Synthetix (SNX)
Unlock Schedule
Synthetix (SNX) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Synthetix (SNX) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence SNX price performance.
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
Synthetix tokenomics at a glance
The “Synthetix tokenomics” model has shifted meaningfully since launch. In December 2023, SIP‑2043 ended SNX inflation, moving rewards away from new token issuance. Instead, Synthetix now emphasizes fee‑based incentives: protocol fees fund staking rewards and, on certain deployments, ongoing SNX buyback‑and‑burn. This transition aligns long‑term value with usage rather than emissions. (sips.synthetix.io)
Under the Andromeda plan, a share of protocol fees is allocated to purchase SNX on the open market and burn it, while stakers receive the other portion as fee rewards. Combined with zero inflation, this can make the system net deflationary when activity is strong. An additional change is a formal 20% base fee share for Perps V3 integrators on Base, encouraging high‑quality front‑ends to attract more traders and deepen liquidity. (blog.synthetix.io)
Utility of the SNX token
- Collateral and liquidity: In V2, SNX primarily collateralized sUSD. In V3, SNX remains a strategic collateral, while the core system supports multiple assets and routes credit from pools to markets. This makes SNX part of a broader collateral mix backing Synthetix markets. (docs.synthetix.io)
- Governance: SNX staking provides voting power in Spartan Council elections and on key proposals. (docs.synthetix.io)
- Value alignment: With inflation off and buyback‑and‑burn in play, protocol activity can translate more directly into value for long‑term holders, rather than relying on emissions. Many participants track SNX price over time, but the drivers increasingly center on fees and market adoption. (sips.synthetix.io)
sUSD and the 2025 peg episode
In early–mid 2025, sUSD experienced a notable depeg during the transition to a new pooled‑debt staking model (SIP‑420). The change lowered collateralization requirements and shifted debt management to a “420 Pool,” which contributed to an oversupply of sUSD relative to demand. The community responded with targeted incentive programs, including dedicated sUSD staking rewards and Infinex deposit campaigns, to absorb supply and stabilize the system. (coinspectator.com)
Assumptions
- Investor sub-allocations within the 60M sale are reconstructed from official sale structure but require approximations for exact token splits.
EOI vs main sale dollars and discount tiers are known; exact per-tier purchasing power and token allotments by tranche were not fully published. We proportioned totals using documented amounts (EOI $26m, token sale $4m, seed $0.5m), applied equal-average purchase assumption for token sale escrow mix, and used official no-lock and EOI-escrow rules. We ensured sums exactly equal 60,000,000 SNX.
- Quarterly vesting events (EOI and token sale escrows) are modeled as cliff unlocks on 2018-06-13, 2018-09-13, 2018-12-13, 2019-03-13, etc.
Official posts specify quarterly vesting cadence and first vesting date; monthly series can be interpolated by the client if needed.
- Team and Foundation vesting modeled as monthly linear across two years.
Official sources specify 2-year escrow with quarterly vesting. We model monthly linear for charting simplicity while noting quarterly cadence in notes.
- Inflationary issuance total equals current Etherscan max total supply minus 100M genesis supply.
SNX was genesis 100M; all supply above 100M was minted via inflationary policy from 2019-03-06 until SIP-2043 set inflation to 0 in Dec 2023. Etherscan ‘Max Total Supply’ provides authoritative current figure.
- Inflation unlock window shifted by ~12 months to reflect escrow before transferability.
Inflationary rewards were escrowed for ~1 year; exact weekly/monthly unlock profile is complex after SCCP adjustments. We convert to a single linear monthly schedule from 2020-03-13 to 2024-12-13 to approximate circulation entry.
- Treasury-funded programs (e.g., 2025 Simple SNX Staking 5M SNX, sUSD staking) are not modeled as new issuance.
These distributions are funded from treasury-held SNX (already part of unlocked supply from genesis/treasury allocations) and do not mint additional SNX. They are downstream transfers, not supply creation; included implicitly within treasury allocations.
- 1. https://blog.synthetix.io/token-sale-review/
- 2. https://blog.synthetix.io/havven-token-sale-details/
- 3. https://blog.synthetix.io/escrowed-havvens-update/
- 4. https://blog.synthetix.io/the-havven-foundation/
- 5. https://blog.synthetix.io/core-contributor-escrow/
- 6. https://blog.synthetix.io/announcing-the-nusd-airdrop-campaign/
- 7. https://blog.synthetix.io/airdrop-announcement/
- 8. https://blog.synthetix.io/synthetix-monetary-policy-changes/
- 9. https://sips.synthetix.io/sips/sip-23/
- 10. https://sips.synthetix.io/sips/sip-2043/
- 11. https://sips.synthetix.io/sccp/sccp-196
- 12. https://sips.synthetix.io/sccp/sccp-294/
- 13. https://developer.synthetix.io/contracts/source/contracts/SupplySchedule/
- 14. https://etherscan.io/token/0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f?a=0x3ba9ea0ffeff9efdd7cb7eafb3ac6788a21b5aa7
Allocations
Description
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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 |