What Synthetix Network governs
Synthetix Network (SNX) is a DeFi protocol governance token, currently ranked 198th by market capitalization among the assets we track. Rather than being money itself, Synthetix Network is a claim on a financial protocol. Its worth tracks the fees, liquidity, and usage of the application beneath it far more than any monetary narrative.
Synthetix Network (SNX) is a decentralized liquidity protocol that enables the creation and trading of synthetic assets on the Ethereum blockchain. These assets mimic the value of real-world assets, allowing users to gain exposure to various markets without needing to hold the underlying assets.
How value is supposed to accrue
Usage drives everything here: more deposits and more volume mean more fees, and the token's value depends on whether those fees flow back to SNX rather than evaporating to liquidity providers alone.
SNX is not mined; it is issued as a token rather than secured by its own mining or staking layer.
Background & fundamentals
Synthetix Network first went live in 2018, giving it roughly 8 years of on-chain price history to draw on. Synthetix Network operates under a centralized structure, which concentrates protocol decisions in an identifiable issuer or foundation. A documented core team of 12 contributors is listed publicly, a depth of disclosed staffing many long-tail tokens lack.
Its codebase is open-source, meaning the implementation can be audited rather than taken on trust. The project publishes a whitepaper documenting its original design, which is worth reading before sizing any position in SNX. CoinPaprika classifies the project's development status as "Alpha version".
In sector terms it is most often filed under Platform, Smart Contracts, and Payments.
Where Synthetix Network sits in the market
At $0.2127, Synthetix Network carries a market capitalization of $73.05M. Around $5.06M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 6.93% of the float — a healthy level of activity for an asset this size.
Almost the entire SNX supply is already in circulation (~100.0% of the 339.9M cap), so future dilution is effectively off the table. SNX remains -99% beneath its all-time high of $28.86, the kind of gap that historically takes a full cycle or a fresh catalyst to close.
What the price history shows
Across timeframes, SNX shows 24-hour -0.06%, 7-day -9.98%, 30-day -9.97%, 1-year -59.52%. Across roughly the last 365 days of daily candles, SNX endured a peak-to-trough drawdown of about 88% before stabilizing.
Volatility profile
Recent action puts Synthetix Network in the Moderate-volatility band — it shows the kind of price movement common in mid-cap crypto assets — meaningful but not unusual. Over the last 30 days the move totals -9.97%, a useful input for stop placement and position sizing.
How to evaluate a DeFi token like Synthetix Network
For an asset of this type, three lenses matter most:
- Protocol revenue — fees the application actually earns, and whether any of it reaches SNX holders.
- Total value locked — how much capital trusts the protocol — and how sticky it is versus mercenary yield.
- Token utility — whether SNX is load-bearing (governance over real value, fee rights) or decorative.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
