SNX, the Synthetix Network’s native token, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to show strong bullish momentum, after recording a positive market performance over the past few weeks.
The recent price hike of SNX 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 Up to 35% in 1 Week – Price Overview
The cryptocurrency market has seen a positive jolt after the long-running battle between payments and technology company Ripple — the company behind XRP — and the US Securities and Exchange Commission (SEC) came to a head. positive result Thursday. US District Judge Annalisa Torres issued a landmark ruling declaring the XRP token non-security, thus handing a decisive victory to Ripple.
However, unlike other cryptocurrencies, the price of SNX hardly reacted to this news. The value of the token only increased by 5% after the court’s decision was announced.
SNX experienced its own boom the next day. On Friday, July 14, the token’s price jumped nearly 40%, touching the $3 level before bouncing back to $2.5.
As of this writing, the value of the Synthetix token is $2.82, with a price increase of 8% in the last 24 hours. With a market capitalization of $903.4 million, SNX ranks as the 47th largest cryptocurrency, according to CoinGecko Data.
SNXUSD trading at $2.738 | Source: SNXUSD chart from TradingView
The recent increase in the price of SNX is believed to have resulted from the announcement of a new Synthetix trading project. in blog post On Friday, protocol founder Ken Warwick revealed plans to introduce a new front-end derivative called Infinex.
What is Infinix?
Infinex is a new derivatives front end of Synthetix’s 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 Ken Warwick, Infinex will remove barriers to the growth of Synthetix’s decentralized trading ecosystem. First, it will address the inconvenience of getting sUSD, Synthetix’s stablecoin, to start trading on Kwenta. Also, you will eliminate the need to sign every action on the existing platform.
Warwick claims that the purpose of Infinex is to provide competition to centralized exchanges (CEXs) while eliminating any uncertainty surrounding perpetual decentralization (Perps).
The blog also revealed that Infinex will meet the needs of users familiar with the CEX platforms, as it provides its commercial 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 money withdrawals. Instead, it will be used to sign trades on the upcoming decentralized exchange.
Although the blog did not reveal the exact launch date of Infinex, it did reveal that the introduction of the project should come along with the release of Perps V3 from Synthetix.
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Featured image from Adobe Stock, chart from TradingView
