Synthetix SNX

Synthetix (SNX) was trading at $0.2073, ranked #233 by market cap at $120.75M, with 24h volume of $17.72M.

Data snapshot: 2026-09-02 12:15 UTC. ↻ Refresh live price

Synthetix lets traders hold synthetic exposure to assets — currencies, commodities, indices — without holding the underlying, with positions backed by SNX staked at high collateral ratios. Its early pooled-debt model meant every staker shared in the collective profit or loss of all traders, an unusual and demanding design that the protocol has since restructured toward perpetual futures. Synthetix pioneered a distinctive model: rather than matching buyers and sellers, holders stake SNX as collateral to back synthetic assets, and collectively take the other side of every trade as a pooled counterparty. That means stakers carry the aggregate profit and loss of all traders — a genuinely different risk than providing liquidity to a pool. The protocol has been through several major redesigns as that model met its limits in practice. It is one of the older DeFi protocols still actively developed, and its history is a useful record of what pooled-collateral designs run into.

Market cap decides how big a bubble is drawn, so rank is what places SNX on the map relative to the rest of its sector.