Synthetix Network
SNX
Evaluation Score
Overall rating on a scale of 0-10
Crypto Token Health Score Explained
Our AI-powered health score evaluates on-chain metrics, community support, tokenomics, and more. This helps DeFi investors understand risk, compare tokens, and make informed decisions. Learn how to analyze DeFi tokens' risk and use these insights for DeFi portfolio risk management.
AI Analysis
Comprehensive evaluation of the token
Synthetix (SNX) is a foundational and highly-rated DeFi protocol enabling decentralized access to synthetic assets. The project scores exceptionally well across key areas, particularly in security, team credibility, and active development, as evidenced by its extensive audit history and consistent roadmap execution. Its robust tokenomics feature a deflationary buyback and burn mechanism funded by protocol revenue, providing real yield and utility to SNX holders. While the protocol's complexity can be a barrier to wider adoption and minor governance centralization risks exist, its strong market position as a core liquidity layer and proven track record make it a standout investment in the DeFi sector.
Detailed Analysis by Category
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Synthetix Network (SNX)
Synthetix Network (SNX)
Synthetix Network Token (SNX) is the native ERC-20 token powering Synthetix, a decentralized protocol for creating and trading synthetic assets on Ethereum and Layer 2 networks.
Key Features
- Collateral & Staking: SNX holders lock tokens as collateral to mint overcollateralized synthetic assets ("Synths").
- Synthetic Assets: Synths track price feeds for commodities, fiat currencies, cryptocurrencies and more, enabling on-chain exposure without direct asset ownership.
- Decentralized Governance: SNX stakers participate in protocol governance through SynthetixDAO proposals and votes.
- Layer 2 Scaling: Integrated with Optimism for reduced gas costs and faster transaction finality.
Technical Specifications
- Token Standard: ERC-20
- Symbol: SNX
- Network: Ethereum, Optimism
Use Cases
- Minting Synths: Lock SNX to issue synthetic assets (sUSD, sBTC, sETH, etc.).
- Protocol Incentives: Earn fees and rewards by staking SNX.
- Governance: Vote on upgrades, parameter changes and community initiatives.
Resources
- Website: synthetix.io
- Docs: docs.synthetix.io
- Explorer: Etherscan SNX Token
Optimized for search, this token detail page provides an at-a-glance overview of Synthetix Network (SNX), its role in DeFi and key technical parameters.
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