SNX, the native token of the Synthetix Network, has been on the rise, gaining over 35% in the last week. The cryptocurrency continues to exhibit strong bullish momentum, having posted positive market performance over the past few weeks.
The recent SNX price increase has been linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to launch a new decentralized exchange (DEX).
Synthetix Token Hits 35% in a Week: Price Overview
The cryptocurrency market experienced a jolt of positivity after the long-running battle between payment and technology firm Ripple, the company behind XRP, and the United States Securities and Exchange Commission (SEC) come to a positive conclusion on Thursday. US District Judge Annalisa Torres issued a landmark ruling declaring the XRP token not a security, handing Ripple a decisive win.
Unlike other cryptocurrencies, however, the SNX price barely reacted to this news. The value of the token increased by only 5% after the announcement of the court decision.
SNX saw a rise of its own the next day. On Friday, July 14, the token price rallied almost 40%, touching the $3 level before pulling back to $2.5.
As of this writing, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. With a market capitalization of $903.4 million, SNX ranks as the 47th largest cryptocurrency. according to data from CoinGecko.
SNXUSD is trading at $2,738 | Source: TradingView SNXUSD chart
The recent increase in the price of SNX is believed to have been triggered by the announcement of a new Synthetix trade. product. In a blog post published on Friday, the protocol’s founder, Kain Warwick, revealed plans to introduce a new derivatives interface called Infinex.
What is Infinity?
Infinex is a new derivatives interface for the Synthetix decentralized trading infrastructure. The exchange is expected to be an improvement over the already existing Kwenta, Synthetix’s decentralized derivatives exchange on Optimism.
According to Kain Warwick, Infinex will remove impediments to the growth of Synthetix’s decentralized trading ecosystem. First, it will address the downside of acquiring sUSD, Synthetix’s stablecoin, to start trading on Kwenta. In addition, it will eliminate the need to sign each action on the current platform.
Warwick claims that the purpose of Infinex is to provide competition for centralized exchanges (CEXs) and remove any uncertainty surrounding decentralized perpetuals (Perps).
The blog post also revealed that Infinex will cater to users familiar with CEX platforms, providing their trading services through a username and password. With this, users will be able to generate a public/private key pair, which will be stored locally in the browser.
It is worth noting that this key pair is not designed for withdrawals. Instead, it would be used to sign trades on the next decentralized exchange.
While the blog post did not reveal the exact release date for Infinex, it did reveal that the project’s introduction should accompany the release of Synthetix’s Perps V3.
Related Reading: TrueUSD Stablecoin Will Be Fully Controlled By Asian Owner
Adobe Stock Featured Image, TradingView Chart
This post Synthetix (SNX) surged 35% in anticipation of a new decentralized exchange
was published first on https://www.newsbtc.com/snx/synthetix-snx-up-by-35-in-anticipation-of-new-decentralized-exchange/