Synthetix Network’s native token, SNX, turned out to be the biggest winner of the day. The price of the Synthetix token has increased by as much as 100% in the last 24 hours. This sudden increase is caused by the increased daily network volume thanks to the new feature.

SNX 24-Hour Trading Volume Up 1200%

Synthetix, a provider of derivative liquidity protocols, mentioned in a series of threads that their “Atomic Swaps” feature is key. The platform has more than $200 million in daily volume. It added that swaps on 1inch and Curver financing protocols average about $100 million per day in volume.

According to CoinMarketCap, the 24-hour trading volume of the SNX token has skyrocketed by more than 1200% to $322 million. The Synthetix token is trading at an average price of $3.04 at press time. The recent jump in price has helped the token to fix its past shortfall due to the market crash. The price of SNX is up 50% in the last 7 days.

The SNX team worked closely with Curve Finance to create Curve pools for ssETH/ETH, sBTC/BTC and sUSD/2CRV. This helped the network deliver derivatives tokens. Meanwhile, the Synthetix nuclear exchange monitors the live price on Uniswap and then compares it with the Chainlink. This is done to ensure that the current price is not left behind. However, Synthetix added that integration with the 1inch has generated a lot of volume lately.

Celsius has 6.6 million Synthetix tokens

According to Coinglass, SNX’s annualized funding rate has crossed -200% during the price hike. This indicates that big shorts may be on the way. An expert warned the on-chain lenders such as the Aave protocol and suggested they pause borrowing or using SNX as collateral. It was mentioned that the Celsius network is holding out 6.6 million of the SNX tokens in his wallet. These tokens can be used to mint sUSD or borrow money in the near future.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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