Since the beginning of May, Synthetix (SNX) has been on several traders’ watchlists as the Decentralised Finance (DeFi) protocol seems to be piqueing investors’ attention. The price of Synthetix’s native token has been rising slowly and steadily, and it is now trading at $2.45, up 3.19% in the last day.
Data from CoinMarketCap shows that Synthetix is now among the top 100 tokens by market capitalization with the largest increases made in the last week. Compared to the 2.04% decline in the price of Bitcoin (BTC), SNX is up 15% in this period.
To act as a decentralised liquidity provisioning mechanism that any DeFi organisation or platform in general may tap into for a variety of purposes, Synthetix was developed. A large number of innovative protocols on both Optimism and Ethereum use Synthetix’s vast liquidity and low costs, which contribute to its expanding significance.
As can be seen, the Ethereum network is now experiencing strong emotion, which has an indirect effect on Synthetix.
Synthetix DeFi outlook
All parts of the Synthetix protocol’s activities are expanding incredibly. The protocol recently celebrated more over $200 million in daily trade volume, as previously reported by U.Today. This significant achievement demonstrated the increased interest among crypto and DeFi fans in the liquidity hub.
Synthetix’s Total Value Locked (TVL) increased by more than 3.5% over the previous day and by more than 18% over the previous seven days, according to statistics from DeFiLlama.
The Synthetix protocol has more than $428 million in assets locked up as of right now, demonstrating its importance in gaining traction as other protocols look at ways to fuel the expansion and evolution of the DeFi area.
