Synthetix (SNX)
Unlock Schedule
Synthetix (SNX) Token Unlock & Vesting Schedule
As of October 26, 2026, 348.87 million SNX have been released. The schedule is ongoing, with no final release date. Over the next 12 months it releases 51.82 million SNX (all estimated) from Historical SNX inflation and staker rewards, worth about $10.17 million at today's price (8.90% of the market cap). Today's release is an estimated 152,406 SNX from Historical SNX inflation and staker rewards.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
How SNX’s role changed
SNX is an Ethereum token with a long history of staking and protocol incentives. In the original model, stakers locked SNX as collateral, minted sUSD, and managed a share of the system’s debt. Synthetix later ended its earlier ongoing token-inflation program and moved toward an economic model linked more closely to exchange activity. (docs.synthetix.io)
The change became more pronounced with SIP-423, a governance proposal created in 2026 to retire legacy sUSD and restructure the former 420 Pool staking system. Under the proposal, eligible sUSD holders receive a claim to newly minted SNX through a staged conversion process. The proposal also separates future SNX staking plans from the old requirement to hold sUSD and manage its peg. Synthetix’s token documentation describes the previous staking mechanisms as retired. (github.com)
SNX continues to serve as the project’s native participation token. Its documented roles include ecosystem initiatives, resolving certain former stakers’ debts, and the sUSD conversion process. Synthetix also describes SNX buybacks funded by trading fees as part of its token design, while new staking arrangements remain a subject for further development and governance. This makes SNX’s economic role closely connected to decisions about how the exchange uses its resources. (docs.synthetix.io)
Upcoming SNX Releases
| Period | Allocation | Type | Amount | Value |
|---|---|---|---|---|
| Oct 26 – 31, 2026 | Historical SNX inflation and staker rewards | Issuance, estimated | 914.4K | $179.5K |
| Nov 2026 | Historical SNX inflation and staker rewards | Issuance, estimated | 4.6M | $897.5K |
| Dec 2026 | Historical SNX inflation and staker rewards | Issuance, estimated | 4.7M | $927.4K |
| Jan 2027 | Historical SNX inflation and staker rewards | Issuance, estimated | 4.7M | $927.4K |
| Feb 2027 | Historical SNX inflation and staker rewards | Issuance, estimated | 4.3M | $837.7K |
| Mar 2027 | Historical SNX inflation and staker rewards | Issuance, estimated | 4.7M | $927.4K |
| Total, next 12 months | 51.8M | $10.2M | ||
Values at $0.196 per SNX (October 26, 2026), today's price, not a forecast. Releases continue after September 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.
Assumptions
Synthetix began with 100 million HAV, later renamed SNX; its sale, team and Foundation tokens had different release terms. SNX supply then grew through staker-reward inflation, acquisition funding and a large 2026 mint for retiring sUSD. Treasury-funded rewards and future sUSD-conversion claims involve tokens that already exist, not another mint. The dated chart can show the launch supply, an estimated historical inflation path and the 2026 mint, but missing mint records, recipient claims and changed reward arrangements leave substantial releases unquantified.
- Havven token-sale allocation: The sources give the amount but no release dates.
- Launch partnership incentives: Only secondary sources describe the timing, so it is not confirmed.
- Launch bounties and marketing incentives: Only secondary sources describe the timing, so it is not confirmed.
- Historical SNX inflation and staker rewards: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Historical SNX inflation and staker rewards: Releases depend on recipients claiming tokens or on grants being awarded.
- SNX authorized for Kwenta acquisition: The sources give the amount but no release dates.
- SNX authorized for Kwenta acquisition: Releases depend on recipients claiming tokens or on grants being awarded.
- SNX authorized for TLX acquisition: The sources give the amount but no release dates.
- SNX authorized for TLX acquisition: Releases depend on recipients claiming tokens or on grants being awarded.
- sUSD staking and debt-offset rewards: The original schedule was changed and the new timing is not yet published.
- 2025–26 SNX staking incentive pool: Releases depend on recipients claiming tokens or on grants being awarded.
- Legacy sUSD holders' SNX receipt claims: Releases depend on recipients claiming tokens or on grants being awarded.
- Debt-Jubilee participants' existing SNX: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Snaxpot grand-prize SNX: Releases depend on recipients claiming tokens or on grants being awarded.
- 1. https://blog.synthetix.io/token-sale-review/
- 2. https://blog.synthetix.io/understanding-the-havven-token-sale/
- 3. https://blog.synthetix.io/havven-faqs/
- 4. https://blog.synthetix.io/vote-for-havven-to-be-listed-on-binance/
- 5. https://blog.synthetix.io/the-havven-foundation/
- 6. https://blog.synthetix.io/core-contributor-escrow/
- 7. https://blockworks.com/token-transparency/filing/synthetix
- 8. https://sips.synthetix.io/sips/sip-23/
- 9. https://sips.synthetix.io/sips/sip-24/
- 10. https://sips.synthetix.io/sips/sip-202/
- 11. https://sips.synthetix.io/sips/sip-276/
- 12. https://sips.synthetix.io/sips/sip-2043/
- 13. https://blog.synthetix.io/the-end-of-synthetix-token-inflation/
- 14. https://sips.synthetix.io/sips/sip-411/
- 15. https://sips.synthetix.io/sips/sip-412/
- 16. https://blog.synthetix.io/synthetix-acquires-ecosystem-leading-leveraged-token-platform-tlx/
- 17. https://blog.synthetix.io/synthetix-quarterly-report-q4-2024/
- 18. https://sips.synthetix.io/sips/sip-420/
- 19. https://sips.synthetix.io/sips/sip-421/
- 20. https://blog.synthetix.io/snx-staking-is-here/
- 21. https://sips.synthetix.io/sips/sip-423/
- 22. https://blog.synthetix.io/introducing-snaxpot-weekly-rewards/
- 23. https://blog.synthetix.io/what-you-need-to-know-before-staking-snx-for-the-first-time/
- 24. https://etherscan.io/token/0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Hyperliquid · $3.2M open interest
 Binance (CEX) | 232K | 18K/22K |
 Bybit (CEX) | 98K | 9.8K/12K |
 MEXC (CEX) | 61K | 18K/24K |
MEXC (CEX) | 57K | 19K/22K |
Binance (CEX) | 50K | 3K/7.6K |
 Coinbase (CEX) | 42K | 18K/7.8K |
 OKX (CEX) | 36K | 4.7K/18K |
Binance (CEX) | 19K | 9.1K/7.2K |
 KuCoin (CEX) | 18K | 2.5K/9.3K |
 Bitget (CEX) | 10K | 4.6K/6.9K |
 Kraken (CEX) | 9.7K | 2.2K/7.8K |
 Gate.io (CEX) | 9.3K | 18K/18K |
 HTX (CEX) | 7.8K | 117/291 |
Kraken (CEX) | 6.8K | 29K/73K |
Coinbase (CEX) | 5.1K | 2.4K/1.4K |
Coinbase (CEX) | 2.2K | 4.7K/5.7K |
 Uniswap V3 (Optimism) | 1.1K | 664/662 |
Uniswap V2 (Ethereum) | 1K | 1.9K/1.9K |
OKX (CEX) | 322 | 11K/11K |
 Velodrome V2 (Optimism) | 167 | 96/96 |
KuCoin (CEX) | 96 | 404/576 |
OKX (CEX) | 60 | 2.8K/2.8K |
Uniswap V3 (Ethereum) | 6.6 | 300/299 |
Kraken (CEX) | 3.8 | 0/0 |
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Not yet scheduled: 66,000,000 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.
Estimated from the last observation onward: about 152,406 per day (4,638,868 per month), the rate between the observations of 6 March 2019 and 25 August 2022.
Not yet scheduled: 114,849,908.2 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.
Description
#252
Synthetix is a DeFi protocol that allows users to create and trade synthetic assets that track the price of real-world assets. It uses a native token called SNX to collateralize and govern the protocol, and a range of synthetic tokens called Synths to represent different assets.
| Sector: | Perpetuals |
| Blockchain: | Ethereum |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Hyperliquid · $3.2M open interest
Binance (CEX) | 232K | 18K/22K |
Bybit (CEX) | 98K | 9.8K/12K |
MEXC (CEX) | 61K | 18K/24K |
MEXC (CEX) | 57K | 19K/22K |
Binance (CEX) | 50K | 3K/7.6K |
Coinbase (CEX) | 42K | 18K/7.8K |
OKX (CEX) | 36K | 4.7K/18K |
Binance (CEX) | 19K | 9.1K/7.2K |
KuCoin (CEX) | 18K | 2.5K/9.3K |
Bitget (CEX) | 10K | 4.6K/6.9K |
Kraken (CEX) | 9.7K | 2.2K/7.8K |
Gate.io (CEX) | 9.3K | 18K/18K |
HTX (CEX) | 7.8K | 117/291 |
Kraken (CEX) | 6.8K | 29K/73K |
Coinbase (CEX) | 5.1K | 2.4K/1.4K |
Coinbase (CEX) | 2.2K | 4.7K/5.7K |
Uniswap V3 (Optimism) | 1.1K | 664/662 |
Uniswap V2 (Ethereum) | 1K | 1.9K/1.9K |
OKX (CEX) | 322 | 11K/11K |
Velodrome V2 (Optimism) | 167 | 96/96 |
KuCoin (CEX) | 96 | 404/576 |
OKX (CEX) | 60 | 2.8K/2.8K |
Uniswap V3 (Ethereum) | 6.6 | 300/299 |
Kraken (CEX) | 3.8 | 0/0 |