Synthetix

Synthetix is a derivatives protocol on Ethereum that took shape in 2018 when it was rebranded from the name Havven. The protocol was originally designed as a system in which users could mint synthetic assets such as sUSD by posting SNX as collateral; these synthetic assets track the value of other assets using data from external price sources (oracles). Over time, the focus of Synthetix has shifted to liquidity infrastructure for perpetual futures markets.

SNX is the system's collateral and governance token. SNX locked as collateral shares the risk of the protocol's common debt pool, and in return a share of trading fees and incentives can be earned. If the collateral ratio falls below a set threshold, positions can be liquidated. The main version of SNX is on Ethereum, with bridged contracts on Optimism, Base and some other networks. Because the product structure can change through governance decisions, official announcements need to be followed.

The US dollar price shown for SNX on Lzzo.com is derived from Binance USDT trades and Coinbase Exchange's USDT/USD rate; it is for information only.