Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing

2023-11-23 06:00

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend of 60%, while its year-to-date performance shows an impressive price increase of over 108%. 

These notable achievements indicate the potential for continued bullish momentum for the decentralized protocol and its native token.

Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges

Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed a highly optimistic outlook on SNX, hailing it as the ultimate “picks & shovels play” in anticipation of the forthcoming bull market. 

Pahor highlights Synthetix’s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies.

While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth in the coming years, according to Pahor.

Notably, a key driver of Synthetix’s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure. 

SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality.

With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category. The protocol’s treasury holds a healthy $145.96 million, including stablecoins, BTC/ETH, and its token SNX.

SNX Bulls Poised For Breakout Opportunity

Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development.

It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading. 

According to Pahor’s analysis, with a “strong ecosystem” of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category.

Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst for the protocol. Additionally, the protocol’s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading.

Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum follows a 31% gain over the last fourteen days. 

In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022.

On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month.

Featured image from Shutterstock, chart from TradingView.com 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Synthetix Network Token (SNX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $2.0842
Капитализация $0 Rank 99999
Доступно / Всего 0 SNX

snx synthetix uptrend days past experienced substantial

snx synthetix → Результатов: 126


Фото:

Соперничество DeFi разгорается: LEND, SNX и MKR меняются местами

Молодые протоколы децентрализованного финансирования Aave и Synthetix обогнали устоявшегося лидера MakerDAO по рыночной капитализации, поскольку сектор DeFi продолжает стремительно расти.

2020-7-21 19:11


Фото:

Synthetix (SNX) Launches Decentralized Asset Management Protocol on Ethereum Ropsten Testnet

Synthetix (SNX), a derivatives liquidity protocol that facilitates the issuance and trading of synthetic assets, has announced the launch of dHedge, a decentralized asset management protocol. The team says dHedge will offer users non-custodial mimetic trading for assets on the Synthetix network, according to a blog post on July 20, 2020.

2020-7-20 15:07


Фото:

DeFi Platform Synthetix to Launch Ethereum-Powered Derivatives Trading

Synthetix (SNX), a crypto-backed non-custodial exchange and synthetic asset platform that provides users exposure to a vast array of financial instruments, has announced that its putting preparations in top gear to roll out more products on its platform including binary options, exchange-traded funds (ETFs) and more starting from Q1, 2020, according to a blog postRead MoreRead More.

2020-3-10 22:00


Фото:

Самые эффективные альткоины 2019 года

С начала года цена первой криптовалюты выросла приблизительно на 90%, но некоторые цифровые активы подорожали значительно больше или на сравнимые цифры, пишет Cointelegraph. Список самых эффективных инвестиций возглавил сетевой токен Synthetix (SNX) — цена монеты увеличилась с 0,037 в январе до $1,27 на данный момент.

2019-12-27 17:46


Самые эффективные альткоины 2019 года

С начала года цена первой криптовалюты выросла приблизительно на 90%, но некоторые цифровые активы подорожали значительно больше или на сравнимые цифры, пишет Cointelegraph. Список самых эффективных инвестиций возглавил сетевой токен Synthetix (SNX) — цена монеты увеличилась с 0,037 в январе до $1,27 на данный момент.

2019-12-26 16:22


Биткоин отдыхает — эксперты назвали самые выгодные альткоины года

С начала года цена первой криптовалюты выросла приблизительно на 90%, но некоторые цифровые активы подорожали значительно больше или на сравнимые цифры, пишет Cointelegraph. Список самых эффективных инвестиций возглавил сетевой токен Synthetix (SNX) — цена монеты увеличилась с 0,037 в январе до $1,27 на данный момент.

2019-12-26 11:00


Фото:

Searching for Synthetix: Which Token Will Be Next Year’s 50x Winner?

If you bought synthetix (SNX) this time last year, you don’t need to read these words. You’re already rich after your moon bag lived up to its billing and pulled a 50x. Despite the era of undiscovered gems tapering off in 2018, there’s still a handful of tokens that achieve the impossible each year, making […] The post Searching for Synthetix: Which Token Will Be Next Year’s 50x Winner? appeared first on Bitcoin News.

2019-12-14 21:55