Synthetix(SNX)

Overview

Synthetix (SNX) is a decentralized perpetual futures protocol built on Ethereum Mainnet. It uses a hybrid design in which orders are matched off-chain on a high-performance central limit order book (CLOB) while settlement occurs on-chain, aiming for low latency, deep liquidity, and MEV-resistant execution while keeping custody and finality on Ethereum.

Liquidity for the protocol is supplied by the Synthetix Liquidity Provider (SLP) vault and backstopped by staked SNX collateral. That collateral underwrites the issuance of the sUSD stablecoin and the solvency of the SLP vault, allowing traders to transact with on-chain security and composability.