Hassan Maishera
On Saturday, the Synthetix team announced via X that Synthetix leverages Chainlink VRF V 2.5 for cryptographically secure and transparent onchain randomness for drawing Snaxpot tickets.
This ensures their rewards program, including their $500k top prize, is always provably fair & verifiable.
Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets.
Synthetix is a decentralized perpetual futures protocol built on Ethereum Mainnet. Synthetix Exchange uses a hybrid design — off-chain order matching on a high-performance CLOB with on-chain settlement — to deliver low latency, deep liquidity, and MEV-resistant execution while keeping custody and finality on Ethereum. Traders get CEX-like performance with on-chain security and composability.
Synthetix is powered by SNX stakers (who secure the protocol and govern it), SLP depositors (who supply capital to the SLP community market-making vault), and a broader community of builders. The protocol evolved from its early “synths” model (v2) to Perps and a modular v3 architecture that supports cross-margining and multiple collateral types, with the primary focus now back on Ethereum Mainnet.
SNX, the native token of Synthetix, is down 2.8% in the last 24 hours and is trading at $0.2910 at press time.
