[Crypto projects](https://revain.org/projects/) › Synthetix

# 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

## Key facts

- **Ticker**: SNX
- **Official site**: [synthetix.io](https://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](https://blog.synthetix.io/response-to-oracle-incident/) |
| 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](https://blog.synthetix.io/update-on-xag-pricing-incident/) |

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](https://etherscan.io/token/0xC011a73ee8576Fb46F5E1c5751cA3B9Fe0af2a6F) |
| Optimism | [0x8700daec35af8ff88c16bdf0418774cb3d7599b4](https://optimistic.etherscan.io/token/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](https://synthetix.io/)
- Docs: [docs.synthetix.io](https://docs.synthetix.io/)
- Developer docs: [developers.synthetix.io](https://developers.synthetix.io/)
- Blog: [blog.synthetix.io](https://blog.synthetix.io/)
- Exchange: [exchange.synthetix.io](https://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](https://synthetix.io/)
- [Synthetix docs - FAQ](https://docs.synthetix.io/faq)
- [Synthetix docs - SNX token](https://docs.synthetix.io/about-synthetix/snx-token)
- [Synthetix docs - History](https://docs.synthetix.io/about-synthetix/synthetix-history)
- [Synthetix docs - Products](https://docs.synthetix.io/about-synthetix/products)
- [Synthetix docs - 420 legacy staking](https://docs.synthetix.io/legacy-migration/420-legacy-staking)
- [Synthetix docs - Legacy tokens](https://docs.synthetix.io/legacy-migration/legacy-tokens)
- [Synthetix Blog - Mainnet launch](https://blog.synthetix.io/synthetix-mainnet-launch/)
- [Synthetix Blog - Rebuilding sUSD](https://blog.synthetix.io/rebuilding-susd/)
- [Synthetix Blog - Deprecation of Synths on Optimism](https://blog.synthetix.io/deprecation-of-synths-on-optimism/)
- [Synthetix Blog - Elections January 2026](https://blog.synthetix.io/synthetix-elections-january-2026/)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/synthetix/