SNX price rises on surging Synthetix volumes
SNX has risen as BTC, ETH, SOL and DOGE have all dropped during the same time
SNX the native token of Synthetix has enjoyed an 18% increase over the past 30 days, despite having a volatile month.
Synthetix is a decentralised finance (DeFi) platform, according to CoinMarketCap, that was launched in 2017 by Sydney-based founder Kain Warwick.
As its name suggests, Synthetix allows users to trade using synthetic assets, which are tokenised versions of assets ranging from cryptocurrencies to fiat currencies and commodities.
Underscoring the Synthetix protocol is the SNX token, an ERC-20-compliant cryptocurrency that is used for staking and governance.
Increased trading volume
At the same time, increased trading volume on the Synthetix protocol, has also resulted in the platform moving into fifth position on the league table on DeFi platforms in terms of fee revenue generation according to cryptofees.info.
On 21 June Synthetix had risen to third place. This prompted Warwick to ask the question via Twitter if Synthetix could overtake Ethereum (ETH) in fees, which currently holds first place on the table.
Within a couple of hours Warwick went from saying Synthetix would not be able to flip Ethereum to tweeting that it would.
Synthetix collaborates with Curve Finance
In March 2021, Synthetix partnered with stablecoin swapping protocol Curve Finance. This meant its protocol update SIP-120 could help Synthetix users to swap SNX tokens on a large scale and trade on Curve Finance through Synthetix’s interface.
SNX rises as BTC falls
When looking at the same period as SNX increased by 18%, ETH saw a drop of 47%, and the lead crypto Bitcoin (BTC) decreased by 32%.