Established synthetic-asset protocol with moderate durability, weak token accrual, and a still-failed regulatory gate
| Grade | Verdict | Score | Rank | Price | Market cap |
|---|---|---|---|---|---|
| F | Failed | Red | 42.8 / 100 | #46 of 203 | $0.1999 | $116.3M |
F | Failed means: Score below 40, or any single hard red flag. Do not own — the story is irrelevant.
Data as of Sep 15, 2026 — scores are re-evaluated daily and this snapshot refreshes on each site publish. The live app always shows current data.
Synthetix is a decentralised perpetual-futures protocol operating on Ethereum Mainnet. It uses off-chain order matching with on-chain settlement, seeking to combine faster trade execution with Ethereum-based custody, finality, and composability. Liquidity is supplied through Synthetix Liquidity Provider vaults and supported by staked SNX collateral. That collateral underwrites the issuance of the sUSD stablecoin and the solvency of the liquidity vault. SNX therefore has a staking and collateral role within the protocol, rather than being only a payment token. At a high level, the system combines synthetic-asset infrastructure, perpetual trading, hybrid execution, and collateral-backed liquidity. Its distinct design lies in linking a staked token to liquidity provision and synthetic exposure while using Ethereum for settlement. The supplied profile does not establish the current scale or economics of these functions.
The asset introduction is background information, not an assessment of current usage or evidence availability. The rating status shown above is separate from that introduction. Sign in to read the latest published assessment and its supporting research.
Every CryptoGrade rating comes from the same published, rules-based framework: six weighted dimensions produce a 0–100 composite score, hard disqualifying gates can force exclusion regardless of score, and fixed thresholds map the composite to a grade. Read the full methodology on the Framework page.
The full Synthetix verdict — the investment thesis, disqualifier gate checks, per-dimension scores with provenance, on-chain usage and developer-activity signals, and the complete score history — is free with a sign-in and identical for everyone.
CryptoGrade publishes transparent, rules-based crypto ratings — identical for every visitor. Educational research only; not financial advice. Crypto assets are volatile and you can lose your entire investment.