Synthetix

Synthetix is a decentralized perpetual futures protocol built on Ethereum, designed to give traders access to derivatives markets without relying on a centralized exchange. It attempts to solve the problem of on-chain trading being too slow and costly by combining off-chain order matching with on-chain settlement, aiming to deliver performance comparable to centralized venues while keeping custody and final settlement on a public blockchain. The SNX token is native to this system and is aimed at participants who want to provide liquidity or backstop the protocol's solvency.

Synthetix uses a hybrid architecture where orders are matched off-chain through a central limit order book for speed, then settled on-chain on Ethereum Mainnet for security and finality. Liquidity is supplied through the Synthetix Liquidity Provider vault, which is backstopped by SNX staked as collateral; that staked collateral underwrites the issuance of sUSD, the protocol's stablecoin, and supports the vault's solvency. SNX holders who stake their tokens effectively co-sign the system's liabilities in exchange for a share of protocol activity.

The data provided does not include a fee revenue figure, so fee-based measures such as fee yield or protocol earnings cannot be calculated from what this site stores for Synthetix. What is recorded is a 24-hour turnover ratio of 11.708611, measured over the most recent 24-hour period, which reflects trading volume relative to market capitalization but does not itself represent fees collected. The circulating supply stands at 580,980,590 SNX against a market capitalization of 127,402,098 USD, with 99.927136 percent of supply already issued at this point in time, leaving a dilution overhang of just 0.072917 percent.