Synthetix Network (SNX) Price

Info

Contract Address

ETH 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f

BASE 0x22e6966b799c4d5b13be962e1d117b56327fda66

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About Synthetix Network (SNX)

SNX is the governance and utility token of the Synthetix protocol. SNX can be used to vote for governance council members in elections and staked to mint sUSD.

SNX was originally issued on Ethereum and has since grown to expand across Base, Optimism, and other networks. As of Dec. 11, 2023 SNX is no longer inflationary and has been bought back and burned weekly.

Users who currently stake SNX on the Ethereum Mainnet (L1) in the V2 system can migrate their collateral to the V3 Legacy Market. This migration process involves transferring the staked SNX to the V3 system, where account tokens will be minted to the existing stakers' addresses. Migrated stakers will continue to back all debt issued by the V2 system.

At its core, Synthetix V3 is a decentralized liquidity provisioning protocol built on Ethereum and other EVM-compatible chains. It introduces a modular architecture and a flexible liquidity provisioning system, addressing the challenges faced by traditional onchain derivative platforms, such as liquidity sourcing and infrastructure scaling.