The SNX token, native to the Synthetix decentralized finance protocol, has seen over 20% growth in the past week.
Synthetix developers confirmed last week the continuation of the agreement between the protocol's DAO (Decentralized Autonomous Organization) and Jump Crypto, the cryptocurrency division of global firm Jump Trading Group.
The news, which was posted on the DeFi protocol's official Twitter account last Thursday, has been boosting the price of SNX in the market.
Since Synthetix confirmed the renewed Synthetix DAO and Jump Crypto join forces, the price of its native token SNX is up 20,7%, surpassing $3,38 per unit at press time.
Although this has been the most notable news regarding Synthetix this week, the announcement of the new version of the protocol, Synthetix V3, has also been positively influencing the token price, which shows a daily gain this Monday of 2,59%, according to the cryptocurrency price platform CoinMarketCap.
Source: CoinMarketCap
The price of SNX saw its highest peak this week last Saturday, when it reached a value of almost $3,5 per token.
The trading volume carried out with this digital asset has also been on the rise, experiencing significant growth in recent days. Since last Monday, this value shows an increase of 132%, exceeding $127 million in daily trading volume.
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What is Synthetix (SNX)?
Synthetix is a platform in the decentralized finance (DeFi) ecosystem focused on the creation of synthetic assets, whose value is based on that of other financial assets. Popular assets within this platform include Ethereum, Bitcoin, and the dollar-pegged stablecoin Synthetix USD (sUSD).
So far this year, the developers of this protocol have reached several important milestones, creating new tools and products that make it easier for users to interact with synthetic assets.
The decentralized platform has launched new features, such as Cross Asset Swaps, which allow users to trade between different types of assets on a large scale and with little slippage within the protocol.
They have also implemented futures contracts on the platform through Synthetix Futures and created a new settlement mechanism, to ensure that the system is properly guaranteed, among other things.
Synthetix published a status report in the middle of this month, which includes all these important milestones, which have helped the protocol to gain greater utility.
Synthetix V3
On the other hand, Synthetix V3, which is expected to go live in the second half of the year, aims to redesign the entire DeFi protocol infrastructure from scratch to facilitate the development of new decentralized applications.
On Twitter, the developers commented that Synthetix V3 will transform the protocol into a permissionless derivatives platform.
The developers' vision with this new version of Synthetix is to enable users to create permissionless assets, solve liquidity problems in DeFi, and lead Synthetix to operate as a liquidity service for other protocols in the DeFi ecosystem.
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