As of July 4, 2025, the cryptocurrency market continues to evolve with dynamic shifts in asset valuations and investor sentiment. Among the decentralized finance (DeFi) tokens drawing attention is Synthetix Network (SNX), a key player in the synthetic assets ecosystem. This comprehensive guide explores the current SNX live price, historical performance, token utility, supply dynamics, and investment considerations—offering valuable insights for both new and experienced crypto participants.
SNX Live Price Overview
The current price of SNX stands at $0.572666**, with a 24-hour trading range between a low of **$0.572946 and a high of $0.60767**. Over the past day, SNX has seen a **-5.71% decline**, reflecting broader market volatility. The total market capitalization of SNX is approximately **$196.74 million, ranking it #283 among all cryptocurrencies.
With a circulating supply of 343.47 million SNX and a maximum supply capped at 343.89 million, the token exhibits limited inflationary pressure moving forward. Notably, the 24-hour trading volume remains unreported, suggesting potentially low short-term liquidity or data discrepancies across exchanges.
👉 Discover how to track real-time SNX price movements and trade with confidence.
Historical Price Performance of SNX
All-Time High and Low
- All-Time High (ATH): $28.53 — reached on February 14, 2021, during the DeFi boom.
- All-Time Low (ATL): $0.0347864 — recorded on January 6, 2019, early in the project’s lifecycle.
This dramatic price swing highlights both the speculative nature and long-term potential of SNX as a DeFi-native asset.
Price Journey: From Rebranding to Market Peak
SNX initially launched in March 2018 under the name Haven (HAV) before rebranding to Synthetix on November 30, 2018. For over a year after the rebrand, the token traded below $1. A significant turning point came between **November 2019 and February 2020**, when growing interest in DeFi platforms pushed SNX above the $1 threshold.
The second half of 2020 and early 2021 marked its strongest performance period. Fueled by rising demand for synthetic assets and growing protocol adoption, SNX surged from under $1 in June 2020 to its peak of **$28.53** in February 2021.
However, like many altcoins, SNX entered a prolonged bear phase post-2021. By December 2022, it had dipped below $2. In 2023, signs of recovery emerged as the price climbed back above **$2.50 by February**, indicating renewed market interest despite ongoing macroeconomic challenges.
What Is Synthetix (SNX)?
Synthetix (SNX) is an Ethereum-based decentralized finance protocol designed to issue and manage synthetic assets, known as synths. These are tokenized derivatives that mirror the value of real-world assets such as fiat currencies, cryptocurrencies, commodities, and even stock indices.
How Synths Work
Synths are created through a collateralization process where users lock up SNX tokens as collateral to mint various synthetic assets. Examples include:
- sUSD – Synthetic U.S. Dollar
- sBTC – Synthetic Bitcoin
- sETH – Synthetic Ethereum
- sEUR, sJPY, etc. – Synthetic fiat currencies
Each synth maintains a 1:1 peg with its underlying asset via price feeds provided by Chainlink Oracles, ensuring accurate and tamper-resistant valuations.
While Synthetix focuses on synth issuance, trading primarily occurs on Kwenta, a decentralized exchange built on Optimism (a Layer 2 scaling solution). Originally developed under the Synthetix umbrella, Kwenta became an independent protocol by mid-2022 but remains deeply integrated with the Synthetix ecosystem.
Core Use Cases of the SNX Token
1. Staking for Collateralization
To mint synths, users must stake SNX tokens as collateral—typically at a ratio exceeding 750%. This over-collateralization ensures system solvency even during extreme market volatility.
In return, stakers earn two types of rewards:
- Inflationary SNX rewards (though these have been reduced over time)
- Trading fee rewards paid in sUSD
👉 Learn how staking SNX can generate passive income in DeFi.
2. Governance Participation
SNX holders participate in the decentralized governance of the protocol through voting mechanisms managed by multiple Decentralized Autonomous Organizations (DAOs).
Stakers can vote on critical decisions such as:
- Parameter adjustments (e.g., collateral ratios)
- Protocol upgrades
- Grant allocations
- Council elections
This governance model promotes decentralization and community-driven development.
SNX Tokenomics: Supply and Distribution
SNX operates as an inflationary token, though annual issuance has significantly decreased over time:
- Initial inflation: 75% APR (starting March 13, 2019)
- Weekly reduction: 1.25% decrease
- Final fixed rate: 2.5% APR (locked in September 6, 2023)
This controlled inflation supports early staker incentives while minimizing long-term dilution.
Supply Allocation
- 60% – Investors and Token Sales
- 20% – Team and Advisors
- 12% – Foundation
- 5% – Partnerships
- 3% – Bounties and Marketing Incentives
With nearly the entire supply already issued, future changes will focus more on redistribution than new minting.
Who Founded Synthetix?
Synthetix was created by Kain Warwick, an Australian technology entrepreneur with a strong background in fintech and blockchain innovation. His vision was to build an open financial system where anyone could gain exposure to any asset class without intermediaries—laying the foundation for one of DeFi’s most ambitious synthetic asset platforms.
How to Store SNX Safely
Given that SNX is an ERC-20 token operating across Ethereum and Optimism networks, compatible wallets include:
- MetaMask
- Trust Wallet
- Atomic Wallet
- Hardware options: Ledger and Trezor
For long-term holders, using a hardware wallet combined with Layer 2 bridging tools ensures both security and access to staking features on Optimism.
Frequently Asked Questions (FAQ)
What is Synthetix Network (SNX)?
Synthetix is a decentralized protocol that enables users to create and trade synthetic assets (synths) that track real-world financial instruments like currencies, crypto assets, and commodities—all without owning the underlying asset.
How does SNX staking work?
Users stake SNX as collateral to back synths issued on the network. They must maintain a high collateralization ratio (often above 750%) and are rewarded with sUSD trading fees and newly minted SNX tokens.
Is there a maximum supply of SNX?
Yes, the maximum supply is capped at 343.89 million SNX, with around 343.47 million currently in circulation, making it a near-fixed supply asset.
Can I trade synths without holding SNX?
Absolutely. While issuing synths requires staking SNX, anyone can trade existing synths like sUSD or sBTC on platforms like Kwenta without owning SNX.
What factors influence SNX’s price?
Key drivers include DeFi market trends, demand for synthetic assets, staking participation rates, governance developments, macroeconomic conditions, and overall crypto market sentiment.
Is Synthetix secure?
Synthetix uses audited smart contracts and relies on Chainlink oracles for price feeds. While no system is immune to risk, regular audits and its long-standing operation since 2018 contribute to its credibility within the DeFi space.
Final Thoughts: Is SNX Worth Watching in 2025?
Despite trading far below its all-time high, Synthetix remains a foundational project in the DeFi landscape. Its role in enabling permissionless access to global financial instruments through synthetic assets gives it lasting utility beyond speculative cycles.
With staking rewards, active governance, integration with Layer 2 solutions like Optimism, and continued innovation via Kwenta, SNX retains relevance in a competitive ecosystem.
Whether you're exploring yield opportunities or interested in decentralized derivatives markets, understanding SNX’s mechanics offers valuable insight into the future of open finance.
👉 Start exploring DeFi opportunities with SNX today—secure your wallet and join the movement.