How to Buy Synthetix (SNX) in 2025
In 2025, Synthetix (SNX) remains a key player in the decentralized finance (DeFi) sector, enabling users to trade synthetic assets on the blockchain. For investors interested in the future of decentralized derivatives, buying SNX is an important step. This guide will cover what Synthetix is, how it operates, and the best wallets for purchasing and holding SNX securely.
What is Synthetix (SNX)?
Synthetix (SNX) is the native token of the Synthetix protocol, a decentralized platform designed to issue and trade synthetic assets. These synthetic assets, or “synths,” represent the value of real-world assets like stocks, commodities, fiat currencies, and cryptocurrencies.
Launched in 2018 under the name Havven, the project later rebranded to Synthetix to emphasize its focus on synthetic assets. SNX quickly gained popularity due to its innovative approach to asset trading and its role in expanding the DeFi ecosystem. By 2025, it is regarded as one of the top DeFi tokens, attracting traders and investors seeking exposure to traditional assets within the crypto space.
How Does Synthetix (SNX) Work?
Synthetix operates on the Ethereum blockchain and allows users to mint synthetic assets (synths) by staking SNX tokens as collateral. These synths track the value of real-world assets and enable users to gain exposure without holding the actual asset.
For instance, users can create sUSD (a synthetic USD) or sBTC (a synthetic Bitcoin) by locking up SNX tokens. The platform relies on a system of over-collateralization to ensure stability and prevent under-collateralization risks. If the value of SNX falls, stakers may need to increase their collateral to maintain their positions.
Synthetix uses Chainlink oracles to provide accurate price data, ensuring synths track their underlying assets precisely. The platform also supports trading between synths without needing traditional order books, offering deep liquidity and minimizing slippage.
Top 10 Best Crypto Wallets to Buy Synthetix (SNX) in 2025 - Comparison
1. Walletverse
Walletverse is a modern mobile wallet that caters to both new and experienced crypto users. Supporting over 600 cryptocurrencies, including SNX, it allows users to buy, store, and manage their assets securely.
- Features: Self-custody, Web3 compatibility, staking support, dApp integration, robust security measures.
Pros:
- Multi-currency support,
- biometric authentication,
- multi-account access,
- integrated fiat on-ramp (Apple Pay, Google Pay, credit/debit cards).
Cons:
- Currently only available on mobile devices.
2. Trust Wallet
Trust Wallet is a widely-used mobile wallet supporting SNX and other DeFi tokens. It offers built-in access to decentralized exchanges (DEXs) and dApps.
Pros:
- User-friendly,
- multi-asset support,
- DeFi-focused.
Cons:
- Limited customer support.
3. Ledger Nano X
Ledger Nano X is a hardware wallet designed for offline storage of SNX and other tokens. It is ideal for long-term investors prioritizing security.
Pros:
- Cold storage,
- Bluetooth-enabled,
- secure.
Cons:
- Higher cost,
- less convenient for frequent transactions.
4. MetaMask
MetaMask is a browser extension and mobile wallet popular among DeFi users. It supports SNX and provides easy access to Synthetix and other dApps.
Pros:
- Web3 integration,
- customizable,
- widely adopted.
Cons:
- Requires knowledge of gas fees and custom networks.
5. Exodus
Exodus is a multi-platform wallet known for its sleek design and support for SNX. It includes a built-in exchange for token swaps.
Pros:
- Easy-to-use,
- desktop and mobile versions.
Cons:
- Lacks advanced security features like two-factor authentication.
6. Atomic Wallet
Atomic Wallet is a non-custodial wallet that supports SNX and hundreds of other tokens. It offers staking and built-in exchange functionality.
Pros:
- Multi-currency,
- staking,
- private key control.
Cons:
- Some users report occasional performance issues.
7. Guarda Wallet
Guarda Wallet is a flexible wallet available on mobile, desktop, and web platforms. It supports SNX and offers staking and exchange services.
Pros:
- Multi-platform,
- staking,
- non-custodial.
Cons:
- Higher fees on in-app swaps.
8. Trezor Model T
Trezor Model T is a high-end hardware wallet providing offline security for SNX and other assets. It is suitable for long-term holders.
Pros:
- Touchscreen,
- open-source firmware.
Cons:
- Expensive.
9. Coinomi
Coinomi is a multi-asset wallet with a strong emphasis on privacy. It supports SNX and various other cryptocurrencies.
Pros:
- Privacy-oriented,
- multi-platform.
Cons:
- Outdated interface.
10. SafePal
SafePal offers both mobile and hardware wallets. It supports SNX and is designed for users seeking a balance between security and convenience.
Pros:
- Secure QR-code transactions,
- Binance-backed.
Cons:
- Limited support for some niche assets.
What is the Use of SNX Token?
The SNX token has several functions within the Synthetix ecosystem:
- Collateral: SNX is staked to mint synthetic assets.
- Rewards: Stakers earn staking rewards and a portion of trading fees generated on the platform.
- Governance: SNX holders influence protocol upgrades and future developments.
- Liquidity: SNX stakers provide liquidity for synth trades, ensuring seamless asset swaps.
Buying Synthetix (SNX) in 2025 is a strategic choice for those interested in DeFi and synthetic assets. Platforms like Walletverse simplify the process, offering secure storage and easy fiat-to-crypto purchases. As Synthetix continues to innovate, SNX remains a valuable token in the expanding DeFi ecosystem.
FAQ
Most frequent questions and answers
SNX is used as collateral to mint synthetic assets, earn staking rewards, and participate in protocol governance.
SNX is available on major exchanges like Binance, Coinbase, and wallets like Walletverse.
SNX is considered a promising investment due to its role in the growing DeFi sector, though investors should assess market conditions before investing.