Synthetix
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anchored·kN85JB…q4g1Summary
Synthetix is an Ethereum-based decentralized derivatives liquidity protocol originally launched in 2017 as Havven by Australian entrepreneur Kain Warwick, rebranding in 2018 to enable the creation of synthetic assets tracking real-world prices. The protocol reached a peak total value locked during the 2021 DeFi bull market and has been a pioneer in on-chain derivatives, but has faced recurring issues including a critical oracle exploit in 2019, persistent front-running vulnerabilities, a contentious DWF Labs market-maker arrangement, and a prolonged sUSD stablecoin depeg crisis beginning in 2025 triggered by the SIP-420 protocol overhaul.
Connected Entities
6 entities · 60 linked investigations- Synthetix→mentioned with→Chainlink(70%)
- Optimism→mentioned with→Ethereum(80%)
- Synthetix→mentioned with→Optimism(75%)
- Synthetix→mentioned with→Binance(70%)
- Synthetix→mentioned with→Ethereum(80%)
- Binance→mentioned with→Ethereum(65%)
- Chainlink→mentioned with→Ethereum(65%)
- Chainlink→mentioned with→Synthetix(60%)
- Cointelegraph→mentioned with→Ethereum(60%)
- Synthetix→mentioned with→Cointelegraph(60%)
1 submission awaiting moderator review.
Timeline(15 events)
28 February 2018
Havven ICO launched, raising $30 million USD — at the time Australia's largest ICO
ICO DropsNovember 2018
Havven rebrands to Synthetix and pivots from stablecoin to synthetic asset platform
Kraken Learn25 June 2019
sKRW oracle incident: a trading bot exploits a 1,000x price feed error, briefly accumulating over 37 million sETH; trades reversed after bot operator agrees to bug bounty
Synthetix Blog30 June 2020
Synthetix Foundation commences decommissioning at end of Australian financial year
Synthetix BlogJuly 2020
Synthetix transitions to three-DAO governance structure (protocolDAO, grantsDAO, synthetixDAO)
Decrypt14 March 2023
Alleged DWF Labs treasury token arrangement: on-chain data shows 5.3 million SNX transferred from Synthetix treasury to DWF Labs wallet, followed by rapid transfers to Binance
The BlockDecember 2023
SIP-2043 passes; SNX inflation ends and token supply transitions to deflationary model
Synthetix Blog24 January 2024
Synthetix V3 and Perps V3 deployed on Base, becoming the first major perpetuals protocol on that network
BusinessWireMay 2024
sUSD first major depeg to $0.89–$0.96 following SIP-2059 deprecation of non-sUSD spot synths and a large Curve pool withdrawal
The BlockOctober 2024
Referendum SR-2 passes; governance consolidated into a single seven-member Spartan Council
Messari18 April 2025
sUSD depeg reaches approximately $0.68 — a 31% deviation from peg — attributed to SIP-420 collateral ratio reduction and removal of individual staker peg-defense incentive
CoinTelegraph21 April 2025
Founder Kain Warwick publicly warns SNX stakers of coercive measures ('the stick') if the new sUSD 420 staking pool does not attract sufficient participation
CoinTelegraph15 May 2025
Synthetix publishes sUSD peg update; sUSD at approximately $0.93; treasury buybacks ongoing at up to $1 million USD per day
Synthetix BlogDecision Log
- slot 445505836 · hash CPYxVLVTGxkbLDK5MP7WaRdJTeNSYeJSfEUS92eXEFmU
- slot 426514922 · hash fxuFwS13AX1zXrx5QZhPX2fD1jH6iqndkhjWU97nMFa
- slot 426514917 · hash 6QNT5EV2jY1bjmJ4kMRUzVzbCo5QvGEcqMUXrmAxwvRp
- slot 425405865 · hash DaQSt98A3EYhqXJVzi4Yne4nEKz1VAfYWeRHxWDVKcQs
- slot 425405861 · hash 36o7sRXLKS3yrE7cnZxhBLNHcbXuSY9wdsQipYXxNSuk
- slot 423422763 · hash F2MTMX58DJcVRPiPa5qHExygVFYuuiKjGMZZB4pRVJrq
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 19 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 5:48:21 PM
last updated: 5/31/2026, 5:48:25 PM
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