what's synthetix?
Synthetix is a decentralized finance (DeFi) protocol built on Ethereum that enables the creation, trading, and management of synthetic assets called Synths, which mirror the value of real-world assets like currencies, commodities, stocks, and cryptocurrencies without requiring ownership of the underlying assets. The protocol's native token, SNX, serves as collateral for minting Synths and allows stakers to earn trading fees and incentives while maintaining system solvency through over-collateralization and debt pooling mechanisms. Key features include perpetual futures (Perps) trading with on-chain custody for security and off-chain oracles for efficient price feeds, ensuring decentralized risk management and liquidity provision. Synthetix has expanded to layer-2 networks like Optimism and Base, supporting stablecoins such as sUSD and sUSDe for seamless DeFi integrations in options, prediction markets, and liquidity pools. Recent developments include trading competitions with significant prizes, buyback-and-burn programs for SNX, and rewards programs to incentivize liquidity and user participation in its ecosystem.
Synthetix integrated Falcon Finance for sUSDf fiat redemption to bank accounts/cards starting Jan 23, 2026.
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Listed among top gainers on Kodiak Perps on February 20th, 2026 with approximately 21% gains.
Listed as the 4th weekly top gainer with a +38.46% price increase according to CoinMarketCap's weekly rankings.
Listed on Robinhood spot trading platform.
sUSD has been depegged since November 2024 and as of February 13, 2026 remains 13 cents away from its $1 peg.
Integrated with Falcon Finance to enable users to redeem sUSDf to fiat bank accounts and cards starting January 23, 2026.
Gained traction in the DeFi space in 2019.
Founder Kain's vision and ambition for Synthetix is highlighted as an example of inspiring DeFi builders with super-ambitious goals that attracted detailed study and community participation.
Attempted to acquire Derive at some point in the past.
Season 2 Mainnet trading competition concludes with winners announced: @rektmando wins $200,000 first prize, @cosmic_xbt and @stephan22839418 each receive $100,000 for second and third place. Tweets hint at imminent public mainnet launch with "Public launch loading" and "Return to Mainnet loading" messaging.
Official launch of the perp DEX on Ethereum scheduled for Dec 17 featuring multicollateral margin, new markets, RWAs integration, DeFi composability, and trust-minimized orderbooks.
The Ethereum intern Synthetix trading competition has ended.
The first 100 depositors with 5k+ USDT deposits in the Season 2 competition receive early access to Syntethix, regardless of whether they join the winning team.
On December 17, Synthetix launches its perpetuals DEX on Ethereum Mainnet.
Weekly rewards program goes live where sUSD deposits earn a share of 10,000 SNX per week and eligibility for raffle prizes including Infinex Patron NFTs, ETH, and SNX.
The trading competition features a 500,000 SNX prize pool where participants pick a winning trader and deposit USDT with their team code, with 4 days and 10 hours remaining to join and early deposits earning more SNX rewards.
Trading volume exceeds $3.5 billion in the first 9 days of season 2 trading competition.
A competition participant grows account from $50k to nearly $700k in 10 days and claims rank #1 among 300+ traders with 5 days remaining in the trading competition.
The platform now accepts pre-deposits ahead of its public launch, where USDT deposits will become trading margin. (Tweet ID: 1998750717658427622)
Synthetix introduces Wick Insurance as a new product offering.
Synthetix introduces Wick Insurance, a new feature designed to protect traders from liquidation.
A trading competition participant records a 413% gain over 24 hours, growing account balance from $51k to over $265k and climbing to 5th position on the leaderboard in Season 2 of the Mainnet competition.
A partner announces the trading competition has over $1,000,000 in rewards available to anyone who joins, with KOLs breaking down participation details.
Perps trading live on Ethereum mainnet with 50x leverage capability for ETH positions.
Trading competition adds Rasmr and KOLs with +100k PNL and zero trades placed, according to active competitor alleging competition manipulation.
A team-based trading competition launches with a 500,000 SNX prize pool, requiring USDT deposits to join traders' teams and offering elite trading perks later this month.
19 competitors join Season 2 of the trading competition with 18 hours left to enter by depositing 10,000 sUSD.
Competition participants get a $50k capital top up for trading.
Previous Synthetix trading competition results show 90% of leverage traders lost money, with two traders placing 11th and 12th by making zero trades.
Synthetix introduces Wick Insurance, a liquidation protection feature designed to prevent users from being liquidated during brief volatile periods.
A pre-depositor mechanism allows anyone to join the trading competition by depositing $10,000 sUSD for $50,000 margin, with the ability to withdraw the deposit after competition ends.
Weekly prizes for sUSD deposits launch with 10,000 SNX distributed each week and raffle prizes including Infinex Patron NFTs and ETH.
Synthetix Teams launches as a new feature allowing users to back favorite traders and share in a 500,000 SNX prize pool with exclusive trading perks and competition entry opportunities.
A major network upgrade is underway with perps positions remaining active during the upgrade.
Over 200 traders participate in the live S2 trading competition for $1,000,000+ in rewards.
Season 2 trading competition features a $200k USDC total prize pool.
Day 1 of the trading competition begins with early participants achieving 2x returns on their accounts.
Founder Kaiynne announces that the platform sponsors user transactions with no gas fees required, reducing costs for on-chain activity.
SNX removed from Coinbase 50 Index (COIN50) during Q4 rebalancing announced by Coinbase Institutional.
Specific participants receive $50k USD in trading capital from the project for Season 2 of the trading competition.
Season 2 of the Mainnet trading competition is now live with over $1,000,000 in prizes and requires a 10,000 sUSD deposit for entry before December 8.
Season 2 of the Mainnet trading competition starts in 10 hours with 9 confirmed traders including @AltcoinSherpa, @Loopify, @heartereum, @TheMisterFrog, @TaikiMaeda2, @Darrenlautf, @JustinCBram, and @SalsaTekila.
Infinex launches Craterun campaign distributing 10% of INX supply as vouchers with $1M grand prize at $10B volume milestone, $50K weekly draws, and bonus crates for wallet imports (including Synthetix perps wallets) claimable by December 31.
ideacasino joins as head of growth, and perpetuals trading is now available on Ethereum Mainnet.
Season 1 of the Mainnet Trading Competition concludes with gmoney winning and receiving the $1,000,000 cash prize.
Alternative entry method introduced for Season 2 competition allowing users to request spots without the 10,000 sUSD deposit requirement by generating a sharecard, sharing on X, and tagging @synthetix.
Season 2 entry requires a 10,000 sUSD deposit, but participants can alternatively request entry by sharing a generated sharecard on X and tagging @synthetix.
Infinex reaches $1B FDV valuation after raising $67M from Patrons, with the team committing to another year lockup period.
sUSD depegs to $0.91 and currently trades at $0.939; only 25 participants signed up for the trading competition with 3 days remaining despite 800 available spots.
sUSD depegs to $0.939 (dipped to $0.91 two days ago) while Season 2 trading competition attracts only 25 signups for 800 entry spots with 3 days remaining before start.
Weekly sUSD deposit rewards go live with 10,000 SNX distributed per week and raffle prizes including Infinex Patron NFTs and ETH.
Season 2 trading competition launches December 1st with over $1M in prizes (500k USDC and 680k SNX); 800 spots available to depositors who lock minimum 10,000 sUSD by November 30th and maintain balance through the 2-week competition. Competition features 1,000 total traders competing across 30 markets with 50 winners.
Season 2 of the Mainnet trading competition starts December 1st for 2 weeks with 1,000 traders competing for over $1M in prizes (500k USDC and 680k SNX), requiring 10,000 sUSD minimum deposit by November 30 for 800 entry spots, with deposits maintained throughout the competition duration.
The exchange public alpha launch is scheduled within one week, coinciding with season two of the trading competition.
The trading competition concludes, with a CryptoPunks holder finishing in 3rd place and gmoneyNFT receiving congratulations for strong performance.
NFT traders occupy 2 of the top 3 positions in the trading competition final results.
Traders crypto_bitlord7 and JamesWynnReal rank 12th and 13th with zero trades in the trading competition, with all participants ranked below them showing losses.
Trading competition Season 2 launches on December 1st with a more evenly distributed prizepool structure, compared to Season 1 which featured a $1M prize for first place.
CryptoPunks holders lead the trading competition leaderboard, with notable NFT figure Farokh among the top performers.
Bodhi (@iouttradeyou) wins the Synthetix trading competition, with organizers acknowledging concerns about insider participation and drawing comparisons to the Alameda/FTX scenario.
A Synthetix trading competition is active on Polymarket, with prediction market bets on competition outcomes showing sharp price movements from 75c to 0c in a few hours for one side while the other side gained 4x.
The trading competition interim results show that holding stablecoins outperformed 85% of active participants and was sufficient to secure a top 15 placement.
$36K deposited in Curve Finance veCRV gauge incentives via Votemarket, placing among the top 6 projects in the current round with $650K total deposits across all participants.
10 days remain in the Mainnet trading competition featuring a $1,000,000 prize.
More than $2.5 billion in trading volume recorded during the first 3 weeks of the trading competition.
A new DEX has been live for approximately one month and has processed hundreds of millions of dollars in trading volume.
Trading integration between Synthetix and Infinex goes live with first trade execution reported.
The sUSD rewards competition now has a confirmed end date of December 19, 2025, continuing the weekly distribution of 10,000 SNX and raffle prizes including Infinex Patron NFTs and ETH.
Synthetix Exchange adds mobile integration allowing traders to access the platform and trade perpetuals on mobile devices, with public launch pending.
Four new trading markets added to the Mainnet trading competition: PUMP, ZEC, BNB, and PENGU, all available with up to 100X leverage.
Rewards program for sUSD depositors on Infinex extended with 10,000 SNX distributed weekly plus raffle prizes including Infinex Patron NFTs and ETH.
All participants in the Mainnet trading competition receive a $50k margin airdrop with 16 days remaining in the $1M competition.
Announces partnership with Immunefi Magnus for continuous security protection of its DeFi infrastructure.
Trading competition leaderboard now displays actual trades from top performers with filtering options by position value, PnL, and time entered.
Like2Earn competition (Day 3) awards $10k margin top-up to the trader card with most likes by 11:00 UTC November 4. (IDs: 1985302179574604252, 1985303350158737621, 1985305424871182381)
Announces $1M trading competition with SLP vault incentives, SNX tokenomics roadmap, and Infinex superapp integration.
Near completion of a perpetual DEX on Ethereum Mainnet featuring built-in privacy, gasless trading, multi-collateral margin, and zero settlement costs.
sUSD fails to maintain $1 peg as SNX token shows greater price stability over a 24-hour period.
Deprecated from Aave lending protocol as Infinex doubles down on support.
SNX token down 62% over an 18-day period.
sUSD infrastructure upgrade scheduled for November 2nd pauses deposit and withdrawal processing over the weekend while improvements are made to the underlying architecture, with requests resuming Monday after completion.
The trading competition introduces a daily voting mechanism that distributes a $10k margin top-up to one trader each day through November 5, as 33 participants currently hold account balances below $1k.
Smart money accumulates SNX tokens alongside AI and RWA tokens during the dip.
Weekly prizes in the sUSD rewards competition include 12,000 OP tokens distributed pro-rata to holders of over 1,000 sUSD.
Halfway through the trading competition, having $1 or more positive PnL places participants in the top 20, with nearly all traders showing losses over the 10-day period.
A trading tournament is currently active with 100 participants.
SNX and sUSD both trade at $0.99, with the stablecoin losing its dollar peg alongside the native token.
The Infinex crew and kaiynne were liquidated today on a large long SNX position. The trading competition enters phase two on November 5 with $50k margin top-ups for all traders.
40% of participants in the trading competition have been liquidated or wiped out.
Coinbase suspends SNX-BTC trading pair across Coinbase Exchange, Coinbase Advanced, and Coinbase Prime.
Community raises concerns about treasury debts carried over by Magnet Capital and Bodhi Ventures, with calls to check governance docs and unlock linear tier of patrons. Allegations surface about bugs in the perps DEX alongside criticism of treasury management and technical execution.
SNX saw nearly $1.8M in combined smart money inflows with BGB in the last 24 hours.
Infinex patrons surpass SNX in market cap with $1B+ projections, as Infinex prepares for ERC20 token TGE.
Trading competition prediction market volume reaches $690k+ (up from $550k), with Web3Feng's odds rising to 49% (previously 26%), coinmamba at 5%, and KeyboardMonkey3 at 4%.
sUSD loses peg with liquidity strain on redeeming for SNX, creating stability concerns for the ecosystem.
SNX underperformed compared to "chill house" this month.
Competition metrics reveal 50/50 split between winning and losing traders, 2% liquidation rate over 2 weeks, and no significant correlation between volume and trade success.
Perps trading product launches, accompanied by selling pressure.
Prediction market volume for the trading competition grows to over $550k, with updated odds showing Web3Feng at 26%, coinmamba at 4%, and CryptoDonAlt at 3%.
Nansen AI data shows $SNX among tokens purchased by smart money.
NBA Hall of Famer Scottie Pippen participates in the trading competition alongside crypto traders including DeFi_Dad, blknoiz06, and others.