Synthetix (SNX)

Synthetic assets on-chain. Trade anything without owning it.

What is Synthetix?

Synthetix is a decentralized protocol for creating and trading synthetic assets — tokens that track the price of real-world assets without requiring you to own the underlying asset. You can gain exposure to gold, oil, stocks, currencies, or any other asset, all on the blockchain. These synthetic assets (called Synths) are backed by SNX tokens locked as collateral.

SNX is the collateral and governance token. Users stake SNX at high collateralization ratios to mint synthetic assets like sUSD (synthetic US dollar), sBTC (synthetic Bitcoin), or sETH (synthetic Ethereum). Stakers earn fees from trades on the Synthetix Exchange and from protocol-generated yield.

The protocol enables permissionless exposure to virtually any asset class. Want to trade commodities without a brokerage account? Short a stock without margin requirements from a traditional exchange? Synthetix makes this possible on-chain, trustlessly, 24/7.

Synthetix Ecosystem

Mint synthetic assets pegged to commodities, stocks, fiat, and crypto
Trade Synths on Kwenta and other Synthetix-powered exchanges
Stake SNX to earn trading fees and protocol incentives
Cross-chain synthetic assets on Ethereum and Optimism
Integration with Curve, Uniswap, and other DeFi protocols

Team & Development

Synthetix was founded by Kain Warwick, an Australian entrepreneur, and launched in 2018 as Havven before rebranding to Synthetix. The protocol transitioned to a DAO governance model, with SNX holders voting on protocol upgrades and parameters. Development is led by the Synthetix Core Contributors and a global community of developers.

Frequently Asked Questions

What is the difference between SNX and sUSD?

SNX is the collateral and governance token. sUSD is the synthetic US dollar stablecoin you mint by staking SNX. sUSD is the base currency used to trade into other Synths like sBTC, sETH, or sGOLD.

Why would I stake SNX?

Staking SNX lets you mint sUSD and earn trading fees from the Synthetix Exchange. You also receive SNX staking rewards. The trade-off is that you take on debt exposure: if the total debt pool grows (because others minted assets that appreciated), your debt increases. It's a sophisticated mechanism suited for active DeFi participants.

Where do I store SNX?

SNX is an ERC-20 token on Ethereum and also exists on Optimism. Use MetaMask, Ledger, or any Ethereum-compatible wallet. For staking, you interact with the Synthetix dApp.

Can I sell or swap SNX?

Swaps sells stablecoins only — USDC, USDT and USDB — to a bank account in your name; Synthetix can't be sold on Swaps. Swapping is paused on Swaps while we rebuild it; buying works.

Buy Synthetix on Swaps

Compare Synthetix live routes by final receive amount. Buy SNX where provider coverage supports your country, asset, network, payment method, and checkout requirements.