What is Synthetix (SNX)
Synthetix is a decentralised finance (DeFi) protocol that allows synthetic assets to be created and traded: tokenised instruments on the blockchain whose value replicates that of another asset (currencies, commodities and other underlyings), tracked through decentralised oracles. The goal is to decentralise access to a wide range of assets.
Synthetic assets are complex instruments, comparable to derivatives. Young Platform does not offer derivatives trading or synthetic asset trading: on our exchange it is possible to buy and sell the SNX token on a spot basis, like any other crypto-asset.
How it works
The SNX token is at the heart of the mechanism: users who deposit it as collateral in a “debt pool” can generate over-collateralised synthetic assets. In return they can receive rewards linked to the protocol’s fees, which are variable and not guaranteed and carry specific risks (including collateral and debt management).
SNX also performs governance functions for the protocol, one of the best-known and longest-standing in the Ethereum DeFi ecosystem.
How it began
Synthetix was founded by Kain Warwick in the autumn of 2017. Over time it has developed integrations and partnerships with other leading DeFi protocols, such as 1inch and Curve, and is considered a reference point in the on-chain synthetic asset sector.
Its relevance is closely tied to the overall performance of decentralised finance.
Price trends and what to consider
Like all crypto-assets, SNX has shown a highly volatile price trend. Its quotations can be influenced by the general trend of the crypto market, by activity on the protocol and by the growth of the DeFi sector.
Past performance is not a guarantee of future results.
Synthetix Market Data
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What does the Young Platform do?
Young Platform is the Italian platform for the crypto-asset world. Since 2018, we have been working from Turin to make buying and selling crypto-assets a clear and accessible experience — whether you are taking your first steps or trading regularly. Over 2 million users have already chosen us (as of June 11, 2026). Our shareholders include Azimut, United Ventures, and Banca Sella, among others. For details on our updated corporate structure, please visit the official page on our website.
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