-executive director, Marcelo D., a partner at Cluster Capital, and Brian O'Farrell, the co-founder of Furthr. 

How does Synthetix work?

Synthetix operates by utilizing decentralized oracles, which are smart contract-based price discovery protocols, to monitor the prices of specific assets. By doing so, the value of Synths becomes tied to the underlying assets, enabling users to gain exposure to these assets without holding them directly.

Users can lock up their SNX tokens as collateral to mint new Synths. These newly minted Synths can be traded on the Synthetix Exchange without experiencing slippage. This is achieved through a mechanism that burns the Synths being sold and mints new ones, ensuring the overall supply remains balanced.

SNX tokenomics

SNX tokens play a vital role in the Synthetix ecosystem as they serve as collateral for the creation of synths. When SNX holders stake their tokens within the protocol, they gain access to rewards and the ability to participate in the Synth exchange. Notably, the value of SNX tokens is directly tied to the value of the synths they are used to collateralize, establishing a crucial connection between the token and the underlying assets within the system.

Synthetix use cases

Synthetix offers various use cases that revolve around synthetic assets. Through Synths, users can gain exposure to a wide range of assets without needing to directly own them, as the Synths are tied to the value of the underlying assets.

The platform enables users to trade Synths directly on the Synthetix DEX without the involvement of intermediaries. Additionally, being built on the Ethereum blockchain, users can deposit Synths on select DeFi protocols, providing liquidity and earning interest.

SNX token holders can stake their tokens and earn Synths as rewards, further enhancing their participation within the ecosystem.

SNX distribution

The total supply of SNX tokens is capped at 259,562,746. The distribution is allocated as follows:

  • Sixty percent through the initial coin offering (ICO).
  • Three percent for bounties and marketing incentives.
  • Five percent for partnerships.
  • Twelve percent for the foundation.
  • Twenty percent for the team and advisors. 

The road ahead of Synthetix

Synthetix's future roadmap involves the expansion of its synthetic asset offerings to include traditional assets such as stocks and bonds. This strategic move aims to bridge the gap between the traditional financial realm and the blockchain space, enabling users to access a broader range of investment opportunities.

Furthermore, the Synthetix team is committed to improving the user experience by enhancing the platform's accessibility and usability, catering to both seasoned and new users alike.

Disclaimer

The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice.

OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
Market cap
$433.32M #87
Circulating supply
343.47M / 343.89M
All-time high
$28.99
24h volume
$237.62M
4.0 / 5
SNXSNX
USDUSD
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