Synthetix racks up over $1M in daily fees as SNX token value surges 100%

Synthetix racks up over $1M in daily fees as SNX token value surges 100%


Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH).

Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times.

Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during an unforgiving bear market.

Trending: “You’re a F*cking Scumbag!” – Staten Island Supermarket Worker Physically Assaults Rudy Giuliani (VIDEO)

Crypto fees of popular projects. Source: cryptofees.info

As a direct result of the massive trading volumes, the SNX token, too, witnessed a momentary surge of 105%, bringing up its value to over $3

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend