Synthetix

SNX Rank #231

$0.2541▲ 3.50%24h

Low $0.2439High $0.2571

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Market cap$147.61MRank #231

Fully diluted value$147.61M

Volume (24h)$7.40MVol / Mcap 5.01%

Circulating supply580.98MSNX

Total supply581.40M

Max supply∞no hard cap

All-time high$28.53Feb 13, 2021

All-time low$0.0348Jan 5, 2019

What is Synthetix?

Origins and trading infrastructure

Kain Warwick founded the project that became Synthetix. Its HAV token was publicly distributed in 2018 before the transition from Havven to the Synthetix identity. The early system used pooled collateral to issue synthetic assets. The current development focus is perpetual trading on Ethereum mainnet. Its exchange combines an order-book interface with protocol-managed trading infrastructure.

Staking transition

Legacy SNX staking connected holders with a shared debt position and collateral requirements. The protocol introduced a revised staking program in 2025 that did not require every new participant to mint personal debt. Further 2026 reforms address the remaining Debt Jubilee positions. Their lock, vesting and exit rules depend on the holder's outstanding obligations. SNX staking should therefore be read through the current pool rules rather than the original synth-minting model.

Legacy sUSD and issuance

SIP-423, marked implemented in 2026, sets out the retirement of legacy sUSD on Ethereum and Optimism. The associated snapshot establishes eligible holder entitlements. Its planned conversion authorizes up to 236,464,356 new SNX against those claims. The claims and reformed-staking contracts remain identified as deferred builds in the published specification. That authorization means an old fixed-supply figure is not a reliable ceiling for SNX.

Governance role

SNX supports participation in Synthetix governance and the ecosystem's token programs. Protocol proposals define changes to trading, collateral and economic parameters. Rewards, buybacks and distributions depend on approved mechanisms and available protocol activity rather than an unconditional return for every holder.