Current SNX Price Overview
The live price of Synthetix Network Token (SNX) is $0.555**, with a 24-hour trading volume of **$19,563. Key metrics:
- 24h Price Change: -3.97%
- 7d Price Change: -6.09%
- Circulating Supply: 326,167,416 SNX
- Market Cap: $185.43M (Ranked #136)
Price Fluctuation Summary
| Period | Price Change | Percentage Change |
|---|---|---|
| Today | -$0.023 | -3.98% |
| 7 Days | -$0.031 | -5.29% |
| 30 Days | -$0.137 | -19.80% |
| 3 Months | -$0.163 | -22.70% |
SNX Token Utility and Features
Core Use Cases
- Collateral for Synthetic Assets: SNX backs the minting of synths on the platform.
- Staking Rewards: Earn passive income by staking SNX to provide liquidity.
- Governance: Holders participate in Synthetix protocol decisions.
👉 Explore SNX staking opportunities
Synthetix Network Investment Potential
Key Advantages
- Diverse Synthetic Assets: Trade commodities, forex, and cryptocurrencies without direct ownership.
- Layer-2 Efficiency: Optimism network integration reduces gas fees by ~90%.
- Institutional Backing: Supported by Paradigm, Coinbase Ventures, and other major investors.
Risks to Consider
- Volatility: SNX has shown 30-day swings of ±20%.
- Regulatory Uncertainty: Evolving DeFi regulations may impact operations.
SNX Price Predictions and Future Outlook
Growth Drivers
- Expanding Synth Offerings: New asset classes attract traders.
- Strategic Partnerships: Collaborations with Curve and Ren enhance interoperability.
- Staking Incentives: Current APY ~15% for SNX stakers.
👉 Track real-time SNX price movements
Frequently Asked Questions (FAQs)
1. How do I buy SNX tokens?
Purchase SNX on major exchanges like KuCoin or via decentralized platforms using ETH. Always verify contract addresses to avoid scams.
2. What's the difference between SNX and traditional stablecoins?
While stablecoins track single fiat currencies, SNX collateralizes multiple synthetic assets (e.g., sBTC, sETH) with dynamic valuations.
3. Can I use SNX for everyday payments?
Though technically possible, SNX is primarily designed for DeFi applications rather than retail transactions due to price volatility.
4. How does Synthetix ensure system solvency?
The protocol maintains 750% collateralization ratios, with liquidation mechanisms for undercollateralized positions.
5. What's the SNX token burn mechanism?
Synthetix implements inflationary rewards (currently ~2.5% annualized) to incentivize stakers rather than burning tokens.
6. Where can I view SNX network analytics?
Platforms like Dune Analytics and Nansen provide real-time dashboards tracking SNX staking, trading volume, and synth issuance.
SNX Conversion Rates (Sample)
| Currency | 1 SNX Equivalent |
|---|---|
| USD | $0.555 |
| EUR | €0.47 |
| JPY | ¥79.7 |
| KRW | ₩753.51 |
Note: Rates fluctuate based on market conditions.