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What Is Synthetix?

Synthetix is an Ethereum-based derivatives liquidity protocol. It originally focused on issuing "Synths," synthetic assets backed by SNX collateral that tracked the prices of crypto, fiat, equities, and commodities. Over time it has evolved into a modular liquidity layer that powers perpetual futures, options, leveraged tokens, and other derivative products on Ethereum, Base, and Optimism. SNX is the protocol's native staking and governance token.

The project was founded by Kain Warwick and originally launched as Havven in late 2017. It rebranded to Synthetix in November 2018, pivoting from a stablecoin-focused design to a broader synthetic asset protocol. Warwick stepped back from a "benevolent dictator" role in 2020 when the project transitioned to DAO governance, and has since publicly returned to active leadership in 2024 and 2025 to drive the protocol through its V3 era. The early team included Justin Moses (CTO) and Jordan Momtazi.

The original Synthetix design used SNX as collateral for a shared global debt pool. SNX stakers locked their tokens at a high collateralization ratio to mint sUSD, the protocol's native stablecoin, and effectively took on a share of the protocol's aggregate debt across all Synths. Trades between Synths were peer-to-pool against this debt, so Synth holders gained synthetic exposure to assets ranging from sETH and sBTC to synthetic equities and forex pairs.

Synthetix V3, which began rolling out on Ethereum mainnet in early 2023 and was completed across chains in 2024, replaced this monolithic design with a modular vault, pool, and market architecture. V3 supports multiple collateral types (including SNX, ETH, USDC, and stataUSDC) and isolated debt pools per market. SIP-420, passed in 2025, replaced the high individual collateralization ratio with a 200% shared "420 Pool," significantly improving capital efficiency. That change, combined with broader market conditions, contributed to a severe sUSD depeg in 2025 that the protocol has been working through with treasury buybacks, pool ratio adjustments, and other recovery mechanisms.

Synthetix's perpetual futures products have followed a similar evolution. Perps V2 launched on Optimism. Perps V3, the "Andromeda" release, launched on Base in January 2024 and was later deployed on Arbitrum, although Arbitrum perps have since been sunset and the focus consolidated on Base. Perps V4, an orderbook-based design running on Snaxchain, the Synthetix-aligned app-chain, is in development.

Several of Synthetix's most significant products have followed a "spin out and re-acquire" arc. Kwenta launched as the leading front-end for Synthetix perps with its own KWENTA token, and was re-acquired by Synthetix in late 2024 via SIP-411. Lyra, a Synthetix-native options protocol, spun out with its own LYRA token, rebranded to Derive in 2024, and migrated LYRA to DRV in early 2025; a proposed re-acquisition of Derive was announced and then mutually called off, leaving Derive independent. TLX, a leveraged-tokens protocol, was acquired by Synthetix in late 2024 via SIP-412.

SNX's supply has grown over time through a multi-year inflation program that ran from March 2019 to March 2023 and was then ended permanently. Total supply is roughly 343.9 million as of 2026, with about 9 million additional SNX minted in 2024 to fund the Kwenta acquisition. There is no fixed cap, with governance retaining authority. Beginning in 2026, the protocol redirects 100% of perps fee revenue to SNX and sUSD buybacks.

Getting Started With Synthetix

The most common ways to use Synthetix:

  1. Step 1: Set up an EVM wallet (MetaMask, Rabby, or Coinbase Wallet) and acquire SNX on a centralized exchange or DEX.
  2. Step 2: Bridge to Base, where most current activity (perps, V3 markets, Synthetix Exchange) lives.
  3. Step 3: Optionally stake SNX into the V3 system to earn yield from protocol activity.
  4. Step 4: Trade perpetuals on Synthetix Exchange or via partner front-ends, using USDC or other accepted collateral.

Active SNX stakers should pay attention to ongoing governance through the Synthetix Improvement Proposal (SIP) process, since pool design and fee distribution are subject to change.

How to Get a Synthetix Wallet?

SNX is an ERC-20 token and works with any Ethereum-compatible wallet:

MetaMask

MetaMask is the most common wallet for Synthetix users. It supports Ethereum, Base, and Optimism, and integrates directly with Synthetix Exchange and partner front-ends.

Rabby

Rabby is a popular alternative for DeFi users, with strong transaction simulation and multi-chain support. It works smoothly with Synthetix across all supported chains.

Coinbase Wallet

Coinbase Wallet (the self-custody wallet) supports SNX and is particularly relevant for users on Base, where most current Synthetix activity is concentrated.

Hardware Wallets

Ledger and Trezor hardware wallets support SNX via integrations with MetaMask or Rabby, keeping keys offline while still allowing you to stake and trade. Hardware wallets are strongly recommended for larger long-term holdings.

Synthetix Resources

How to Buy Synthetix?

SNX is widely listed on major exchanges:

Centralized Exchanges

SNX can be purchased on Coinbase, Kraken, Binance, Bitstamp, Bybit, OKX, and KuCoin, among others. Trading pairs against USD, USDT, and BTC are standard.

Decentralized Exchanges

SNX trades on Uniswap, Curve, and 1inch on Ethereum, as well as on Synthetix Exchange and various Base-native DEXs. Aggregators are useful for finding the best execution.

After purchasing, SNX can be held for exposure, staked into Synthetix V3 to earn yield from protocol fees, or used to vote on Synthetix governance.

Latest Synthetix News

Synthetix's recent history has been defined by a major architectural overhaul under V3, the re-consolidation of spin-off products, and a multi-step recovery from a severe sUSD depeg. SIP-420, passed in early 2025, replaced the legacy individual debt pool model with a 200% shared "420 Pool," improving capital efficiency. A subsequent depeg of sUSD, which fell to roughly $0.68 in April 2025 and to a deeper low later in the year, prompted a multi-pronged response, including treasury buybacks, sUSD ratio requirements in the 420 Pool, an SLP Vault, and partnerships with Infinex, with the protocol targeting a re-peg by mid-2026.

On the product side, Synthetix re-acquired Kwenta and TLX in late 2024 (relaunching the consolidated Synthetix Exchange in December 2024), proposed and ultimately walked away from a Derive re-acquisition in 2025, and continued development of Snaxchain and Perps V4. From 2026 onward, 100% of perps fee revenue is being redirected to SNX and sUSD buybacks. Following the Synthetix governance portal and SIPs is the best way to stay current on token-relevant developments.