SNX tokens can be purchased at top exchanges, such as: * [Binance](https://coinmarketcap.com/exchanges/binance/) * [OKEx](https://coinmarketcap.com/exchanges/okex/) * [Coinbase Pro](https://coinmarketcap.com/exchanges/coinbase-pro/) * [Uniswap (V2)](https://coinmarketcap.com/exchanges/uniswap-v2/) If you are interested in learning more about how to buy Bitcoin, read CoinMarketCap’s full guide [here](https://coinmarketcap.com/how-to-buy-bitcoin/).

The SNX token is compatible with Ethereum’s [ERC20](https://coinmarketcap.com/alexandria/glossary/erc-20) standard. The Synthetix network is secured through proof-of-stake ([PoS](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake)) consensus. Synthetix holders [stake](https://coinmarketcap.com/alexandria/article/what-is-staking) their SNX and earn returns from the network fees. Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards.

The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021. At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation.

Synthetix is a decentralized exchange ([DEX](https://coinmarketcap.com/alexandria/article/what-are-decentralized-exchanges-dex)) and a platform for synthetic assets. The protocol is designed in a way that exposes users to the underlying assets via synths, without having to hold the underlying asset. The platform allows users to autonomously trade and exchange synths. It also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange. The platform tracks the underlying assets using smart contract price delivery protocols called oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues. It also eliminates the need for [third-party](https://coinmarketcap.com/alexandria/article/what-is-a-dao) facilitators. SNX tokens are used as collateral for the synthetic assets that are minted. This means that whenever synths are issued, SNX tokens are locked up in a smart contract. Since launch, the protocol has transitioned to the Optimistic Ethereum mainnet to help reduce the gas fees on the network and lower oracle latency.

The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix. Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia. Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu. Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems. Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.

Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes. Its deep liquidity and low fees serve as a backend for many exciting protocols on both [Optimism](https://coinmarketcap.com/currencies/optimism-ethereum/) and [Ethereum](https://coinmarketcap.com/currencies/ethereum/). Many user-facing protocols in the Synthetix ecosystem, such as [Kwenta](https://coinmarketcap.com/currencies/kwenta/) (Spot and Futures), [Lyra](https://coinmarketcap.com/currencies/lyra-finance/) (Options), Polynomial (Automated Options), and [1inch](https://coinmarketcap.com/currencies/1inch/) & [Curve](https://coinmarketcap.com/currencies/curve-dao-token/) (Atomic Swaps), tap into Synthetix liquidity to power their protocols. Synthetix is built on Optimism and Ethereum mainnet. The Synthetix Network is collateralized by SNX, ETH, and [LUSD](https://coinmarketcap.com/currencies/liquity-usd/), enabling the issuance of synthetic assets (Synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset. This pooled collateral enables an array of on-chain, composable financial instruments backed by liquidity from Synthetix. Some of the most exciting upcoming releases from SNX are Perps V2, which hopes to enable low-fee on-chain futures trading through the usage of off-chain oracles, and Synthetix V3, which aims to rebuild the protocol to achieve its earliest goal, being a fully permissionless derivatives protocol. Learn more about Synthetix on their blog or by joining the SNX Discord. The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.