Synthetix Network Logo

Synthetix Network SNX

Synthetix Network header image

1. Summary

Ranks

Liquidity
Developer
Social
Momentum (beta)
Stack Rank™
Price
52W High price $15.03
52W High date 16th Sep 2021 (9 months ago)
All Time High (ATH) Date 14th Feb 2021 (1 year ago)
ATH Price $28.53
% From ATH -91.56%
All Time Low (ATL) Date 6th Jan 2019 (3 years ago)
ATL Price $0.03
% From ATL 6822.44%
Supply & Trading Volume
Trading Volume (24h) $72.27M
Total Supply 275.60M
Max Supply 275.60M
Circulating Supply 225.85M
Description

Synthetix is essentially a token trading platform that is built on Ethereum and allows for the creation of real-world assets such as stocks and shares to be bought and traded through the usage of cryptocurrencies. It started out as a stablecoin, and over time went into DeFi.

Synthetix is essentially a token trading platform that is built on Ethereum and allows for the creation of real-world assets such as stocks and shares to be bought and traded through the usage of cryptocurrencies. It started out as a stablecoin, and over time went into DeFi.

In other words, Synthetix allows users to bet on crypto assets, stocks, currencies, and metals in the form of ERC20 tokens. These assets are known as Synths and copy the price of an asset in the real world, and bring it to the Ethereum blockchain which gives a Synth all of the properties of ERC20 tokens.

Synthetix allows this through code alone, without a need for a financial intermediary. It is simply a collection of smart contracts that runs on the Ethereum blockchain, and this means that it does not need to trust a particular institution or person to manage the crypto assets that they create.

These can also be generated through collateralization.

The SNX Token Explained

To collateralize an asset on Synthetix, you have to purchase the SNX cryptocurrency, where once it is locked in a contract, it can be used to generate new assets known as Synths.

Synths are then able to track the value of other assets through the usage of special data feeds known as oracles, and these enable users to gain exposure to gains or losses.

Synthetix uses two cryptocurrencies in order to offer its synthetic asset minting service, where the first is its native cryptocurrency known as SNX while the second is the Synths.

A user has to acquire SNX, deposit it in the Synthetix platform, and in turn, a Synth token is generated.

Features of Synthetix

Synthetic is designed in a way that exposes users to the underlying asset through Synths, without needing to actually hold the underlying asset.

This platform allows users to trade and exchange Synths autonomously, and has a staking pool where holders can actually stake their SNX tokens and are rewarded with a share of the transaction fees that occur on the Synthetix Exchange.

These underlying platforms are tracked through the usage of smart contract price delivery protocols known as oracles. Users can trade Synths seamlessly and without liquidity issues, which also eliminates the use of third parties.

Founders of Synthetix (SNX)

Discussing the founders of Synthetix, the network was launched in September of 2017 by Karin Warwick as Havven (HAV). A year later, it became what we know today as Synthetix through rebranding.

Now, discussing Kain Warwick, aside from this project, he is a non-executive director at the blueshift retail network, and he also worked on Pouncer, of which he is the founder, which is a live auction site in Australia.

Then you have Peter McKean, who’s the CEO of the project and has decades of experience in software development, as well as Jordan Momatzi, who is the COO of the project as well as a business strategist, and last but not least, Justin J. Moses who fills the role of the CTO and is a former director of engineering at MongoDB.

1.1 Insights

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2. Price

SNX/USD

2.1. Market Performance

How does Synthetix Network's (SNX) performance compare to the median performance for assets of a similar market capitalization?

30 Day Return

-3.3%

SNX

-18.0%

Similar Market Cap

60 Day Return

-56.4%

SNX

-60.4%

Similar Market Cap

1 Year Return

-62.1%

SNX

-47.0%

Similar Market Cap

3. Developer Activity

We're monitoring 79 Synthetix Network GitHub repos for commits, code additions and deletions. This data is factored into the Developer Rank. Because of delays in GitHub's stat processing, recent activity maybe underrepresented.

Weekly Commits (All Synthetix Network Repos)

Commits vs. The Market

  • Past 4 weeks: 403 commits vs. an average of 4
  • Past 12 weeks: 901 commits vs. an average of 20
  • Past year: 4,797 commits vs. an average of 403

Most Active Repos

Past week 8
Past 12 weeks 102
Past year 1034
Past week 19
Past 12 weeks 136
Past year 995
Past week 16
Past 12 weeks 91
Past year 745
Past week 36
Past 12 weeks 169
Past year 700
Past week 69
Past 12 weeks 109
Past year 356
Past week 0
Past 12 weeks 0
Past year 326

Top Developers 2022

In total, 555 developers have contributed to Synthetix Network over the past year. Who are the most active Synthetix Network developers, by commits, over the past year?

Related Projects

Developers working on Synthetix Network also worked on these projects.

4. Social Activity

Tip: Toggle each network by clicking the name above

Historic data is only available from 22nd April 2022

Total Followers

Reddit Subscribers 8,983
Active Reddit Users (past 24h) 42
Discord users
Active Discord Users
Telegram Users 11,257
Twitter followers 210,971
5. News
6. Investment

Investors

Who are the funds and individuals that invested in Synthetix Network?

Funding Rounds

Synthetix Network has raised $46.1M across 5 funding rounds, between September 2017 and December 2020.

Amount / Round Date Investors
$12.0M / - 1 year ago 3
$3.8M / - 2 years ago 1
$30.0M / ICO 4 years ago 2
$250,000.0 / Seed 4 years ago 1
- / Pre Seed 4 years ago 1
$12.0M / - 1 year ago 3
$3.8M / - 2 years ago 1
$30.0M / ICO 4 years ago 2
$250,000.0 / Seed 4 years ago 1
- / Pre Seed 4 years ago 1
7. More Information

Always do your own research (DYOR) before making any investment. Here's some links you might find helpful:

Website https://www.synthetix.io/
Explorer https://etherscan.io/token/0xc011a73ee8576fb46f5e1...
Twitter @synthetix_io
reddit /r/synthetix_io
Whitepaper https://www.synthetix.io/uploads/synthetix_whitepaper.pdf

What is the correct contract address for Synthetix Network?

Energi 0xa255461ff545d6ece153283f421d67d2de5d0e29
Fantom 0x56ee926bd8c72b2d5fa1af4d9e4cbb515a1e3adc
Ethereum 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Avalanche 0xbec243c995409e6520d7c41e404da5deba4b209b
Huobi-token 0x777850281719d5a96c29812ab72f822e0e09f3da
Polygon-pos 0x50b728d8d964fd00c2d0aad81718b71311fef68a
Harmony-shard-0 0x7b9c523d59aefd362247bd5601a89722e3774dd2
Optimistic-ethereum 0x8700daec35af8ff88c16bdf0418774cb3d7599b4

Has Synthetix Network been audited for security?

No security audits found for this project.

Are you the owner of Synthetix Network? Edit it here

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