Synthetix's SNX is a protocol token associated with decentralized derivatives infrastructure, not the sUSD stablecoin. Its staking and collateral role is undergoing a documented redesign. SIP-423 addresses legacy sUSD retirement and staking reform, with some contract builds explicitly deferred despite the proposal's overall implemented status.
defi Synthetix
Synthetix
(SNX)
Synthetix's SNX is a protocol token associated with decentralized derivatives infrastructure, not the sUSD stablecoin. Its staking and collateral role is undergoing a documented redesign. SIP-423 addresses legacy sUSD retirement and staking reform, with some contract builds explicitly deferred despite the proposal's overall implemented status.
USD market price
--
-- in 24h
Source: CoinGecko
Fetching market data...
Market data, not an exchange order quote. Quotes older than five minutes are hidden.
→ How to Buy Synthetix USD market prices / CoinGecko
BTC -- -- ETH -- -- SOL -- -- BNB -- -- XRP -- -- ADA -- -- DOGE -- -- AVAX -- -- DOT -- -- LINK -- -- UNI -- -- LTC -- -- BTC -- -- ETH -- -- SOL -- -- BNB -- -- XRP -- -- ADA -- -- DOGE -- -- AVAX -- -- DOT -- -- LINK -- -- UNI -- -- LTC -- --
What is Synthetix?
Answer sources checked
20 answers source-reviewed with Codex assistance. Reviewed . This review covers the answers, not exchange listings or the rest of the page.
How does Synthetix work?
Synthetix uses smart contracts for derivatives and related collateral arrangements; SNX is an issued token rather than an independent settlement chain. Legacy staker-backed sUSD debt is being restructured toward a different exchange model. Check the exact version and contract before assuming older staking mechanics still apply.
Who created Synthetix?
Synthetix's official history identifies Kain Warwick and Jordan Momtazi as co-founders. Development and governance also involve contributors and elected bodies, rather than a single person controlling every transaction. Founder attribution is not a guarantee of the token's value, solvency or current product availability.
What is Synthetix used for?
SNX is associated with Synthetix governance and protocol staking or collateral arrangements, whose current scope depends on the reform implementation. It is not a dollar-pegged payment token and is not interchangeable with sUSD. Trading on the Synthetix exchange is also distinct from simply holding SNX.
Where can you buy Synthetix?
Check a platform's official SNX listing, account eligibility and supported networks before attempting a purchase. The existence of Ethereum and Optimism protocol deployments does not prove every exchange supports both token routes. Use the genuine contract and distinguish SNX from sUSD, receipt tokens and similarly named assets.
Synthetix exchange reference guides
Before you buy| Exchange | Observed pairs | Catalogue status | Checked (UTC) | Checklist |
|---|---|---|---|---|
| Coinbase | SNX-BTC, SNX-EUR, SNX-GBP + moreCoinbase Exchange public spot catalogue, not Coinbase Advanced or retail account eligibility | Reported open | Check route | |
| Kraken | SNXEUR, SNXUSD, SNXXBTKraken international public currency spot pairs plus Support full names and public canonical-to-altname metadata; not regional, retail, funding or account eligibility. | Reported open | Check route | |
| OKX | SNX-EUR, SNX-TRY, SNX-USDC + moreOKX public SPOT instruments joined to the first thirty-eight global ALL market pages plus three existing category pages. Only explicit SPOT rows with matching API trade ID and base symbol supply names; stocks, swaps and unknown products are excluded. Bounded identity coverage, not regional/account, funding, contract or withdrawal eligibility. | Reported open | Check route | |
| Bybit | SNXUSDTBybit global public crypto SPOT instruments with empty symbolType only, joined to the provider-declared CoinGecko ID mapping and exact symbol/full name on its English price page. Price-page coverage is bounded; unmatched identities stay unknown. Not regional, account, funding, contract or withdrawal eligibility. | Reported open | Check route | |
| Gate.io | SNX_USDTGate global normal spot currency-pair catalogue and embedded full names from api.gateio.ws; premarket excluded; not Gate.US/EU/Dubai, account, region or funding eligibility | Reported open | Check route | |
| Bitstamp | snxeur, snxusdBitstamp public spot market and currency catalogue, not account eligibility | Reported open | Check route | |
| Bitget | SNXUSDTBitget classic public spot catalogue joined to literal names/symbols from the first ten English price-table pages, each bound to its canonical and successful page-specific hydration query. Bounded name coverage, not all price pages or regional/account, contract, funding or withdrawal eligibility. Price presence alone is not a listing. | Reported open | Check route | |
| HTX | snxbtc, snxeth, snxhusd + moreHTX global public spot symbols plus complete currency full-name settings; explicitly tagged ETPs excluded; API status is not regional/account, retail, contract/network or funding eligibility | Reported open | Check route | |
| Independent Reserve | SNX/USDIndependent Reserve public USD spot market summaries for every checked valid primary code plus full-name currency configuration; AUD/NZD/SGD, regional entities, leverage and account eligibility not checked; pair order-entry status not supplied | Listed; execution unknown | Check route |
How to buy Synthetix
Plan your purchaseHow much Synthetix?
How can you buy Synthetix safely?
Before buying SNX, confirm the token deployment and inspect the trade or swap preview, permissions and withdrawal network. Read current Synthetix reform notices, not just older inflation or staking articles. Avoid unsolicited migration links: a governance proposal does not require entering a wallet recovery phrase into a claim page.
Can you buy a fraction of Synthetix?
Yes, SNX can be held in fractional token amounts through compatible token contracts and trading services. A venue's minimum order and withdrawal precision can be much larger than the underlying token unit. Check those limits and gas costs; receiving a fraction does not automatically make it eligible for a staking program.
How much does it cost to buy Synthetix?
The full SNX purchase cost can include spread, trading fees, payment charges and withdrawal costs, plus gas for an onchain approval or swap. Ethereum and Optimism have different execution environments even when their addresses look similar. Compare the complete route rather than assuming a protocol token has a standard transaction fee.
How much is one Synthetix worth?
Use this site's timestamped dynamic reference panel for the latest available SNX market quote. SNX has no guaranteed dollar peg, and the conversion assumptions in a governance proposal are not a live market price. Compare the actual trade preview, liquidity and fees before interpreting the reference quote.
Is Synthetix a good investment?
SNX exposes holders to price volatility, protocol execution, governance, contract and liquidity risk. Legacy staking can also involve debt, lock and vesting obligations; reform announcements may contain deferred steps. Neither old inflation reductions nor a new program guarantees returns or easy exits. This is not financial advice.
Compare two order previews
Use SNX credited after buying fees and spread. Extra USD charges must exclude fees already included in the total. Enter 0 only when confirmed.
Which quote delivers more SNX?
Enter your order-preview numbers or use the labeled example. Unknown charges are never treated as zero.
Synthetix wallets & storage
How do you get a Synthetix wallet?
Choose a wallet supporting the specific SNX deployment you plan to use and verify the network and token contract from official material. Keep recovery material private and retain the chain's gas asset. A wallet that displays SNX does not automatically support Synthetix's staking, legacy debt or future claim contracts.
How can you store Synthetix securely?
Secure SNX keys and review spending allowances separately from your token balance. Use hardware signing where compatible and verify each contract action before approval. Legacy debt positions, locked SNX and ordinary transferable SNX may have different exit rules; wallet custody alone does not dissolve those obligations.
Sending & cashing out Synthetix
Match your networks
For SNX, copy the exact network names shown in your apps. This compares your entries, not a verified list of supported networks.
Enter both network names
Copy the exact network name shown for this asset in each app. No supported-network catalogue is assumed here.
How do you send Synthetix to another wallet?
Send transferable SNX only to an address supporting SNX on the same network, after checking the receiver's deposit instructions. A transfer is not a migration, bridge or release from a debt-linked lock. Keep the network's gas asset available and inspect the transaction preview before signing.
How long does a Synthetix transfer take?
SNX transfers depend on host-chain inclusion, confirmations and any receiving platform's crediting policy. Ethereum and Optimism transfers should not be assigned one guaranteed arrival time. A staking withdrawal, bridge or legacy reform claim adds its own contract process and may not be immediately available.
How much does it cost to send Synthetix?
Ordinary SNX transactions use the host chain's fee asset rather than SNX itself; Ethereum transactions use ETH. Contract approvals, staking actions and bridging can consume different amounts of gas from a basic token transfer. Check the live estimate and any service withdrawal charge instead of assuming a fixed fee.
Can you cash out Synthetix for real money?
Cashing out requires transferable SNX and a service that supports its network, sale and fiat withdrawal for your account. Debt-linked or locked positions may first require a permitted exit under the relevant Synthetix rules. Converting a legacy claim into SNX is not itself a guaranteed cash redemption.
Is Synthetix traceable?
SNX token transfers and protocol interactions are publicly recorded on their host networks. Staking, debt and claim-related actions can expose additional address activity, while platforms may hold identity records. SNX's role in decentralized derivatives does not make it an anonymous or private-transfer asset.
Supply, mining & staking
What is the maximum supply of Synthetix?
SNX should not be described as having an immutable supply cap merely because routine inflation ended in 2023. SIP-423 specifies additional SNX issuance for legacy sUSD entitlements, while related claim-contract construction is deferred. Check current onchain supply separately from proposal limits, historical emissions and pending distribution plans.
Can you mine Synthetix?
SNX is not a proof-of-work mining coin. It is a token used by Synthetix on existing blockchains, whose consensus mechanisms are separate from protocol incentives. An offer to mine SNX may refer to liquidity rewards or another service, not native block production.
Can you stake Synthetix?
SNX protocol staking is not Ethereum consensus staking, and its terms are changing under the Synthetix reform. SIP-423 explicitly defers parts of the new staking build and restructures legacy debt obligations. Verify the live contract, lock, debt and exit conditions instead of assuming an older pool or reward schedule remains available.