Synthetix Price Today: SNX Coin Overview and Market Analysis

Current SNX Price and Market Data

The real-time Synthetix (SNX) price is $0.5749**, with a 24-hour trading volume of **$3,918,665. Key market insights:

• 24-hour change: -4.53%
• 7-day change: -1.44%
• Market cap: $197,446,564 (Rank #158)
• Circulating supply: 343,466,217 SNX
• Max supply: 339,889,850 SNX

Price context:
SNX currently trades 98% below its all-time high but remains 1,664.6% above its all-time low. Data updates in real-time.

What Is Synthetix (SNX)?

Synthetix is a DeFi platform specializing in synthetic assets ("Synths"). Its native ERC-20 token, SNX, serves dual purposes:

1. Collateral: Users stake SNX to mint Synths.
2. Governance: Powers the platform's decentralized ecosystem.

Key Features:

• Inflation model: Gradual increase to 2.5% to mitigate halving risks.
• Rewards: Stake SNX to earn exchange fees (≈0.3% per trade) and staking rewards from inflationary token releases.
• Utility: Trade Synths within the Synthetix ecosystem without owning underlying assets.

Understanding Synthetic Assets (Synths)

Synths are tokenized derivatives tracking real-world asset prices. Five categories exist:

1. Cryptocurrencies
2. Forex currencies
3. Commodities
4. Indices
5. Inverse assets

Powered by oracles, Synths enable exposure to assets through decentralized trading.

Synthetix Governance Evolution

Originally managed by the Synthetix Foundation, governance transitioned in 2020 to a triple-DAO model:

1. ProtocolDAO: Smart contract oversight
2. GrantsDAO: Funding allocation
3. SynthetixDAO: Strategic decisions

Proposals are submitted via:

• SIPs (Synthetix Improvement Proposals) for protocol changes
• SCCPs (Synthetix Configuration Change Proposals) for parameter adjustments

Founder and Development Team

Founded in 2017 by Kain Warwick, Synthetix began as Havven before rebranding in 2018. Warwick's prior experience includes:

• Blueshyft (blockchain payment platform)
• Pouncer (auction-based e-commerce)

Advisors include Walter De Brouwer and Matthew Di Ferrante, among other industry leaders.

FAQ: Synthetix (SNX) Explained

Q: How does SNX staking work?
A: Users lock SNX as collateral to mint Synths, earning weekly rewards from trading fees and token inflation.

Q: What determines the SNX price?
A: Market demand, staking rewards, Synth trading volume, and its unique inflationary supply model.

Q: Is Synthetix fully decentralized?
A: Yes, since 2020, governance is distributed across three independent DAOs.

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