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SNX — Synthetix
Lets you bet on the prices of things that do not exist on the blockchain at all, such as gold.
What it is for
- Set out to
- A decentralized stablecoin under the name Havven, 2018.
- Today in addition
- Issuance of synthetic assets, and since v3 perpetual trading with multiple collateral types.
- Notable
- With their deposited SNX, holders jointly provide the other side of all open positions.
- Strength
- In continuous operation since 2018.
- Weakness
- The holders’ share of debt fluctuates with other people’s trading results.
Contract address
Chain: Ethereum
0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Unabridged and deliberately not linked: a blockchain explorer that we have not checked would be a statement we cannot support.
Score
39of 100
Market capitalization
$73Mas stored
against Bitcoin, 90 days
—not against the dollar
CoinMarketCap
#2586numeric identifier
Reservation on proof of operation: The protocol generates 816 dollars of fees a day at a valuation of around 73 million dollars. The model has no filter for this; the case will be decided on December 8, 2026. This asset is not in the sector barometer.
The four cycles
Measured on daily closing prices, never on daily highs or lows. The cycle boundaries are Bitcoin’s own highest and lowest daily closes: January 14, 2015, December 16, 2017, December 15, 2018, November 8, 2021, November 21, 2022, October 6, 2025 and the current low on June 30, 2026. A day counts only if at least ten thousand dollars were traded on it. The price against Bitcoin is given in satoshi — one satoshi is one hundred-millionth of a bitcoin.
| Cycle | Lowest daily close | Highest daily close | Rise low → high | Fall high → low |
|---|
| 2015 to 2017January 14, 2015 to December 16, 2017 | did not yet exist |
| 2018 to 2021December 15, 2018 to November 8, 2021 | $5.2824,726 satDecember 16, 2020 | $27.1357,223 satFebruary 12, 2021 | in dollars +$21.85 (+413.7%)against Bitcoin +131.4%from $5.28 on December 16, 2020 to $27.13 on February 12, 2021 | in dollars -$21.32 (-78.6%)against Bitcoin -67.9%from $27.13 on February 12, 2021 to $5.81 on June 25, 2021 |
Only partly measured: reliable trading only from December 15, 2020. What lay before that in the window is not recorded; the figures above are the endpoints of the measured part, not those of the whole cycle. |
| Year by year |
| 2020: in dollars +32.4% (from $5.48 to $7.25) · against Bitcoin -11.2% |
| 2021: in dollars +25.8% (from $8.34 to $10.49) · against Bitcoin -45.2% |
| 2022 to 2025November 21, 2022 to October 6, 2025 | $0.5080502.99 satJune 22, 2025 | $5.117,307 satMarch 25, 2024 | in dollars +$0.7630 (+150.2%)against Bitcoin +113.0%from $0.5080 on June 22, 2025 to $1.27 on October 1, 2025 | in dollars -$4.60 (-90.1%)against Bitcoin -93.1%from $5.11 on March 25, 2024 to $0.5080 on June 22, 2025 |
| Year by year |
| 2022: in dollars -9.9% (from $1.59 to $1.43) · against Bitcoin -14.1% |
| 2023: in dollars +161.1% (from $1.48 to $3.86) · against Bitcoin +2.6% |
| 2024: in dollars -53.2% (from $4.09 to $1.91) · against Bitcoin -77.8% |
| 2025: in dollars -40.8% (from $2.01 to $1.19) · against Bitcoin -55.2% |
| since 2026, ongoingJune 30, 2026 to September 17, 2026 | $0.1907294.86 satAugust 18, 2026 | $0.2520403.07 satJuly 3, 2026 | in dollars +$0.0453 (+23.8%)against Bitcoin +2.2%from $0.1907 on August 18, 2026 to $0.2360 on August 21, 2026 | in dollars -$0.0613 (-24.3%)against Bitcoin -26.8%from $0.2520 on July 3, 2026 to $0.1907 on August 18, 2026 |
| Year by year |
| 2026: in dollars +0.4% (from $0.2120 to $0.2129) · against Bitcoin -23.0% |
If the high of a window comes before the low, the rise is calculated from the low to the next interim high within the same window.
The four questions that are always answered
Net supply and issuance pressure6 of 20
Starting valuation and size leverage12 of 14
Survivability10 of 12
Relative strength against Bitcoin2 of 6
the score is calculated from all twelve criteria. What the twelve questions measure and what has been corrected about the measurement is on the method page.
The remaining criteria are not recorded individually for this asset; the total comes from the assessment of September 5, 2026.
The figures in detail
Price, as stored$0.2129
against Bitcoin, 7 days—
against Bitcoin, 30 days—
listed on CoinMarketCap sinceMarch 2018
Age since listing8.48 years
Fees relative to valuationnot determined
Supply still lockednot researched
hard supply capnot researched
Carried by Nexocarried
Trading venues of 15 checked14 of 15
The fifteen largest centralized exchanges by the CoinMarketCap ranking were counted, as of September 5, 2026. Decentralized exchanges do not count. Bybit is not included in any figure, because the venue was not reachable through sixteen address forms. Which five venues are the best for each asset has not been collected yet.
Finding
For this asset the summarized finding has not yet been transferred to this page. The individual reasons for all twelve criteria are in the assessment file Completion C2, September 5, 2026.
Investors and partners: not researched — awards no points, because projects with large backers did not perform better.
Nexo: Carried by Nexo — purchase page documented on September 1, 2026.
No investment advice, no price forecast, no buy or sell recommendation. A high score does not mean “will rise”. It means the asset scores better on these questions than the others.