The live price of Synthetix is - per (SNX / USD) with a current market cap of $277.49M USD. 24-hour trading volume is - USD. SNX to USD price is updated in real-time. Synthetix is -% in the last 24 hours with a circulating supply of 339.47M.
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Synthetix is a derivatives liquidity protocol built on Ethereum in 2018, designed to enable the issuance and trading of synthetic assets. Currently, Synthetix supports synthetic assets including fiat currencies, cryptocurrencies, and commodities. In principle, the system can provide on-chain exposure to an unlimited number of real-world assets. Synths are minted by collateralizing Synthetix Network Token (SNX), and users who participate in staking can earn fees generated from Synth trading volume.
Synthetix was formerly known as Havven, founded in 2017, consisting of a distributed payment network and a stablecoin.
Initially, Havven used a dual-token system to reduce price volatility: one was a stable token called Nomin, pegged to fiat currencies (specifically the USD) to maintain price stability and serve as the primary medium of exchange. The other token, Havven, served as a reserve and collateral asset for the system. Its supply was fixed, and its market capitalization reflected the total value of the system.
By the end of 2018, Havven was working on launching “multi-currency” stablecoins, such as the Euro and British Pound. At that point, the team realized the system had the potential to support a broader range of assets — including synthetic cryptocurrencies (long and short positions), indices, and derivative assets like stocks. This realization led to the rebranding to Synthetix and a pivot from a stablecoin project to a synthetic asset issuance protocol.
Before officially rebranding to Synthetix, Havven disclosed two funding rounds:
In September 2017, Havven announced a $250,000 seed round.
In March 2018, Havven raised $30 million through private and public token sales.
The names of the investors in both rounds were not disclosed.
On October 28, the Synthetix Foundation announced that Framework Ventures had purchased 5 million SNX tokens from the foundation’s treasury, worth approximately $6.3 million. Synthetix also mentioned that several other institutions had acquired a “significant” amount of SNX, but their names were not disclosed.
The Synthetix team is based in Australia. Kain Warwick is the founder and CEO. Previously, he served as CEO of Blueshyft, a digital crypto payment provider with 1,250 locations across Australia. Blueshyft offers digital payment services for online businesses via iOS platforms and has become Australia’s largest crypto payment gateway, processing tens of millions of dollars in transactions daily.
In a recent interview with DeFi Labs, Kain stated that decentralized on-chain derivatives trading has unlimited potential in the future, and Synthetix aims to become the next BitMEX.
The Synthetix to other currencies exchange rate?
