The Synthetix team has been heads down for the past 9 months building out the ultimate trading venue for perpetual futures on Ethereum Mainnet. Now it’s time to add another layer to the trading experience on Synthetix and give back to traders who show up on our platform.
Aside from being a feature-rich perps venue, with spectacular UI and ever-expanding liquidity, Snaxpot is our most recent vector for encouraging and rewarding traders for their activity on Synthetix.
Designed to be a sustainable and long-term program that rewards traders, Snaxpot will be one of many campaigns that take place in the coming months to enshrine Synthetix as a premier perp trading venue, not just on Ethereum Mainnet but throughout the entire crypto ecosystem.
The winning ticket number that triggers the Snaxpot will win a grand prize of $500,000, consisting of $150,000 USDT and 1 million SNX.
Snaxpot Explained
Snaxpot is a weekly rewards program that gives back to traders on Synthetix Perps.
Snaxpot TLDR:
- Every $2 in fees earns 1 Snaxpot ticket.
- Traders can manually select or auto-assign a series of numbers between 1 & 32 for each of the standard balls and a number between 1 & 13 for the ‘Snax Ball.’
- Winning numbers are drawn at the end of each week using Chainlink’s VRF, a provably fair randomness generator on Ethereum Mainnet.
- Non-jackpot USDT prizes will be auto-distributed to every Synthetix Perp’s account with winning ticket numbers.
- Snaxpot tickets reset at the start of every week, and new tickets are distributed based on the new week’s fees paid.
- The jackpot will grow incrementally until someone wins it, and the pot is always visible on-chain.
Snaxpot Prizes
Snaxpot prizes are drawn based on the distribution of regular balls and an additional Snax Ball.
Winning the Snaxpot (5 Balls + 1 Snax Ball) will pay out a $500,000 total prize consisting of $150,000 in USDT and 1 million SNX.
See below for the breakdown:
How to Play Snaxpot
- Execute trades and pay fees on Synthetix Perps. Snaxpot tickets will automatically accrue in your account.
- Head to the Snaxpot tab in Synthetix Perps to view all of your pending tickets.
- Choose from three options to select your numbers for the weekly draw:
- Auto-assign
- Choose Snax Ball
- Choose All Numbers
- Once you have selected and confirmed your numbers, tickets will be entered into the draw. Any unassigned tickets at the end of each weekly Snaxpot draw will be automatically assigned. You will not miss out on Snaxpot if you do not manually submit all tickets.
- Fees stop accruing as Snaxpot tickets for each weekly draw on Sunday, 18:00 UTC. The next Snaxpot draw begins one minute later on Sunday, 18:01 UTC.
- Winning numbers are drawn at the end of each week on Sunday at 20:00 UTC.
- 24 hours after the draw settles, winners can claim their USDT for their winning tickets from an on-chain claims contract. Any prizes left unclaimed after 90 days are swept back into the jackpot vault.
See below for the exact timing of how Snaxpot tickets are earned and when winning numbers are drawn.
The Snaxpot Draw
Each Snaxpot weekly draw will run Monday to Sunday (UTC):
- Sunday 18:01 (UTC): New draw opens.
- Sunday 18:01 (UTC) to Sunday 18:00 (UTC): Trade to earn tickets. Set your Snax ball if you want.
- Sunday 18:00 (UTC): Weekly ticket issuance closes.
- Sunday 18:01 (UTC): New draw opens. Any tickets earned will be for the following draw 7 days later.
- Sunday ~19:00 (UTC): Merkle root of all tickets for this week’s draw is published on-chain.
- Sunday 20:00 (UTC): Draw happens. Winning numbers are published on-chain.
Verifiability
The draw uses Chainlink VRF v2 on Ethereum mainnet: a cryptographic system that proves the random numbers were generated fairly and weren’t tampered with. Both the ticket-number assignment and the winning-number draw use independent VRF calls, and both proofs are generated on-chain for anyone to verify.
- Provably fair: Chainlink VRF ensures randomness cannot be manipulated. Both proofs are on-chain.
- Fully auditable: Every ticket, every draw, every claim is on-chain and independently verifiable.
- Transparent jackpot: The vault’s USDT balance is the pot – check it on Etherscan Mainnet.
- Low sybill vectors: Tickets originate only from paying real trading fees.
Stake SNX for a Ticket Multiplier (Coming Soon)
SNX is the backbone of the Synthetix ecosystem. We believe that Synthetix bulls should be rewarded for staking their SNX, and as a result, there will be a tiered multiplier system that will grant an increased number of tickets depending on the amount of SNX staked in a trader’s account.
Here’s how staking SNX will increase your ticket earnings:
Stay Up To Date With Synthetix
Snaxpot is one of many mechanisms coming to Synthetix that will expand our user base and drive volume and revenue.
Take a peek at our 2026 Roadmap to see what else is in store for Synthetix for the remainder of this year.
Join us as we unleash the power of perps on Ethereum Mainnet.
