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SNX, the native token of the Synthetix network, is surging with gains of over 35% over the past week. The cryptocurrency continues to exhibit strong bullish momentum, registering positive market performance over the past few weeks.
The recent price increase of SNX is tied to the positive sentiment surrounding the Synthetix Network. A few days ago, the protocol announced its plans to launch a new Decentralized Exchange (DEX).
Synthetix Token surges 35% in one week – Price Overview
The cryptocurrency market received a jolt of positivity following a long-running battle between payments and technology firm Ripple – the company behind XRP – and the United States Securities and Exchange Commission (SEC). positive conclusion on Thursday. US District Judge Analisa Torres has handed down a landmark ruling, declaring the XRP token a non-security, giving Ripple a decisive victory.
However, unlike other cryptocurrencies, the price of SNX barely reacted to this news. After the announcement of the court’s decision, the value of the token increased by only 5%.
SNX experienced a boom of its own the next day. On Friday, July 14, the token’s price increased by almost 40%, touching the $3 level before recovering back to $2.5.
At the time of this writing, the Synthetix token is priced at $2.82, an 8% increase in price over the past 24 hours. With a market cap of $903.4 million, SNX ranks as the 47th largest cryptocurrency, According to coingeco data,
SNXUSD trading at $2.738 | Source: SNXUSD chart from TradingView
The recent increase in the price of SNX is believed to be due to the announcement of a new Synthetix trading product. one in blog post In Friday’s release, Ken Warwick, the protocol’s founder, unveiled plans to introduce a new derivatives front-end called Infinex.
What is Infinex?
Infinex is a new derivatives front-end for Synthetix’s decentralized trading infrastructure. The exchange is expected to improve upon the already existing Quanta, Synthetix’s derivatives decentralized exchange on Optimism.
According to Ken Warwick, Infinex will remove barriers to the development of Synthetix’s decentralized trading ecosystem. First, it will solve the inconvenience of getting SUSD, Synthetix’s stablecoin, to start trading on Quanta. Also, it will eliminate the need to sign every action on the existing platform.
Warwick claims that Infinex aims to provide competition to centralized exchanges (CEXs) while removing any uncertainty around decentralized perpetuities (PERPS).
The blogpost also revealed that Infinex will provide its trading services to users familiar with the CEX platform 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 fund withdrawal. Instead, it will be used to sign trades on the upcoming decentralized exchange.
While the blogpost did not reveal Infinex’s exact launch date, it did reveal that the project should begin with the release of Synthetix’s Purpose V3.
Related Reading: Stablecoin TrueUSD Will Be Fully Controlled By Asian Owner
Featured image from Adobe Stock, chart from TradingView
