Synthetix (SNX) up 35% ahead of new decentralized exchange launch. The native token of the Synthetix Network, SNX, has experienced a significant increase of over 35% in value within the past week. This cryptocurrency has been exhibiting strong bullish momentum, consistently demonstrating positive market performance over the past few weeks. The recent surge in SNX's price is attributed to the positive sentiment surrounding the Synthetix network, which recently announced its plan to release a new decentralized exchange (DEX).
Synthetix (SNX) up 35% ahead of new decentralized exchange launch. Synthetix Token Tallies 35% In One Week – Price Overview
On Thursday, the legal dispute between Ripple and the SEC came to a positive conclusion. US District Judge Annalisa Torres declared that the XRP token is non-security, providing a decisive victory for Ripple. Despite this news, the price of SNX, unlike other cryptocurrencies, only increased by 5%. However, on the following day, SNX experienced a surge of nearly 40%, reaching $3 before retracing back to $2.5. As of now, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. According to CoinGecko data, SNX ranks as the 47th-biggest cryptocurrency with a market cap of $903.4 million. Synthetix (SNX) up 35% ahead of new decentralized exchange launch.
The price of SNX has recently increased, which is thought to be due to the announcement of a new trading product for Synthetix. Kain Warwick, the founder of the protocol, revealed plans to introduce a new derivatives front-end called Infinex in a blog post on Friday.
What Is Infinex?
Infinex is a new front-end for derivatives in Synthetix's decentralized trading infrastructure. It is expected to enhance the already existing Kwenta, which is Synthetix's decentralized exchange for derivatives on Optimism.
According to Kain Warwick, Infinex will remove the obstacles that hinder the growth of Synthetix's decentralized trading ecosystem. Firstly, it will address the inconvenience of acquiring sUSD, Synthetix's stablecoin, to begin trading on Kwenta. Additionally, it will eliminate the need to sign every action on the current platform.
Infinex is intended to provide competition for centralized exchanges (CEXs) while removing any uncertainty surrounding decentralized perpetuals (Perps), according to Warwick.
The blog post also revealed that Infinex will cater to users familiar with CEX platforms, providing its trading services through a username and password. With this, users would be able to generate a public-private key pair, which will be locally stored in the browser.
It is important to note that this key pair is not intended for fund withdrawals. Instead, it will be used to sign trades on the upcoming decentralized exchange.
While the blog post did not disclose the exact launch date of Infinex, it indicated that the project's introduction should coincide with the release of Synthetix's Perps V3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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