Synthetix (SNX) prices reached a one-month high on Monday as traders looked for alternative upside bets against a mixed cryptocurrency market.
Bids for SNX/USD achieved an intraday high of $13.76 during the Asia-Pacific trading session, following an approximately 25% price rally that started Sunday. A flurry of technical and fundamental factors contributed to the sudden market demand for Synthetix tokens, including founder Kain Warwick’s update on the project’s much-awaited layer 2 solutions.
A new synthetic exchange underway
Layer 2 refers to the techniques for scaling blockchains by taking computation and transaction load from the parent layer and put them onto a base layer. Synthetix, an Ethereum-based synthetic asset platform, has been testing such scalability solutions since October 2020 to limit its dependency of Ethereum’s higher gas and transaction fees model.
Last Saturday, more than 12 hours before the SNX/USD rate started rallying, Warwick announced Synthetix would launch a layer 2 exchange in the week beginning July 26. He also revealed Optimistic Ethereum (OΞ) has the