Synthetix (SNX)
Best tokenomics (zero inflation, 100% fee buyback, 99.7% circ) but losing perps war. sUSD at $0.74.
Ranked 45th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
SNX scores 130 of 250 across the 25-variable framework, which places it 45th of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
SNX is a top-10 name in the set on 4 variables. The score rests on Insider Selling 8/10, 2nd of 251, Catalyst Calendar 8/10, 3rd of 251, Real Staking Yield 7/10, 5th of 251 and Vesting Schedule 9/10, 8th of 251.
Against the same universe, SNX sits in the bottom third on Exchange Depth 3/10, 220th of 251, Market Share 2/10, 203rd of 251, Institutional Adoption 2/10, 192nd of 251 and Treasury Runway 4/10, 181st of 251. These are the variables that would have to move for the verdict to change.
99.9% of eventual supply is already circulating, so vesting is not a live risk for SNX. Price has to be justified by demand rather than absorbed against a cliff.
SNX trades 99.25% below its all-time high of $28.53. Recovering that level is a 133.3x move, not a 99.25% one, which is the arithmetic most drawdown charts hide.
The framework score gained 82 points against the previous pass (48 to 130). Revisions of this size follow a change in the underlying variables, not a change in price.
$210.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 7 | 9th of 251 | |
| Real Staking Yield | 7 | 5th of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 9 | 8th of 251 | |
| Circulating / FDV Ratio | 9 | 10th of 251 | |
| Buyback and Burn | 7 | 13th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 8 | 2nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 8 | 3rd of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
sUSD repeg in ~6 weeks triggers 100% SNX buybacks, ETH mainnet CLOB launch
Principal risk
Hyperliquid 70-80% market share dominance, $210M TVL vs HYPE $6.2B, broken sUSD peg
Market and supply
| Price | $0.2147 |
| Market cap | $124.8Mrank 220 |
| All-time high | $28.5314 Feb 2021 |
| Circulating supply | 580,980,590 |
| Eventual supply (total supply) | 581,404,224 |
| Dilution to full supply | 1x |
| Total value locked | $210.0M |
| Listed on | Binance, Coinbase, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to SNX measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Synthetix Blog] Inflation permanently ended via SIP 2043, 99.7% circulating
- [Synthetix Q2 Roadmap] 100% trading fees go to SNX buybacks
- [Blockworks Research] Hyperliquid 70-80% perps market share vs SNX negligible
- [Synthetix Blog] sUSD peg still broken, $5M estimated restoration cost
Common questions
- What is the Early Thunder score for Synthetix (SNX)?
- SNX scores 130 out of 250 on the 25-variable framework, ranking 45th of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are SNX's strongest fundamentals?
- SNX ranks highest on Insider Selling 8/10, 2nd of 251, Catalyst Calendar 8/10, 3rd of 251, Real Staking Yield 7/10, 5th of 251 and Vesting Schedule 9/10, 8th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the SNX thesis?
- SNX scores in the bottom third of the universe on Exchange Depth 3/10, 220th of 251, Market Share 2/10, 203rd of 251, Institutional Adoption 2/10, 192nd of 251 and Treasury Runway 4/10, 181st of 251. The single risk carried on the scorecard is: Hyperliquid 70-80% market share dominance, $210M TVL vs HYPE $6.2B, broken sUSD peg
- How much SNX supply is still to enter circulation?
- 99.9% of eventual SNX supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0.1% of fully diluted value ahead of current holders.
- How far is SNX from its all-time high?
- SNX trades 99.25% below its all-time high of $28.53. Returning to that high requires a 133.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to SNX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to SNX are FARM (93), RETH (159), ALPACA (95) and INV (95). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for SNX?
- sUSD repeg in ~6 weeks triggers 100% SNX buybacks, ETH mainnet CLOB launch
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.