Arthur Hayes bought millions of dollars in tokens. Then he told everyone why. The price did exactly what you’d expect.
An address linked to the BitMEX co-founder and Maelstrom CIO acquired roughly 6.16 million $SYN tokens, valued at approximately $2.2 million, through the FlowDesk OTC platform. Shortly after, Hayes publicly endorsed Hypercall, an options decentralized exchange built within the Synapse Protocol ecosystem, calling it a legitimate competitor to Deribit. The token surged as much as 40.9% on the day.
The buy-then-endorse playbook Hayes loaded up on $SYN via an over-the-counter deal, meaning the purchase was executed off public order books to avoid moving the price prematurely. OTC desks like FlowDesk exist specifically for this purpose, letting large buyers accumulate positions without telegraphing their moves to the broader market.
Then came the public endorsement. Hayes positioned Hypercall as a decentralized alternative to Deribit, the dominant centralized options trading platform in crypto. The combination of a whale-sized purchase and a high-profile social media co-sign sent traders scrambling to buy in.
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Reports on the exact price increase vary. Some on-chain analytics sources pegged the rally at around 26%, while others tracked a peak gain of 40.9%. The discrepancy likely comes down to timing, since tokens that spike this quickly on influencer momentum tend to oscillate wildly within the same trading session.
What is Hypercall, and why does it matter Hypercall is an options DEX emerging from the Synapse Protocol ecosystem. It’s built on top of Hyperliquid, the high-performance Layer 1 blockchain that has been steadily attracting derivatives-focused projects. The Synapse ecosystem itself has prior products that have collectively exceeded $55 billion in volume.
Hypercall wants to let traders buy and sell options contracts entirely on-chain, without needing to trust a centralized exchange to hold their funds or execute their trades.
One notable design choice is that Hypercall uses $SYN as its governance token rather than launching a new one. The token already serves as the governance mechanism for Synapse Protocol, the Synapse DAO, and related initiatives. This approach avoids the token fragmentation problem that plagues many DeFi ecosystems, where each new product launches its own token and dilutes attention across multiple assets.
Deribit currently dominates crypto options trading by a wide margin. It processes the vast majority of Bitcoin and Ethereum options volume globally.
What this means for investors Hayes has a well-documented history of making influential calls on derivatives and DeFi projects. His track record at BitMEX established him as one of the most visible figures in crypto derivatives, and his current role at Maelstrom, a crypto investment fund, gives his endorsements additional weight.
The bull case for sustained interest in $SYN rests on Hypercall actually gaining traction as an options venue. The ecosystem’s existing $55 billion volume track record at least suggests the team knows how to build products that traders actually use.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Crypto assets dedicated to decentralized finance (DeFi) have collectively hit $1 billion in market capitalization.
DeFi is designed to give people an alternative to traditional banking services such as borrowing and lending by using platforms that are decentralized, lack control by middlemen and utilize smart contracts to automate transactions.
At time of writing, the total market cap for all listed tokens on DeFiMarketCap, an analytics website that shows the market cap of 230 tokens underpinning DeFi, is $1,068,714,105.
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Ethereum-based protocol Maker dominates the pack with a market cap of $295,878,527.
It’s followed by 0x with a market cap of $171,252,000, and Synthetix Network Token with a market cap of $120,956,075.
TD Ameritrade recently joined the Chicago DeFi Alliance (CDA), a new group aiming to support companies that are working to build decentralized finance products.
But the space also has its share of critics. Litecoin creator Charlie Lee says he believes DeFi platforms are ultimately centralized, citing an attack on the Ethereum-based bZx protocol. To reverse the damage from the attack, the bZx team decided to use an admin key to pause the network.
“This is why I don’t believe in DeFi. It’s the worst of both worlds. Most DeFi can be shut down by a centralized party, so it’s just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization. So how is this better than what we have now?”
Bitcoin is on the move again, heading north. The largest cryptocurrency is recording impressive gains over the last 24 hours, and it even touched $8,000 before retracing to the current level of $7,900.
Just yesterday, BTC was trading around $7,300, and, in a few positive candles, surged with almost 10%. However, as Cryptopotato reported, the $8,000 mark served as a significant resistance line, which also contains the 100-days moving average, and BTC couldn’t break it, yet.
BTCUSD 4h Bitstamp. Source: TradingView The recent price increase is spreading among most of the altcoins as well. This reduced Bitcoin’s market dominance slightly, and it now stands at 68.1%. Ethereum has been mostly in the green since the start of this year and is at $145 now.
Ripple, being listed on Binance Futures, is the biggest gainer within the top 10. Bitcoin Cash, Litecoin, EOS, and Monero record similar gains of around 2.5%, while TRON and Cardano are up by 5% and 6%, respectively. The recent move up brought the total market cap to be over $211 billion.
Total Market Capitalization: $211 B | Bitcoin Market Capitalization: $144 B | Bitcoin Dominance: 68.1%
Major Crypto Headlines Qatar Blocks Cryptocurrency Services Throughout The Gulf. Qatar’s Financial Center, serving as the country’s regulatory authority, has recently issued a blanket ban on cryptocurrency-related services within its borders. Additionally, it affects “anything of value” that could substitute fiat currencies.
South Korean Commission: Korean Firms Should Be Allowed To Launch Bitcoin Derivatives. A new document coming from South Korea says that the government is considering to list Bitcoin directly on the Korea Exchange (KRX), which could lead to Bitcoin derivatives in the near future.
You may also like: Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst Bitcoin Price Crashes Below $60K as Strategy’s MSTR Plunges 10% Bitcoin’s Network Is Booming Even as Prices Remain Below Record Highs Ripple Surges 10% As Binance Futures Adds XRP/USDT Perpetual Contracts. As of yesterday, Binance Futures added the third-largest cryptocurrency in its portfolio of perpetual contract trading pairs. As a result, XRP has pumped with over 10% within the last 24 hours.
Significant Daily Gainers and Losers Centrality (26.56%) In a predominantly green market today, CENNZ rises above all coins in the top 100 at the moment. It surges with over 26% to just shy of $0.1 against the dollar and with 21% against BTC to 1251 SAT. In a series of videos, the company’s tech executives have recently been talking about Centrality’s developments.
DigixDAO (10.87%) DigixDAO is next as the second most impressive gainer in the last 24 hours, with almost 11% to $20.36 at the time of this writing. The price records a 6% incline against the largest cryptocurrency to 0.0026 SAT. The company recently published a new incentive, saying that if investors hold 10 DGX for ten days, they will receive 0.44 as a reward.
Synthetix Network Token (-16.75%) SNX stands today on the other way of the scale with a severe 17% drop against the dollar to $0.90. The decrease against Bitcoin is even more significant at over 20%, and SNX/BTC trades at 11468 SAT. Interestingly enough, the popular U.S.-based cryptocurrency exchange, Coinbase, recently published a report regarding DeFi that included Synthetix, as well.
US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
6 minutes ago
CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
6 minutes ago
Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
6 minutes ago
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
6 minutes ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
6 minutes ago
Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
SNX token climbs to $2.45 amid renewed investor interest in the decentralized derivatives platform, supported by technical indicators. Is there further upside potential.
Over the past week, Synthetix (SNX) has regained bullish momentum with its native token climbing 15% to 0.45. SNX has successfully breached its 50-day moving average. The token is now trading above both its 50-day and 100-day moving averages, a pattern that historically precedes extended rallies.
The price surge comes as technical indicators align to suggest continued upward movement, with SNX breaking above key resistance levels that had capped gains since late 2025.
SNX PUMPING AFTER ROBINHOOD LISTING
Synthetix: RWA Based Project
Big ETFs & institutions could be quietly accumulating. Do insiders know something big about the RWA(Real world assets) trend?
NFA || DYOR pic.twitter.com/FAd5EQTpc9
— Money Ape (@TheMoneyApe) February 19, 2026
DISCOVER: Top 20 Crypto to Buy in 2026
Robinhood Listing Is More Than Just A Convenience For Synthetix The Robinhood Listing is more than just a convenience; it is a liquidity gateway. Synthetix relies heavily on liquidity to function efficiently, as the SNX token is used as collateral to back the synthetic assets on its network.
According to the official announcement, Robinhood customers can now buy, sell, and trade SNX 24/7. This integration puts the token in front of a massive user base that typically engages in high-frequency Crypto Trading on mobile.
We’re excited to announce that customers can now trade Synthetix (SNX) on Robinhood.
This listing also clears up a common point of confusion. For years, eager investors sometimes confused the crypto ticker SNX with the stock ticker for TD SYNNEX, which also trades on Robinhood. This move clarifies that the DeFi asset is now officially part of the roster.
Historically, assets listed on major fintech apps see a surge in volume because the “friction” of buying is removed. You no longer need to understand gas fees or slippage to get exposure to the Synthetix protocol.
DISCOVER: 16+ New and Upcoming Binance Listings in 2026
Could Robinhood Listing Boost SNX Price? Or Is This Already Priced In? The big question on every trader’s mind is simple: Does this send the price up?
In the past, the “Robinhood Effect” has sent tokens rallying as retail money pours in. However, current market conditions are different than the speculative frenzy of 2021. While the price of SNX has seen a recent bump—trading up over 12% following the news—sustainable growth usually depends on the protocol’s usage, not just exchange availability.
While volume spikes are guaranteed, long-term price action will likely depend on the success of the upcoming Synthetix V3 upgrade.
DISCOVER: Top Solana Meme Coins to Buy in 2026
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Synthetix [SNX] price action is back on its bullish trajectory. At press time, the altcoin has recorded a strong 27% surge in the last 24 hours.
The token trading volume has also recorded significant gains, almost doubling to $140 millions over the same period.
With SNX’s price action reacting strongly to recent developments, the question is whether momentum can extend far enough to clear the liquidity clusters positioned above the current trading level.
OI confirms fresh institutional demand Consequently, Synthetix network’s Open Interest (OI) increased by $5 million. At press time, the total OI stood at at $21 million.
Usually, rising OI alongside price growth often signals a fresh influx of positions into the market. This suggests growing speculative and institutional demand.
The rally is not driven by spot traders alone. Derivatives activity is also expanding.
Source: CoinGlass Synthetix’s technical structure turns bullish On the daily chart, SNX has gained 58% since retesting a key descending triangle support, a move that marked a structural shift from compression to expansion.
The latest 27% daily surge confirms continuation strength, with buyers firmly in control. Still, sharp rallies often lead to brief pauses, making short‑term consolidation possible before the next move.
Source: TradingView $0.4254 resist stands out as the next target AMBCrypto analysis of the token’s liquidity data indicates a $68K cluster near the $0.4254 price level.
From past observations, liquidity clusters often attract price during strong trends. This makes $0.4254 the next key short-term target.
For the rally to extend, volume must stay elevated, and Synthetix’s OI must continue rising. If participation cools, price may consolidate before another push higher.
Source: CoinGlass Final Summary SNX prices have surged by 27% as trading volume doubles to $140M and open interest climbs to $21 million. A liquidity cluster at $0.4254 presented the price level as the next key target if bullish momentum is sustained.
As we march forward into 2026, we would like to take a moment to reflect on where Synthetix stands today and lay out clearly what lies ahead.
Late 2024, Synthetix was at a crossroads - stuck in a multi-year stall, pursuing outdated strategies and operating with a culture that had lost its edge. Over the last 12 months, we went far beyond making a few tweaks. We tore everything down and rebuilt from the ground up.
It was grueling. Late nights, tough decisions, and more than a few moments of doubt. But looking back, we are immensely proud of what this team achieved and confident we’re on the right path.
2025 was the execution year. 2026 is where we synthesize our DeFi roots with real scale: driving volume, unlocking composability, and enshrining Synthetix as the go-to perps venue on Ethereum Mainnet.
CEX performance with DeFi security.
TL;DRBuybacks & sUSD Peg Restoration: All trading revenue directed to SNX and sUSD buybacks. sUSD peg stability targeted by the end of Q2.Multi-Collateral Trading (April): Deposit ETH, cbBTC, and other assets as margin natively on Synthetix Perps - unlocking billions in idle Ethereum Mainnet capital.Basis Trade Vaults (Q2): Democratized access to delta-neutral basis trading strategies, with stablecoin asset representations backed by basis trades.Synthetix Liquidity Pool (SLP) Public Launch (Q2): Community-owned market-making vault - no management fees, no performance fees, currently ~45% annualized yields in private beta.Market Expansion: Crypto markets expanding through Q1, commodities from April, forex by June, and pre-launch perpetuals for high-attention pre-token protocols.Digital Dollars Vision: Transitioning sUSD into a fully decentralized, basis-trade-collateralized stablecoin - powered by the only Perp DEX with a native stablecoin.Synthetix 2026 RoadmapReshaping Synthetix2025 was the year we pivoted hard, overhauling EVERYTHING. We consolidated governance, we vertically integrated our product, we transitioned to delegated staking, and we deprecated all L2 AMMs in favor of a single Ethereum Mainnet CLOB Perp DEX.
We also completely transformed Synthetix culture, replacing a large part of the team, bringing in new talent with the specific skills required to build and scale a world-class derivatives venue. The apathy, complacency, and low accountability that had crept in during the 2022–2024 phase have been replaced with a culture of ownership, urgency, and product expertise.
Our list of 2025 accomplishments includes:
Launched Synthetix Perps natively on Ethereum Mainnet, running two trading competitions and launching in private beta in Q4.Designed, built, and launched a centralized limit orderbook (CLOB) perps exchange that operates with CEX-like speed/latency (<100ms) and an industry-leading UI and trading experience.Acquired Kwenta and TLX to own the frontend and trader UX, ensuring seamless, self-custodial trading owned and operated by Synthetix.Implemented delegated staking via SIP-420, boosting capital efficiency and improving the underlying mechanisms behind SNX and sUSD.Redesigned community-owned liquidity around the Synthetix Liquidity Pool (SLP), currently ~45% annualized yields during the private beta, and proving our model's viability.Grew staked collateral to over 50% of total circulating SNX, positioning us with deep liquidity reserves.Shifted focus to Ethereum Mainnet for its neutrality, composability, and trust, ditching the multi-chain fragmentation that held us back.These moves weren't easy, but they transformed Synthetix from a stalled protocol into a focused, CLOB-style perps engine rivaling CeFi in speed while maintaining DeFi’s security.
The Trading Competitions: Battle-Testing Our ProductThrough Q4 2025, Synthetix hosted two significant trading competitions to dial in our product before public launch.
Season 1 invited 100 elite traders and crypto personalities to compete for a $1,000,000+ prize pool, while Season 2 scaled to hundreds more. These proved invaluable opportunities for us to:
Stress-test our infrastructure under intense real-world conditions, uncover edge cases, and rapidly iterate on the product.Gather direct feedback from top traders, leading to rapid iterations on execution speed, slippage, UX, and overall trading performance.gmoney and Mando took home the crown for Season 1 and 2, respectively, while traders like Farokh, Larry Cermak, Cosmic, and Evgeny Gaeovy clutched top 10 positions across the seasons.
2026 Quarterly RoadmapQ1 (January – March)Buybacks commence: trading revenue → SNX and sUSD (50/50)sUSD peg restoration in progressContinued crypto market launchesQ2 (April – June)Incentive Program Launch (April)Multi-Collateral on Ethereum Mainnet (April)Commodity markets go live (April)Basis Trade Vaults launchSLP Vault public launchForex markets go live (June)sUSD peg achieves ongoing consistent stabilitySynthetix Teams launch with first competitionH2 (July – December)Digital Dollars: sUSD transitions to delta-hedged crypto collateral backingPre-launch perpetuals marketplace expansionAdvanced order types and risk management toolingContinued integrator partnerships and liquidity growthGrowth CatalystsMulti-Collateral on Ethereum Mainnet (April)Synthetix users will be able to deposit ETH, cbBTC, and other assets as margin natively on Synthetix Perps. This opens up the potential for billions worth of idle Ethereum Mainnet assets to become productive. This is unique to Synthetix being on Ethereum Mainnet, where we also have unparalleled access to the deepest on-chain spot liquidity, allowing us to launch multi-collateral when many competitors simply can't.
Multi-collateral enhances capital efficiency by allowing traders to use a diverse range of assets as margin without needing to convert them into a single base currency, reducing transaction costs and fees. It also provides greater flexibility and risk management, enabling users to maintain their preferred holdings while opening leveraged positions and mitigating volatility through portfolio diversification.
The infrastructure groundwork is already laid - our liquidation architecture, including SLP vault takeovers, is built to handle multi-collateral from day one.
Basis Trade Vaults (Q2)Synthetix Basis Trade Vaults will democratize access to basis trading strategies on Synthetix Perps by introducing a streamlined way for users to participate, focusing on capturing funding rates without the complexity of manual trading. By depositing supported native assets into the vault, users can automatically earn yields from funding rates and spot staking, all managed through smart contracts for optimal efficiency and minimal risk exposure.
Depositing into a basis trade vault will provide users with a stablecoin asset representation of their position, backed by a delta-neutral basis trade.
Sustainable Incentive Program (Q2)Points programs are most lucrative at the start of a new meta, with each additional points program becoming increasingly farmed and resulting in worse outcomes for real users.
Rather than designing yet another points scheme, we've created an entirely new incentive program that will meaningfully reward traders and incentivize organic trading activity.
We’re keeping this under wraps for now, but we'll be revealing our daring new incentive program in the coming weeks.
Market ExpansionWe will aggressively expand our asset offerings by rolling out additional markets and introducing select traditional finance (TradFi) assets, including equities, commodities, and forex.
Q1 2026: Continued crypto market launchesApril 2026: Commodity markets commenceJune 30, 2026: Forex markets go liveIn addition, we recognise traders' interest in the host of exciting and high-attention pre-token protocols. We hope to provide the most vibrant and exciting pre-launch perpetuals marketplace, featuring a wide range of these assets for traders to speculate on.
Digital DollarsSynthetix is the only Perp DEX with a stablecoin, and the only stablecoin issuer with a Perp DEX. This uniquely positions Synthetix to be the issuer of a fully decentralized, basis-trade collateralized and capital-efficient stablecoin.
DeFi has always strived to create a parallel financial system. The most utilized financial instrument in this system is a stablecoin. However, the majority of stablecoins issued are completely tethered to and reliant upon traditional banking or centralized exchange infrastructure.
Synthetix’s synthetic dollar, sUSD, will transition from a SNX-backed stablecoin to a DeFi-powered, censorship-resistant solution for money backed by delta-hedging crypto collaterals (e.g. ETH, BTC).
We see this as a multi-quarter initiative beginning in H2 2026, with sUSD's transition driven by the maturity and volume of our Basis Trade Vaults.
TokenomicsBuybacksInitially, all trading revenues from Synthetix Perps will go into buybacks of sUSD and SNX (50/50). Once the sUSD peg is restored comfortably, buybacks will be solely directed towards SNX.
Having been around since 2018 (formally as HAV), SNX has a huge distribution, with over 125,000 token holders and only 2 known individuals with over 1% of the circulating supply. There are no more VCs holding, no ecosystem funds dribbling into the market, and no more team unlocks - no more supply overhang left in the chart. Once buybacks ramp up, we believe these supply mechanics will result in a highly reflexive environment, as we got a tease of in October 2025.
Restoring the sUSD PegsUSD has felt the brunt of the protocol's transition through 2025, losing purpose as we transitioned away from discretionary debt management. Despite the appearance of sUSD, we strongly believe that with ~$5m in purchases (buybacks and SLP demand), the protocol will end up in a position where sUSD's price is controlled by 420 pool issuance/redemptions (i.e. issue when trading >$1 and redeem when trading <$1 with funds from issuance). This is the end state for sUSD. Through a combination of buybacks and SLP demand, we believe sUSD will regain its peg during Q1 and will achieve consistent stability before the end of Q2 2026.
The mechanism scales with volume - as trading revenue grows, so does the buying pressure that supports the peg.
Public Launch of The Synthetix Liquidity Provider (SLP) Vault (Q2)SLP is the community liquidity vault that executes market-making strategies on Synthetix. Currently in private testing to ensure liquidity parameters are refined and fit for public consumption. As the enshrined community vault, SLP will remain active on Synthetix orderbooks, will be the exchange's liquidator, and will be responsible for multi-collateral exchanges.
Unlike traditional models reserved for exclusive counterparties, SLP will allow anyone to deposit sUSD, earn a share of trading profits, and access top-tier fee discounts - all with no management or performance fees.
SLP will help ensure deep liquidity and tight spreads across all listed assets. By opening up one of the most lucrative sources of alpha in crypto, SLP makes market-making accessible, transparent, and community-driven.
With attractive yield opportunities available and lucrative incentive programs we aim to run, we’re targeting at least $15m of sUSD in SLP by the end of June 2026.
For more information on SLP, please refer to this blog post.
Synthetix TeamsBuilding on the Synthetix Teams program from Season 2 of our trading competition, we're already reworking this feature to be launched as an esports-style trading competition, complete with exclusive perks, rewards, and prizes.
Teams of traders will compete against other teams and the broader Synthetix community for total leaderboard domination, similar to our pre-launch trading competitions.
Integrator PartnershipsIntegrations with leading aggregators, wallets, and trading interfaces to funnel volume onto the exchange. We are actively working with multiple partners, including Infinex and several other major crypto infra and wallet providers, to ensure seamless routing and superior UX.
Synthetix's developer-facing APIs - including REST, WebSocket, and delegation/session key infrastructure - are built to make integration straightforward.
Synthetix x InfinexFeature DevelopmentThroughout 2026, we will continue to ship a full suite of advanced order types (limits, stops, trailing stops, and more), enhanced trading tools, risk management features, and UI/UX polish to rival centralized exchanges.
Closing Thoughts2026 is Synthetix's comeback year. We have rebuilt from the ground up with a clear vision: to deliver the best perpetual trading experience in DeFi, powered by the security, composability, and neutrality of Ethereum Mainnet.
What you see today is the foundation. What's coming will transform it. Yields are real, feedback is positive, and momentum is building.
We know what needs to be done, and we are doing it - one deliberate step at a time. We are beyond confident that we have the team and the foundations to bring Synthetix back as a DeFi powerhouse.
See you on the other side.
Join us as we unleash the power of perps on mainnet.
For personalized assistance: support.synthetix.io
Join the conversation: discord.gg/synthetix
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Synthetix price moved slightly higher as the project published its roadmap for 2026, which includes token buybacks and new trading products.
Summary
Synthetix price rose slightly after the protocol published its roadmap for 2026. The plan includes SNX buybacks, multi-collateral trading, and new markets on Ethereum. On the chart, Synthetix price is forming a compression pattern near the $0.32 level. At press time, Synthetix (SNX) token traded at $0.3251, up about 2.9% in the last 24 hours. The token has stayed inside a narrow weekly range between $0.3008 and $0.3262.
Price movement has been slow but steady in recent weeks. SNX is up around 2% over the past seven days and roughly 20% over the past month as the market attempts to recover from earlier losses.
Trading activity has also increased slightly. 24-hour volume reached about $13.4 million, which is 11% higher than the previous day. Derivatives data from CoinGlass shows futures volume rising 10% to $41 million, while open interest climbed 6% to $16.39 million.
2026 roadmap included SNX buybacks The move comes after the Synthetix team published a long update outlining how the protocol plans to grow during 2026.
According to the roadmap, trading revenue from Synthetix Perps will initially be used to buy back both SNX and the protocol’s stablecoin sUSD. Once the sUSD peg is fully restored, buybacks are expected to focus entirely on SNX.
The plan also includes a major expansion of trading features. In April, users will be able to deposit assets like ETH and cbBTC directly as margin on Synthetix Perps, rather than converting everything into a single collateral asset.
The change could bring more liquidity into the platform by allowing traders to use idle assets already held on Ethereum.
Other updates are scheduled later in the year. The protocol plans to introduce basis trade vaults, launch a public liquidity pool vault, and expand markets beyond crypto to include commodities and forex trading.
Developers also outlined a longer-term plan to transform sUSD into a fully decentralized stablecoin backed by delta-hedged crypto collateral.
The roadmap marks another step in the protocol’s restructuring. Over the past year, the project moved away from multiple Layer-2 deployments and shifted its focus back to Ethereum mainnet, where it now runs a centralized limit order book-style perpetual futures exchange.
Technical analysis: SNX forms tight compression On the chart, SNX is moving inside a tight consolidation zone near $0.32–$0.33 after months of decline.
Volatility has dropped during the past several weeks. The Bollinger Bands have started to narrow, which often appears before a stronger price move once the range breaks.
SNX daily chart. Credit: crypto.news Resistance is now seen around $0.39–$0.40, a level where price was rejected during earlier rallies. Support remains lower, around $0.27–$0.30, where buyers stepped in during the February decline.
Momentum indicators show that selling pressure has eased. The relative strength index has climbed back toward the 50 level, moving away from the oversold zone that appeared earlier in the downtrend.
If SNX pushes above $0.39, the move could open the door toward the $0.45–$0.50 range. That would confirm a breakout from the compression pattern.
On the downside, a drop below $0.30 could weaken the structure and expose the $0.27 area again, which has acted as a key support level in recent months.
Synthetix has extended its sUSD deposit rewards campaign on Infinex for 8 weeks, supporting peg stability as the protocol enters its mainnet public launch phase.
Synthetix has extended the sUSD deposit rewards campaign on Infinex for an additional 8 weeks, the protocol announced Monday. The extension comes as Synthetix perps enters public launch on mainnet and core contributors fine-tune the SLP vault. The incentive program rewards users for holding sUSD on Infinex while supporting peg stability.
Previous extensions of the sUSD rewards campaign have offered yields up to 18% APY and distributed thousands of OP tokens weekly to depositors. The program provides users a productive way to deploy their sUSD holdings while contributing to the stability of the stablecoin during critical infrastructure upgrades.
Sources: Synthetix Blog
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
PANews reported on May 6th that, according to Cointelegraph, a Kaiko report indicates that prior to Robinhood's token listing announcements, open interest, funding rates, and on-chain trading patterns in the perpetual contract market suggest that some traders may have positioned themselves in advance. The most typical example is address 0xa1E, which opened a long position in LIT on Hyperliquid approximately one hour before Robinhood announced the listing of its Lighter token and closed the position about one hour after the announcement. The same address opened a short position in a HOOD-linked perpetual contract several hours before Robinhood released its lower-than-expected first-quarter earnings report, closing the position after the share price fell. Kaiko also noted that tokens such as Zcash, Synthetix, and Near Protocol saw surges in open interest and funding rates before their announcements. Analysts stated that while the data raises concerns about potential insider trading, it may also indicate that some savvy traders positioned themselves based on changes in funding rates, trading volume, and open interest.
Synthetix continues to ship new tools for traders.
TWAP (Time-Weighted Average Price) orders make it easier to scale into and out of larger positions, especially in long tail markets where liquidity can fluctuate, and large single executions may significantly impact your fill price.
Rather than executing one massive order all at once, TWAP orders split execution into smaller slices over time. Here's how you can use TWAP orders to level up your trading.
What is a TWAP Order?A TWAP order breaks one large order into smaller executions distributed across a predefined duration.
This allows traders to gradually build or unwind positions while reducing the impact of any single execution on the market.
For example, instead of opening a single 100 BTC position immediately, a trader could split the order into smaller executions over a selected time period.
This is especially useful in environments where liquidity fluctuates or where traders want smoother entries and exits.
Averaging Through Market VolatilityOne of the major benefits of TWAP orders is execution across predefined time intervals.
By averaging fills over time, traders can reduce exposure to temporary volatility, wicks, and short-term market fluctuations that may otherwise negatively impact execution.
TWAP orders can be configured anywhere from 5 minutes up to 24 hours in total duration.
Shorter durations help traders stay closer to the current market price while still reducing the impact of a single large execution. Longer durations allow for even smaller order slices and help smooth out short-term market fluctuations over a broader period of time, up to a daily average fill.
Longer timeframes are particularly useful for:
Highly volatile market conditionsTraders seeking smoother average execution over timeVery large orders relative to available liquidityReduced Market ImpactAnother major benefit of TWAP orders is reducing the size of each individual execution.
Smaller order slices can help reduce market impact and provide smoother entries and exits in lower-liquidity or long-tail markets.
Rather than forcing a single large fill into thin liquidity, TWAP orders distribute execution over time and across multiple smaller fills.
This can help traders avoid aggressively moving the market while managing larger positions.
How to Place a TWAP OrderTo place a TWAP order on Synthetix Mainnet:
Open the trading interfaceSelect the advanced order dropdown, you may see an order type such as "Stop Market" currently selected. Simply click on the currently selected advanced order to choose a new advanced order type.Choose “TWAP”Choose your total duration from 5 minutes to 24 hours, either by entering a custom duration or by choosing from preset options.Monitor your position as it fills. Your orders will be placed automatically every 30 seconds.TWAP orders currently require a minimum order size of $10,000 USD notional. Notional refers to the final position size after leverage is applied.Try TWAP orders nowTWAP orders are now live on Synthetix Mainnet.
Start trading now:
https://exchange.synthetix.io/
If you need assistance, visit:
https://docs.synthetix.io/
You can also click the chat icon in the bottom-right corner of the docs site to speak directly with the Synthetix team.
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Scaled orders automatically generate a series of limit orders
Instead of placing one large limit order at one level, a scaled order automatically generates multiple smaller limit orders distributed across a price range you define. Typically, traders use scaled orders to "ladder in" to long positions during a decline in price and "ladder out" while taking profits during an increase in price.
Here's how scaled orders work and how to use them.
What is a Scaled Order?A scaled order automatically generates multiple limit orders within a specified price range.
It splits one large order amount into several smaller suborders and distributes them across that price range, instead of committing all of your order size to a single price point.
The result is a series of orders that scale into or out of a position gradually, helping traders capture a better average price while reducing the impact any single execution has on the order book.
When to Use a Scaled OrderScaled orders are most useful when you want to:
Average your entry or exit price across a range, rather than committing at a single price point.Ladder into a position during uncertain market conditions, or ladder out when taking profits.Reduce the impact of short-term volatility and slippage on your average fill.Avoid revealing your total order volume to the market, which can influence other participants and move price against you.Scaled orders are well-suited to both longer-term accumulation strategies and shorter-term trading in volatile markets.
Distribution TypesScaled orders on Synthetix support three quantity distribution types, which control how your total size is allocated across the price range.
Equal (Flat): Each suborder receives the same size. The amount is distributed uniformly across every price point in the range. Equal is the most straightforward option and works well when you expect price to move within the range but have no specific bias toward it trending higher or lower.
Increasing: Suborder size grows as price moves in a specific direction. The suborder at the highest price carries the largest quantity, meaning more of the asset is traded at higher prices. Increasing is commonly used to distribute sell orders and lift the average selling price.
Decreasing: Suborder size shrinks as price rises. The suborder at the highest price carries the smallest quantity, meaning more of the asset is traded at lower prices. Decreasing is commonly used to distribute buy orders and lower the average buy price.
Note: Traders can also choose to edit the intervals of price distribution in the 'Price Distribution' subsection of the scaled orders panel. This will place suborders at larger or smaller price intervals. This can be used synchronously with order distribution types to customize scaled orders even further.
How to Place a Scaled OrderTo place a scaled order on Synthetix Perps:
Open the Synthetix trading interfaceSelect the advanced order dropdown. You may see an order type such as "Stop Market" currently selected. Simply click on the currently selected advanced order to choose a new advanced order type.Choose "Scaled"Set your parameters:Lower and upper price rangeTotal sizeTotal number of ordersQuantity distribution (Equal [Flat], Increasing, or Decreasing)Price distribution (Equal [Flat], Increasing, or Decreasing)Choose buy or sell, preview the suborders generated from your inputs, and submit. Your suborders will be placed across the price range as individual limit orders.Key PointsA few things to keep in mind when using scaled orders:
Execution depends on market movements. Some or all suborders may remain unfilled if price does not reach the specified levels.A tighter price range keeps your fills closer to the current market, while a wider range gives the market more room to move and helps smooth your average fill across short-term volatility.Choosing a higher order count breaks your size into smaller, more granular suborders across the range.Equal (Flat), Increasing, and Decreasing each shape your average fill differently. Pick the distribution that matches your bias for how price will move through the range.Try Scaled Orders nowScaled orders are now live on Synthetix Perps.
Start trading now:https://exchange.synthetix.io/
If you need assistance, visit:https://docs.synthetix.io/
You can also click the chat icon in the bottom-right corner of the docs site to speak directly with the Synthetix team.
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Multicollateral margin is now live on Synthetix and ETH is the first non-USDT asset you can post as collateral.
For the first time in the history of Ethereum, you can now utilize ETH as native collateral for trading perps on Ethereum Mainnet. Deposit ETH, trade any market, and manage everything from a unified multicollateral margin account, without ever touching your ETH stack.
On Synthetix, every trade lives and settles on Ethereum Mainnet, so it's only right that you can use the native asset as collateral. Here's what native ETH margin unlocks and how to start using it.
Trade Without Selling Your ETHOn Synthetix, you can now post ETH directly as collateral and maintain your exposure while you trade. Don’t give up a position on the asset you're most bullish on.
Your ETH backs your account, and your USDT-settled positions run on top of it. If you think in ETH, you can merge your conviction with your margin all without ever having to leave the L1.
Deposit ETH as collateral on Synthetix.Note: Minimum deposits, maximum account caps, and per-asset limits are shown in the deposit flow for each token. Larger caps and additional collateral types are coming soon.
Smarter, More Capital-Efficient MarginBecause all of your collateral lives in one unified multicollateral margin account, ETH and USDT work together. Your combined collateral backs every position.
A few of the ways to use it:
Maintain exposure: Use ETH as margin when you'd rather maintain exposure to ETH instead of making deposits in stables.One account, every market: Your ETH and USDT collateral fund any USDT-settled market on the exchange.Avoid unnecessary selling: Trade perps without liquidating spot holdings, and the added taxable events that come with it.Trade any USDT-settled market with unified multicollateral.More Efficient Basis TradesETH as multicollateral margin makes the bread and butter of DeFi strategies: Basis Trades, seamless to run.
Deposit ETH as collateral and short ETH perps in equal size, and you've built a delta-neutral position: collateral value and position PnL move against each other and largely offset, reducing directional risk while you collect funding on the short.
Basis traders keep funding rates in line, so when they can run these positions more efficiently, every trader on the exchange benefits from tighter, more competitive markets.
How ETH as Margin Works on SynthetixWhen you deposit ETH, it's valued using its live index price, minus a haircut, a standard risk discount applied to non-USDT collateral.
The result is your Collateral Value: the amount of your ETH that actually counts toward margin. You can see this in your balance table at any time.
Because your positions settle in USDT, fees, funding, and PnL are still paid in USDT. If you're trading on ETH collateral without a USDT balance, your USDT can go negative while positions are open. This is intentional and is backed by your ETH.
Choose between USDT and ETH as collateral on Synthetix.You can repay it any time by using Swap to convert ETH into USDT directly inside your account.
Since ETH collateral is marked to its index price, a drop in the price of ETH lowers your margin even if your open positions haven't moved.
Keep an eye on the collateral price, not just position PnL, and maintain a buffer. If USDT debt ever climbs past your account's allowed limit, the protocol can automatically convert some ETH to USDT to keep your account solvent, so it's worth repaying voluntarily before it gets there. Full details on haircuts, swaps, withdrawals, and account health live in the docs.
More Collateral Coming SoonETH is the first non-USDT collateral to be offered on Synthetix Perps, but it will not be the last. Our infrastructure is built to support additional assets as collateral in the future, and more collateral types, including yield-bearing assets, are on the way.
This is just the beginning of a true multicollateral trading experience on Ethereum Mainnet.
Tapping into BillionsThe opportunity for ETH as collateral on the only perp DEX built on Ethereum Mainnet cannot be overstated. Not only can Synthetix now seamlessly tap into well over $100 billion in idle ETH capital, but the upside of delivering a broad surface area of utility for ETH as an asset, natively on the Ethereum L1, is near-limitless in scope, especially when considering Synthetix's core composability with native DeFi on Ethereum.
It is an audacious goal, but if Synthetix can capture 10% of today's average monthly derivatives volume, it would kickstart a virtuous flywheel for the entire Ethereum ecosystem.
This level of volume and trading activity would generate:
$300-500 billion in monthly volume, all on the Ethereum L1.Increased fee revenue for all validators and protocols.Liquidity magnetism that siphons up any remaining capital on L2s and funnels it back to the L1.Innovation catalyst for new composable strategies on Mainnet. Reunify DeFi around Ethereum's secure foundation. Every protocol benefits when the ecosystem is complete. The entire Ethereum DeFi stack becomes exponentially more valuable.
Trade with ETH NowETH margin is now live on Synthetix Perps.
Start trading now: https://exchange.synthetix.io/If you need assistance, visit: https://docs.synthetix.io/You can also click the chat icon in the bottom-right corner of the docs site to speak directly with the Synthetix team.
Follow Synthetix as we make Ethereum Mainnet the premier venue for perps.
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PANews reported on June 8th that decentralized exchange aggregator 1inch has released its first oral history of decentralized finance, "reDeFine Money," featuring 25 DeFi founders recounting the industry's development, covering projects such as Aave, Curve, SushiSwap, PancakeSwap, Synthetix, and DAOmaker. The book is available in limited print and will be distributed at 1inch events and conferences, including ETHConf. 1inch is also opening registration for a digital copy.
Create & share your referral code and earn 25% of the trading fees from everyone who signs up with it.
Rewards accrue daily and continue as your friends trade. Anyone who signs up using your code gets a 5% discount on all trading fees, applied automatically when they create their account.
Your referrals dashboard lives inside the portfolio tab on the main Synthetix user interface.
On the referrals page, you can see the total amount of rewards available to you, how many referees have signed up under your code, your lifetime rewards, and the total sum of fees generated by your referees.
One thing to know: referral codes only apply at account creation and can't be added to an existing account later. Share your link before your friends sign up.
How to Earn With Referrals:Create a new account on SynthetixDuring account creation, enter a valid referral code. Referral codes must be entered during account creation and cannot be added post-hoc. Your referral code is automatically generated on the ‘Referrals’ tab within the Portfolio section of your Synthetix account.You can read more on our Referral Program on Synthetix Docs: https://docs.synthetix.io/rewards/referral-program#for-referrers
Amplify your earnings with SnaxpotAlongside earning 25% of all trading fees from referees, all trading fees on Synthetix automatically convert into Snaxpot Tickets. Each ticket is one entry into a rolling, weekly draw with a $500,000 top prize.
The TLDR:
Every $2 in fees earns 1 Snaxpot ticket. Winners are drawn every week. Prizes range from $4 to $500,000.Refer and begin earning on Synthetix today: https://exchange.synthetix.io/portfolio/referrals
Follow Synthetix as we make Ethereum Mainnet the premier venue for perps.
Synthetix governance has moved to retire sUSD entirely under SIP-423, introduced June 12. The proposal would freeze the stablecoin contract and pay all holders back at face value in vested SNX at a conversion of four SNX per sUSD. A companion SIP-424 covering technical implementation is pending.
Synthetix governance has moved to retire sUSD, proposing to pay all holders back at face value in vested SNX under SIP-423, introduced June 12. The stablecoin now trades at roughly $0.25 against its $1.00 target, per CoinGecko and DefiLlama.
Synthetix founder Kain Warwick and core contributor Benjamin Celermajer authored the proposal. Under SIP-423, the sUSD contract would be frozen and deprecated. Each eligible sUSD holder would receive four SNX tokens per sUSD, at a conversion that values SNX at $0.25 and sUSD at its intended $1.00 face value. The SNX tokens carry a one-year lock followed by a one-year linear vest from the freeze date. The claim window opens approximately one year after the freeze.
Four ComponentsSIP-423 has four parts. First, a holder snapshot: an audit of all sUSD balances on Ethereum and Optimism at a governance-defined cutoff block. Second, the sUSD retirement itself. Third, a restructure of the existing Debt Jubilee under SIP-420, which would close the 420 Pool, remove sUSD staking ratio requirements, and give existing debt participants the choice of a four-year lock with a one-year vest, or an early exit by repaying their remaining debt in full. The fourth component, SNX staking reform, is deferred to a separate build.
A contingent USDT path is included: if Synthetix generates more than $10 million in protocol revenue within the two-year lock-up period, 25% of that revenue can be distributed as USDT to legacy sUSD holders who prefer cash over SNX. Both the $10 million threshold and the 25% share are adjustable by the Spartan Council via SCCP.
Vote PendingSIP-423 carried a Vote_Pending status as of publication. A companion proposal, SIP-424, covering the technical implementation of the wind-down, has not yet been published.
The SIP notes that sUSD held in LP pools, vaults, or other deposit contracts cannot be automatically recovered. A separate Treasury claims process handles those cases. Core team members and the protocol itself hold material sUSD positions.
The DepegsUSD's peg has eroded sharply. The SIP's abstract states the token "trades below peg" and that Jubilee participants face "escalating sUSD staking requirements, both of which continue to hinder growth of the Synthetix Exchange." sUSD is down roughly 28% over the past seven days and about 61% over the past 30 days, per CoinGecko.
Synthetix carries approximately $17.5 million in sUSD circulating supply across Ethereum and Optimism, per DefiLlama. SNX trades around $0.2453, per CoinGecko, slightly below the $0.25 conversion floor set in SIP-423. The protocol's total value locked stands at $32.5 million, per DefiLlama.
Synthetix has attempted to stabilize sUSD before. In March 2026, the protocol was still extending sUSD rewards on Infinex to support the peg. The Defiant's January 2026 interview with Warwick covered his arguments for restructuring the debt model; SIP-423 is the structural outcome of that direction. Synthetix launched a perpetual DEX on Ethereum mainnet in December 2025, signaling a shift toward exchange-driven revenue rather than sUSD issuance.
SIP-423 is Synthetix's first proposal to wind down sUSD rather than repair it.
Synthetix is pulling the plug on its legacy synthetic stablecoin. SIP-423, introduced on June 12 by founder Kain Warwick and core contributor Benjamin Celermajer, proposes retiring sUSD across both Ethereum mainnet and Optimism, compensating holders with newly minted SNX tokens.
The conversion math works like this: holders receive 4 SNX for every $1 of sUSD they hold, which effectively pegs SNX at a reference price of $0.25 for the purposes of this exchange. The catch is those tokens come with strings attached, specifically a one-year lock-up followed by a one-year vesting schedule.
A stablecoin that stopped being stable sUSD was supposed to trade at $1. It’s currently trading around $0.25, according to CoinGecko and DefiLlama data. Roughly 40 million sUSD remains in circulation, which means the protocol is looking at compensating holders for approximately $40 million in face value.
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The proposal also revises the Debt Jubilee program associated with the 420 Pool, a mechanism previously established to manage legacy debt within the protocol. Under the new terms, staking ratio requirements for sUSD are removed entirely. Excess debt can either be repaid early or carried under a new four-year lock period with one-year vesting terms.
A governance snapshot vote was estimated for June 26, 2026. The Synthetix governance model requires 4 out of 7 Spartan Council signatures for proposals to pass.
Why Synthetix is doing this now Synthetix has been signaling a strategic pivot for months. The protocol is shifting its focus toward perpetual futures trading on Ethereum mainnet, moving away from the synthetic asset model that once defined its identity. SIP-423 is essentially the cleanup phase of that transition, decoupling SNX staking from legacy sUSD obligations.
The proposal also outlines buyback initiatives for both SNX and sUSD, with the stated goal of restoring the peg by the end of Q2 2026.
Additional implementation details are expected through a follow-up proposal, SIP-424.
What this means for investors If you’re holding sUSD right now, you’d receive SNX tokens valued at $1 per sUSD at face value, but those tokens are locked for a year and then vest over another year. SNX would need to hold above $0.25 just for holders to break even relative to current sUSD market value.
For existing SNX holders, the minting of new tokens to compensate sUSD holders is dilutive by definition. But removing the legacy debt overhang could theoretically make the protocol more attractive to new capital, particularly as Synthetix leans into its perpetual futures business.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
PANews, June 23 – According to The Defiant, Synthetix governance has voted to gradually retire sUSD under proposal SIP-423, paying locked SNX to holders at a ratio of 4 SNX per sUSD. The proposal, put forward by Synthetix founder Kain Warwick and core contributor Benjamin Celermajer, will freeze the sUSD contract and repay holders at face value. sUSD is currently trading at approximately $0.25, significantly de-pegged from its $1 target.
SIP-423 consists of four parts: a holder snapshot, sUSD retirement, SIP-420 debt restructuring (closing the 420 pool and giving debt participants the choice of a four-year lock-up or early repayment exit), and SNX staking reform (deferred to a separate version). SNX tokens will have a one-year lock-up period from the freeze date, followed by a one-year linear unlock. If Synthetix generates more than $10 million in protocol revenue during the two-year lock-up period, 25% may be distributed as USDT to holders who prefer cash.
Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.
Synthetix founder Kain Warwick has acknowledged that sUSD has been depegged for over a year, taken personal responsibility for treasury mismanagement, and published a detailed thread this morning explaining the path forward: winding down the SNX-backed stablecoin and replacing it with a basis-vault-backed instrument powered by the protocol's new v4 exchange.
Warwick's eleven-tweet thread follows governance's passage of SIP-423, covered earlier today by The Defiant, which would freeze the sUSD contract and pay holders four SNX per sUSD. In the thread, Warwick goes further than the SIP itself, framing the depeg as a multi-factor failure and detailing the reasoning behind every step.
30% Treasury AccumulationThe protocol's treasury has absorbed roughly 30% of outstanding sUSD supply over the past year, according to Warwick's thread. Yet he says that buying back the rest is not an option: selling SNX at current prices to retire the remaining sUSD would be value-destructive, and there is no demand for locked SNX that would allow the protocol to repeg without deepening that discount.
Warwick noted that locking SNX at today's price implies a 75% discount against the liquid token, "which given the state of the token market is probably accurate." At the time of publication, SNX trades at $0.2426, per CoinGecko, and sUSD is quoted at $0.25, or roughly 75 cents below its $1.00 target.
The 420-Pool CallOn the 420 pool, Warwick's assessment is direct. Introducing the mechanism "very likely saved the protocol from a death spiral at the cost of the sUSD peg." SNX holders absorbed that cost; the thread frames sUSD as a liability of SNX holders specifically, which is why the SIP-423 wind-down uses SNX rather than cash to make holders whole.
What Went WrongWarwick attributes the depeg to three compounding failures. The v3 exchange was, in his words, "a dumpster fire." The v4 build took far longer to scale than anticipated. Yield generation on sUSD balances, a mechanism intended to create buy-side demand for the stablecoin, failed to materialize.
The combination left sUSD exposed. Supply had once exceeded $1 billion across sUSD and other synths; an orderly wind-down got it to roughly $50 million, but Warwick describes the remaining tail as "functionally insolvent" without exchange revenue to backstop it.
"As the founder the responsibility for this mismanagement is mine," Warwick wrote.
Basis-Vault ReplacementThe forward-looking piece of the thread is the replacement design: sUSD as a debt instrument backed by SNX is being wound down and replaced by a basis-vault-backed stablecoin, intended to run on the v4 exchange on Ethereum mainnet.
The design differs structurally from sUSD. A basis-vault stablecoin earns yield from funding-rate arbitrage between spot and perpetual positions, rather than requiring collateral in a volatile governance token. Warwick did not specify a launch timeline or target supply for the replacement.
Perp Meta, MissedWarwick's self-critique centers on a specific market window. Synthetix had the architecture and the community to compete in the 2023-2024 on-chain perpetuals expansion. Instead, v3 development problems slowed the exchange, and purpose-built perp venues captured the growth.
"Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard," Warwick said. He added he remains a holder of both SNX and sUSD, describing both as "max pain since 2022." He closed the thread expressing confidence in a recovery, though he acknowledged the market is not currently pricing one in.
Synthetix's total value locked stands at $32.5 million, per DefiLlama, with virtually all of that on Ethereum. SNX carries a market capitalization of $83.6 million, per CoinGecko.
Bitcoin and crypto market twist has brought unexpected changes to almost all assets. Prices have been declining with little or no hope for a reversal. The FTX exchange fiasco intensified the performance as several losses have been recorded in the entire crypto space.
Following the events, the price of Bitcoin dipped below its critical resistance level of $20K. Since then, the primary cryptocurrency has plummeted as the value slipped toward the $17K region.
Over the past 24 hours, BTC could not make any significant positive movement. Hence, the token has resolved to consolidate around the $17K level. But many doubts are brewing if a storm could follow this new calmness in the future.
Bitcoin Calms Around $17K Bitcoin has failed to trigger enough volatility that could push the price higher. The cryptocurrency has stalled around the $17K level during some trading hours. As of yesterday, BTC managed to hit up to $17,424. But the surge couldn’t last long as the bears suddenly took over.
According to data from Binance, the primary crypto dropped to an intraday low of $16,867. However, the coin is gradually climbing upward. At the press time, Bitcoin is trading at around $16,835, indicating a drop. It boasts a market cap of about $326.81 billion, and its dominance over the altcoin is at 38.33%.
Bitcoin price fails to surge above $17,000 l BTCUSDT on Tradingview. com Over the years, several interpretations for prolonged periods of reduced volatility have been given. One such is that it stands as a precursor toward a massive surge. Hence, the speculation on Bitcoin’s current consolidation could represent the calm before the storm.
Altcoins In Red Zone The crypto market has experienced an overall drop as prices keep dropping. With the strong presence of the bears, the altcoins have painted the market red. This declining trend has cut down the overall market cap more.
At the time of writing, the cumulative market cap sits at $853.33 billion. It shows a drop of about 1.39% over the past 24 hours.
The performance of the altcoin has not been impressive. Most recorded a decline between 2% and 6% over the last day.
The worse performers over the past day are BTSE Token and GMX. While the former dipped by 8.3%, the latter plummeted by over 7.2 % within 24 hours.
Other losers include ETH with a 3.41% drop, DOGE dipped by 6.47%, XRP by 2,57%, BNB by 2.38%, MATIC by 3.17%, ADA by 3.11%, and others.
However, the market saw just a few exceptions to the southward move. The best performers are Axie Infinity’s AXS and Synthetix Network’s SNX. While AXS surged by 4.4%, SNX recorded an increase of 5.4% in the last 24 hours.
Featured image from Pixabay, chart from TradingView.com
Synthetix’s algorithmic stablecoin sUSD has continued its month-long depeg, now trading nearly 21% below its $1 peg.
According to CoinGecko’s price data, sUSD has dropped to $0.7924 as of Apr. 17, down more than 8% in the past 24 hours. Its market cap has fallen from $30 million at the beginning of April to $25 million as of press time. Due to the ongoing depeg, market activity has increased, as shown by the 320% rise in 24-hour trading volume to $794,081.
sUSD is a synthetic asset issued on the Synthetix (SNX) protocol, backed by its native token SNX and designed to track the price of the U.S. dollar using Chainlink (LINK) oracles. However recent protocol changes have disrupted that stability.
The ongoing depeg started in March and deepened following the implementation of Synthetix Improvement Proposal 420, which aims to increase capital efficiency. SIP-420 introduced a protocol-owned staking pool, also known as the “420 Pool.” This new structure allows SNX holders to delegate their stake to a shared pool rather than manage their own debt positions.
SIP-420 also slashed the required collateralization ratio from 500% to 200%, making it easier to mint sUSD. This change has led to a sharp increase in sUSD supply without a corresponding increase in demand. Now, with some Curve (CRV) pools showing over 90% sUSD, the oversupply has caused the price to fall further.
The Synthetix team has acknowledged the issue, calling it a “transition period.” In a Discord statement, the team said it plans to enhance Curve pool incentives, extend the Infinex deposit campaign, and introduce new use cases like Snaxchain to absorb excess sUSD.
Still, DeFi analysts remain skeptical. “I don’t see who would want to underwrite the risk of holding $sUSD,” said one analyst in a post on X, pointing to the lack of a clear repeg strategy backed by treasury capital.
Synthetix has launched a new liquidity initiative aimed at stabilizing its algorithmic stablecoin sUSD, which has been trading well below its intended $1 peg. The “sUSD 420 Pool,”
Announced by founder Kain Warwick on X, the pool will reward participants with 5 million SNX tokens over 12 months in an attempt to curb the effects of the ongoing depeg.
sUSD dropped to $0.8224 as of April 18, up over 7% in 24 hours, according to CoinGecko. It was trading as low as $0.63.
The decline has been linked to recent protocol changes under Synthetix Improvement Proposal 420, which introduced a protocol-owned staking pool and lowered the collateralization ratio for minting sUSD from 500% to 200%.
This change has caused a significant increase in sUSD supply, outpacing demand and leading to imbalances in decentralized exchange pools like Curve, where sUSD now makes up over 90% of some liquidity pairs.
Locked and staked SNX The new 420 Pool requires SNX stakers to lock their sUSD for a year to earn daily SNX rewards. Those rewards will also be locked and vest over three months after the campaign ends.
While official front-end support for the program launches next week, early access is available via Synthetix’s Discord.
Synthetix has called the current phase a “transition period” and plans to support sUSD through additional incentives and new use cases, including the upcoming Snaxchain initiative.
SNX price looks set for a deeper correction as technicals remain bearish for the asset, while its algorithmic stablecoin sUSD fails to maintain its peg to the U.S. dollar.
Summary
SNX price is down 10% over the past 7 days. Synthetix’s sUSD stablecoin lost its peg to the U.S. dollar. Price action has been confined within a descending parallel channel. According to data from crypto.news, Synthetix (SNX) was trading at $0.66, down 9.5% over the last 7 days and 70% under its year-to-date high.
The main reason why SNX has been in a downtrend is the ongoing crisis in its sUSD stablecoin.
The stablecoin has failed to maintain its peg to the U.S. dollar ever since it introduced changes to how sUSD is issued and backed under an improvement proposal in April 2025.
The stablecoin’s price fell as low as $0.73 shortly following the move. While it managed to recover to $0.97 over the next two months, the stablecoin’s price faced another major drop to $0.841 in July. At press time, sUSD was trading at $0.987, still short of its intended $1 peg.
sUSD’s failure to maintain its peg reflects a critical protocol weakness, which could continue to weigh on investor sentiment and dampen confidence in the broader Synthetix ecosystem.
Data from CoinGlass shows that open interest for SNX has dropped by 1% to $19.6 million, while the long/short ratio has fallen below 1. It reveals that a growing number of traders are positioned bearishly on SNX in the short term.
SNX price analysis SNX had been trading within a descending parallel channel for the past week on the 4-hour chart. A descending parallel channel is formed when an asset’s price forms lower highs and lower lows. This is considered a solid sign of bearish continuation.
SNX price has formed a descending parallel channel on the 4-hour chart — Sep. 5 | Source: crypto.news When adding the Moving Average Convergence Divergence indicator to the mix, it had also turned downward. As such, it is safe to say the momentum for now would most likely be bearish.
On top of this, the RSI was at 45, which places it within neutral-to-weak territory, which is another confirmation that the price may continue heading downwards from current levels.
Considering the above, SNX is likely to target the $0.60 support level, which marks a 10% drop from the current price level.
If this support fails to hold, it could open the door to further losses, with a potential retest of its August low of $0.54 possible.
Conversely, a breakout above the upper boundary of the descending channel would invalidate the bearish setup and could signal the beginning of a short-term trend reversal.
