Synthetix SNX

What SNX actually is on-chain

Synthetix is an ERC-20 deployed on Ethereum, at contract address 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f. That address, not the ticker SNX, is what uniquely identifies this asset: anyone can deploy a second token calling itself SNX, but the contract is unforgeable. Verify it against etherscan.io before sending funds or approving a spend.

Because it lives on Ethereum, SNX is held in any EVM-compatible wallet, transfers are paid for in ETH rather than in SNX itself, and secondary liquidity sits in Uniswap-style AMM pools. Two consequences follow for anyone setting alerts: you need ETH in the same wallet to move the token at all, and a quoted price taken from a pool is a pool price — it includes slippage that an order-book quote would not.

For SNX the project publishes a public source repository and an active account as @synthetix. That is a partial paper trail — enough to check claims against, not enough to audit. None of it is a quality judgement about the asset; it is simply what can be independently checked before the chart is worth looking at.

Where SNX sits in the market

#270 places Synthetix in the middle of the mid-cap band. This is where continuous two-sided quoting stops being guaranteed. SNX still prints regularly, but the depth behind each print thins out through the session, and the same order that barely registers in the morning can set the day's high in a quieter hour.

CryptoPingAi is currently streaming 4 live SNX order books (Binance, OKX, Gate.io, HTX). That is coverage in line with a #270 ranking: enough books to cross-check a quote, few enough that one of them can dominate price formation for hours at a time. None of the books we see for SNX are regulated US or Korean venues, so this is an offshore-quoted asset — availability, and the price itself, depend on which jurisdiction you trade from.

SNX against its all-time high

More than 95% separates SNX from its all-time high of $28.53 (on 2021-02-13) — a 155x recovery. At that distance the high stops working as a reference at all; it belongs to a different supply structure, a different holder base and typically a different cycle. What carries information for SNX now is the downside, so read the range section below before this one. It was set 6 years ago. A reference that old says more about the cycle it belongs to than about the asset as it trades now.

SNX across its historical range

SNX has traded across a 820x range, between $0.0348 and $28.53. Any volatility figure quoted for this asset depends heavily on which part of that range it is measured over.

SNX trades roughly 5.28x above its record low of $0.0348 (on 2019-01-05). Recovery from the bottom has been limited, which means the low is still close enough to function as a real reference level rather than a historical footnote.

SNX supply structure

SNX has a hard cap of 344.9 million SNX, with 344.5 million of it already in circulation — 99.9% issued. Issuance is effectively finished, so there is no scheduled dilution: every future change in market value has to come from price, not from supply mechanics. That removes one of the two variables you would otherwise have to track.

What kind of asset SNX is

Synthetix is a decentralised exchange token. The economics are unusually legible for crypto: the protocol generates fees from trading volume, and the token's value proposition rests on whether it captures any of them. Volume on the underlying venue, the fee switch status and competitive pressure from other venues are the variables that actually matter — and DEX volume is itself highly cyclical, so revenue is not a stable base.

CoinGecko files SNX under 10 categories, including Decentralized Exchange (DEX), Exchange-based Tokens, Decentralized Finance (DeFi), Yield Farming, Derivatives. CoinGecko also records deployments on Avalanche (256 tracked tokens), Polygon (531 tracked tokens), NEAR (42 tracked tokens), so on-chain liquidity is split across several networks and the cheapest venue depends on which deployment you are trading.

How to set a Synthetix alert that is worth receiving

Synthetix is the ERC-20 at 0xc011…2a6f on Ethereum — quoted on 4 venues we stream — high dated 2021-02-13 — rank #270. On this profile the condition that carries signal is thresholds anchored to the recent range rather than to the all-time high.

Full alert-design method: thresholds, RSI/MACD and volume conditions →