The live price of Synthetix Network Token (SNX) today is 2.986 USD, and with the current circulating supply of Synthetix Network Token at 114,841,533 SNX, its market capitalization stands at 342,919,452 USD. In the last 24 hours SNX price has moved -0.2353 USD or -0.07% while 21,637,442 USD worth of SNX has been traded on various exchanges. The current valuation of SNX puts it at #113 in cryptocurrency rankings based on market capitalization.
Learn more about the Synthetix Network Token blockchain network and how it works or follow the price of its native cryptocurrency SNX and the broader market with our unique COIN360 cryptocurrency heatmap.
Synthetix is an open-source derivatives liquidity DeFi (Decentralised Finance) protocol deployed on Ethereum and Optimism blockchains. Founded in 2017 as Havven by Kain Warwick, Synthetix allows users to seamlessly create highly liquid ‘synthetic’ assets called ‘Synths’ which work just like derivatives and track the price movements of real-world assets. Users can gain exposure to any asset of their choice, be it crypto, commodities, indices or stocks, without the need to actually own it. The Synths can then be freely traded on the Synthetix Exchange, in a permissionless environment, with low to zero slippage, and by paying a nominal trading fee.
The platform is powered by its native token SNX, which is based on Ethereum's ERC-20 token standard. Synthetix was created with the aim of broadening the scope of the DeFi industry, by providing easy access to non-blockchain assets, and thus, creating a more robust financial market. As of writing, the total value locked in Synthetix amounts to $250+ million dollars, and increasing. In addition, there are many third-party DeFi platforms built using the Synthetix protocol, such as Kwenta, Lyra and Thales. The other well-known brands that constitute the Synthetix ecosystem include 1Inch, Dhedge, Curve, Aelin and Yearn.
SNX coin was launched in March 2018 as HAV (of Havven, the former name of the Synthetix protocol) through an Initial Coin Offering (ICO). Its price remained well under a dollar till November 2019 when boosted by a handful of important upgrades — Canopus Release, Rigil Release, Arcturus Release and Vega Release — it breached the $1 level for the very first time. However, SNX price slid back under the one-dollar level once again by February 2020.
As per our SNX live price chart, the next noteworthy surge in the price of SNX came in June 2020 when the token rallied on to reach almost $8 in September 2020. Thereafter, SNX coin remained range-bound between $3 to $6 till the end of the year. However, with the wider crypto market entering the first bullish phase of 2021, SNX too rode the positive market sentiment and breached multiple resistance levels to register its all-time high of nearly $29 on Feb. 14, 2021. SNX’s fully diluted valuation stood at well above $8 billion at its ATH.
After trading sideways for almost the next four months, SNX price dropped to $5.5 on June 22, 2021. Despite regaining some lost ground in the following months, SNX coin closed 2021 at $5.58. 2022 hasn’t been great for it either, with unforgiving bearish forces pulling the token’s price well below $3 level by the end of June.
The Synthetix protocol works by serving as a synthetic asset issuance protocol that accepts the native SNX token as collateral. SNX tokens, when locked in the staking contract through the Synthetix Staking application, enable the issuance of Synths. These Synths are represented by sTokens, for instance, sBTC for Bitcoin, sJPY for Japanese Yen and sDEFI for the DeFi index. The pooled collateral model allows for easy and direct conversions between the Synths, without the involvement of any counterparties. This largely resolves the slippage and liquidity problems experienced by the decentralized exchanges.
Synths are currently minted at a 400% collateralization ratio for SNX. However, ETH coins can also be used for the generation of sETH, at a collateralization ratio of 150%. These collateralization ratios may, however, be lowered or raised from time to time through Synthetix’ community governance system.
Besides Synth generation, SNX tokens are also used to earn staking rewards created by the protocol’s inflationary monetary policy. The stakers are also rewarded with a share from the transaction fees collected on the Synthetix exchange.
Being deployed on Ethereum and Optimism, Synthetix is secured by the same mechanisms that safeguard the Ethereum blockchain.
The Synthetix team announced via an onsite blog post in July 2021 that the protocol would be successfully launched on Optimism, an Ethereum Layer 2 scaling solution, towards that month’s end. It termed the Optimism deployment as one of the most important milestones in the project’s history.
In another significant SNX news, the Synthetix platform racked up more than $1 million in daily fees in June 2022. The development came on the back of extensive trading activity, with the platform overshadowing Bitcoin’s daily performance by 5x. The massive trading surge also pushed up SNX price by more than 100%, taking it well over $3 on June 20, 2022.
Can you mine or stake SNX?
While you cannot mine SNX, it is possible to stake SNX to generate Synths and earn staking rewards.
Which are some of the best SNX wallets?
Being an ERC-20 token, SNX can be stored in any Ethereum-compatible wallet. Some of the best SNX wallets are MetaMask, Trezor, Ledger and Atomic Wallet.
What can you do with SNX cryptocurrency?
You can use your SNX to obtain Synths, and can also earn staking rewards. It’s also possible to trade SNX against other prominent crypto assets on exchange portals.
How can you buy SNX?
The best way to buy SNX is from crypto exchanges, through trading pairs like SNX/BTC, SNX/USDT, SNX/BUSD, SNX/ETH etc.
|Synthetix Network Token Price||2.986 USD|
|Market Cap||342,919,452 USD|
|24h Volume||41,030,388 USD|
|Circulating Supply||114,841,533 SNX|
|Max Supply||210,952,392 SNX|
|Yesterday's Market Cap||374,146,460 USD|
|Yesterday's Open / Close||3.4932 USD / 3.2579 USD|
|Yesterday's High / Low||3.5707 USD / 3.2579 USD|
-0.07% ( 0.2353 USD )
|Yesterday's Volume||21,637,442 USD|