Synthetix (SNX): how it works, supply and reviews
In short
- Type
- Perpetual futures exchange with on-chain custody on Ethereum Mainnet and off-chain order matching
- Staking rewards
- Legacy SNX staking (the 420 pool) has been retired; SNX is no longer used in that staking model
- Risks and caveats
- Leveraged perpetual positions can be liquidated
- Checked
- 31 October 2026
Visitor ratings: do you like Synthetix?
Key facts
- Ticker
- SNX
- Official site
- synthetix.io
Key facts checked on 31 October 2026 against official sources.
What is Synthetix
Synthetix is a decentralised perpetual futures exchange on Ethereum Mainnet, where users trade leveraged long and short positions while their collateral is held in Synthetix smart contracts rather than by a custodian. It began in 2018 as Havven and was long known for synthetic assets (Synths) and the sUSD stablecoin, which have since been retired. SNX is the ecosystem's native token.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Perpetual futures exchange with on-chain custody on Ethereum Mainnet and off-chain order matching |
| Custody | Funds are held by Synthetix smart contracts; Synthetix does not hold users' assets and requires no identity verification |
| Collateral | USDT is the settlement asset; WETH is accepted as additional collateral with a haircut |
| Legacy products | Perps v2 (Optimism), Perps v3 (Base, Arbitrum), snxUSD/USDx and 420 Staking are no longer supported |
Supply and issuance
| Parameter | Details |
|---|---|
| Staking rewards | Legacy SNX staking (the 420 pool) has been retired; SNX is no longer used in that staking model |
| Fee burn | SNX buybacks from protocol fees are listed only as a possible future feature |
What SNX is used for
- Ecosystem participation where supported by governance or ecosystem initiatives
- Debt resolution for former 420 pool stakers with outstanding debt
- Settlement of the sUSD to SNX conversion under SIP-423
Who develops and governs Synthetix
- Governance
- The 7-member Spartan Council is the sole governance body; 4 of 7 signatures execute proposals and treasury transactions
- Elections
- Four of seven seats are elected by SNX stakers each epoch, with elections every January and July
- Developer
- In 2025 Synthetix redesigned the protocol: new staking model, L2 wind-down, mainnet perps and new governance
History
| Date | Event |
|---|---|
| 2018 | Launched as Havven, a protocol for decentralised stablecoins |
| 2019 | Synthetix v2 launched, letting SNX stakers mint sUSD and synthetic assets on Ethereum |
| 2022 | Synthetix moved its main deployment from Ethereum Mainnet to Optimism |
| 17 December 2025 | Synthetix Perps launched on Ethereum Mainnet, initially limited to 500 users |
| 1 February 2026 | Synths on Optimism were deprecated, with treasury redemptions at a frozen price and a rising discount through 2026 |
| 19 June 2026 | Under SIP-423 the 420 staking pool closed, the debt jubilee ended and legacy sUSD was deprecated |
Security and audits
- No dated audit reports for the current Ethereum Mainnet exchange were found on the official site, docs or blog reviewed
- sUSD lost its peg for months in 2025 (trading below $0.70) after minting against SNX was deprecated; legacy sUSD was retired under SIP-423 in 2026
Security incidents
| Date | What happened | Source |
|---|---|---|
| 25 June 2019 | Oracle incident: One commercial FX price API reported the Korean won about 1000x too high; with only two KRW feeds live, the oracle posted the wrong price and a trading bot traded into and out of sKRW for over $1b in profit in under an hour. The oracle was stopped, halting transfers and trading. Funds returned: The bot owner agreed to reverse the trades in exchange for a bug bounty. | blog.synthetix.io |
| 20 February 2020 | Oracle incident: A pricing anomaly on Chainlink's XAG/USD (silver) feed, which Synthetix consumed, let several traders exploit the mispricing for about USD 36,000 of profit at the expense of SNX stakers; Synthetix said the anomaly was human error, not data integrity or an exploit, and that Chainlink offered to cover the losses. Funds returned: Chainlink offered to cover the ~USD 36,000 losses (Synthetix, 21 Feb 2020). | blog.synthetix.io |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Official SNX contracts
| Network | Contract address |
|---|---|
| Ethereum | 0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F |
| Optimism | 0x8700daec35af8ff88c16bdf0418774cb3d7599b4 |
SNX token contracts on Ethereum Mainnet and Optimism, as listed in the Synthetix docs. SNX on Optimism has limited utility and is due to be deprecated.
Risks and caveats
- Leveraged perpetual positions can be liquidated
- SNX has limited current protocol uses after legacy staking was retired; future utility depends on governance
- Legacy assets (Synths, sUSD) were deprecated, with redemption discounts and conversion processes for holders
Official links
- Website: synthetix.io
- Docs: docs.synthetix.io
- Developer docs: developers.synthetix.io
- Blog: blog.synthetix.io
- Exchange: exchange.synthetix.io
Questions and answers
What is Synthetix?
A decentralised perpetual futures exchange on Ethereum Mainnet where collateral is held in smart contracts; it began in 2018 as Havven.
Was Synthetix called Havven?
Yes. Synthetix began in 2018 as Havven, a protocol for decentralised stablecoins.
Can I still stake SNX?
No. The legacy 420 staking pool closed on 19 June 2026 under SIP-423; new staking mechanisms are only listed as possible future features.
What happened to sUSD?
sUSD lost its peg for long periods in 2025 and legacy sUSD was deprecated under SIP-423 in 2026, with a conversion process to SNX for eligible holders.
Sources
- Synthetix - Homepage
- Synthetix docs - FAQ
- Synthetix docs - SNX token
- Synthetix docs - History
- Synthetix docs - Products
- Synthetix docs - 420 legacy staking
- Synthetix docs - Legacy tokens
- Synthetix Blog - Mainnet launch
- Synthetix Blog - Rebuilding sUSD
- Synthetix Blog - Deprecation of Synths on Optimism
- Synthetix Blog - Elections January 2026
More in this section
- Frax Finance (FRAX)
- IoTeX (IOTX)
- Rocket Pool (RPL)
- Berachain (BERA)
- Sushi (SUSHI)
- Curve Finance (CRV)
- All Crypto projects →
How voting works
Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.
Page updated: