Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

governance

github

twitter

discord

etherscan

website

Derivative exchanges

Synthetix

# Synthetix Outstanding supply Methodology

## 1. Overview

The Synthetix outstanding supply metric measures the total circulating supply of sUSD (Synthetix USD) stablecoin tokens at any given time. This metric answers the business question "How many sUSD tokens are currently in circulation?" and provides insight into the scale and adoption of Synthetix's synthetic stablecoin. The calculation extracts total supply values directly from Synthetix protocol smart contract state data, aggregates daily readings, and converts to USD for standardized reporting.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Synthetix protocol state data**: Smart contract state snapshots from the Synthetix protocol containing total supply information for sUSD tokens, stored as JSON-encoded values in blockchain state records
- **End-of-day token price feeds**: External price data used for USD conversion of token amounts
- **Token metadata**: Contract address information and decimal precision specifications for proper token amount normalization
- **Blockchain state records**: Ethereum blockchain state data capturing real-time supply values from Synthetix smart contracts

## 3. Step-by-step calculation

### Component A: Raw supply data extraction
- **Purpose**: Extracts and normalizes total supply values from Synthetix protocol state data
- **Logic**: The system reads total supply values from Synthetix protocol state snapshots, where supply data is stored as JSON-encoded values. Each record contains a timestamp, blockchain identifier, token contract address, and the total supply amount. The JSON-encoded `total_supply` field is parsed and converted to a numeric value, then normalized by dividing by 10^18 to convert from wei units (18-decimal precision) to standard token units. This handles the standard Ethereum token decimal convention used by sUSD.
- **Key fields**: `timestamp` for temporal tracking, `chain` for blockchain identification, `token_address` for contract identification, and `total_supply` containing the JSON-encoded supply amount

### Component B: Daily aggregation and gap filling
- **Purpose**: Produces consistent daily time series data from potentially irregular state snapshots
- **Logic**: Multiple supply readings may exist for the same day due to state updates throughout the day. The system groups all readings by date, blockchain, and token address, then calculates the average supply value for each day to produce a single representative value. After aggregation, fill-forward logic is applied to ensure a continuous daily time series with no missing dates. When a day has no recorded supply data, the system carries forward the most recent available value to maintain temporal continuity.
- **Key fields**: `timestamp` aggregated to daily grain, `chain_id` and `token_address` as grouping dimensions, and `outstanding_supply` as the averaged daily value

### Component C: Business categorization and metadata enrichment
- **Purpose**: Applies business classification and protocol-specific metadata to the supply data
- **Logic**: The system applies hardcoded business categorization specifically for Synthetix sUSD, classifying it under the 'stablecoin_issuers' market sector and 'stablecoin_issuer' business segment. The product is identified as 'susd' to distinguish it from other synthetic assets in the Synthetix ecosystem. This categorization enables proper grouping and analysis within Token Terminal's broader DeFi metrics framework.
- **Key fields**: `market_sector_id` set to 'stablecoin_issuers', `business_segment_id` set to 'stablecoin_issuer', and `product_id` set to 'susd'

### Final aggregation
- **Combining components**: The daily aggregated supply data is combined with business metadata and prepared for USD conversion
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with decimal precision preserved during the conversion process
- **Time aggregation**: Data maintains daily granularity with fill-forward logic ensuring no gaps in the time series
- **Final calculation**: The outstanding supply represents the total circulating sUSD tokens in standard token units (not wei), converted to USD value using end-of-day exchange rates, providing both token count and USD-denominated supply metrics

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

SynthetixSNX

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown