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Information about Synthetix (SNX)
Synthetix is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. Synthetix gives users access to a wide range of crypto and non-crypto assets. Specifically, this protocol provides users with access to highly liquid synthetic assets. It helps users track and profit from those assets without requiring the user to hold that property.
The Synthetix platform has helped expand the crypto space by introducing non-blockchain assets that access a more robust financial market.
SNX is a token that works within the Synthetix platform and is used as collateral to make it easier for users to buy/own other synthetic assets available on Synthetix. In addition, SNX is also used for the following purposes:
News
Synthetix’s Kain Warwick will launch an incentive plan on April 23, 2025, focusing on restoring the sUSD peg. This plan balances both positive incentives like staking and potential penalties, aiming to enhance the platform’s stability.
The SNX token is currently valued at 0.74 USD, with a market cap of 252,410,266 USD. Despite a recent 6.99% gain in 24 hours, it has fallen 53.24% in the last 90 days. Community sentiment varies, with concerns about a potential market downturn.
Kain Warwick stressed the need for SNX stakers to participate in a new mechanism introduced to stabilize the sUSD stablecoin’s value. He emphasized stronger actions may be required if engagement does not improve.
Warwick indicated that the community’s collective resources could resolve these issues, but effective incentives are necessary. SUSD has faced repeated stability challenges, and the community’s involvement is crucial.
Solana leads 2025 DEX market with 48% volume due to low fees and fast transactions. Ethereum attempts to maintain relevance through upgrades. Asia eclipses North America as the hub of DEX innovation, influenced by regulatory flexibility and institutional interest.
Liquidity remains a significant challenge for DEX platforms, impacting growth. The report forecasts that successful DEXs will balance interests of all stakeholders and attract liquidity providers to enhance trading experiences.
Synthetix has moved its perps markets on Arbitrum to a close-only mode due to strategic consolidation on Coinbase’s Base network. Arbitrum’s USDx, key for trading, will now be managed by Synthetix Treasury, which is purchasing USDx to ensure liquidity and stability for trading activities.
Synthetix recorded a monthly trading volume of 274 million USD on Base, overshadowing Arbitrum’s 86.2 million USD. The transition involves integrating ecosystem projects into a native trading platform, aligning with its new product strategy to enhance operations beyond being just a platform.
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