Synthetix

Synthetix is a decentralized derivatives protocol built on Ethereum that lets traders access perpetual futures without relying on a centralized exchange. It addresses the problem of needing to trust a central custodian while still wanting fast order execution and deep liquidity. The protocol serves traders who want on-chain security alongside performance closer to what a traditional exchange offers.

Synthetix uses a hybrid design in which orders are matched off-chain through a central limit order book but settled on-chain, keeping custody and finality on Ethereum. Liquidity comes from the Synthetix Liquidity Provider vault and is backstopped by SNX tokens that users stake as collateral; that staked collateral underwrites the issuance of the sUSD stablecoin and helps ensure the vault remains solvent. SNX has no mining consensus of its own — the protocol lives as an application layer on Ethereum — and approximately 99.93 percent of the total circulating supply is already in circulation, with a fully diluted value only fractionally above the current market capitalization of roughly 129.3 million USD.

The data provided does not include a direct fee revenue figure for Synthetix, so fee-based measures such as price-to-fees ratios cannot be calculated from the information held on this page. Within the protocol's design, traders pay fees when opening and closing positions, and stakers who provide SNX collateral are intended to receive a share of those fees along with token incentives, but no specific fee totals are stored here. The 24-hour turnover ratio stands at 3.24 percent of market capitalization and the 30-day average volume-to-market-cap ratio is 6.97 percent, which describe trading activity relative to market size rather than the fees that activity generates.