Synthetix
About Synthetix
The price of Synthetix (SNX) is $1.33 today, as of Sep 16 08:25 p.m., with a 24-hour trading volume of $22.20M. Over the last 24 hours, the price has decreased by -5.18%. Synthetix currently has a circulating supply of 327.77M and a market cap of $434.33M.
SNX is the native cryptocurrency for the Synthetix protocol, a platform that allows users to create their own “synthetic” assets. Those are assets that act like derivatives, meaning investors can gain exposure to any kind of asset like gold, bitcoin and euros without having to actually own it.
Synthetix is an open-source, decentralized finance (DeFi) protocol that is based on the Ethereum blockchain and is powered by its SNX token.
Synthetix started as Havven (HAV) in 2017 as a collateral-backed stablecoin issuer. In March 2018, Havven issued 60 million of the project’s total 100 million HAV tokens for $30 million in an initial coin offering. The remaining assets were allocated as follows:
- 8 million HAV for marketing and partnerships
- 12 million for the Havven foundation with a set distribution schedule over the next year
- 20 million HAV for the founding team with a distribution schedule set for the next two years.
In February 2021, SNX reached an all-time high of $28.77 following a $12 million funding round that included Coinbase Ventures, Paradigm Capital and IOSG Ventures. Unlike with traditional funding rounds, the venture capital firms elected to purchase SNX tokens directly from the platform’s treasury rather than distributing funds to the platform.
Synthetix announced the launch of its layer 2 integration with Optimism in July 2021. The move was highly anticipated in the community and it resulted in a jump over nearly 20% in SNX’s price to a one-month high above $13.
In September 2021, SNX price jumped 10% to $13.34 following Lyra’s announcement of a blockchain-based rewards program using Synthetix’s sUSD stablecoin. At the same time, the number of addresses holding SNX reached an all-time high of 100,000.