SNX Ecosystem Performance Analysis in January
Overview
Based on the latest data analysis, the SNX ecosystem did experience a significant pullback between October 31st and November 30th, 2025, but the main tokens did not fall by more than 98% within a month . The actual monthly decline was far lower than this level; the 98% figure likely refers to the long-term decline relative to historical highs.
Core Analysis
Major Token Performance
| Tokens | October 31st price | November 30th Price | Monthly decline | Market capitalization changes |
|---|---|---|---|---|
| SNX | $1.00 | $0.547 | -45.4% | $343.7M → $187.8M |
| sUSD | ~$0.96 | $0.956 | -2.9% | $41.5M |
| sETH | ~$3,144 | $2,852 | -9.3% | $33.2M |
| KWENTA | $16.09 | $9.69 | -39.8% | Ecosystem Tokens |
| sEUR | $0.51 | $0.56 | +9.7% | $560K |
On-chain activity has shrunk dramatically.
TVL Changes : The agreed TVL plummeted from $127 million to $69.93 million, a decrease of 45% .
Fees and revenue : Only $835 in fees were generated throughout the month, averaging $27.8 per day, far below historical levels.
User activity : Zero active address records on the Ethereum chain, and no transaction activity on the Optimism and Base chains.
The use of synthetic assets is shrinking.
- sUSD minting : $62,315
- sUSD burned : $334,295
- Net burn : $271,980, indicating a large-scale exit of synthetic assets by users.
Ecological event analysis
Key Time Nodes
- October 13 : SNX surged 120% to $2.30 due to hype surrounding its listing on the Perp DEX. (Coindesk)
- October 29 : Coinbase delisted the SNX/BTC trading pair, while OKX added the SNX/USDC trading pair.
- November 20 : The first season of the Mainnet Trading Competition concluded, with a trading volume of $2.5 billion and a prize pool of $1 million. (blog.synthetix )
- November 18 : Announced that the second season of the trading competition will begin on December 1. (blog.synthetix )
Market factors
- Post-competition sell-off : A phenomenon of "selling on rallies" emerged after the trading competition concluded.
- DeFi Sector Adjustment : The Overall DeFi Sector Faces Volatility Pressure
- Technical breakdown : SNX breaks below key moving average support.
Community sentiment analysis
98% of the claims are from
The 98% drop claim circulating on social media primarily refers to the long-term decline relative to the all-time high of $28.53 in February 2021 , rather than recent monthly performance. (x.com)
Community Response
- There are voices questioning the ecological leadership.
- Positive narratives such as trading competitions failed to offset the impact of falling prices.
- Concerns about the decoupling of sUSD (which fell to $0.68 in April) continue to impact confidence.
in conclusion
The SNX ecosystem did indeed undergo significant adjustments between October 31st and November 30th, 2025:
- SNX, the main currency, fell 45.4% , contrary to rumors of a 98% monthly decline.
- TVL plummeted 45% , and on-chain activity approached zero.
- Fee revenue falls to historic low
- Net redemptions of synthetic assets exceeded $270,000.
This reflects a rational return from the hype peak and the overall cooling of DeFi, but not a complete collapse of the ecosystem. 98% of the claims are more likely a description of the long-term performance relative to historical highs.