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The post DeFi Tokens Record Massive Price Jump! Will STX, BEAM, And SNX Price Hold Their Gains? appeared first on Coinpedia Fintech News The cryptocurrency industry has gained over 1.5% within the past day, indicating a bullish influence in the market. Further, the market concluded the previous month on a positive note as major tokens recorded a new yearly high during this time. On the other, the DeFi space has started gaining traction as many tokens have recorded …

DeFi Tokens Record Massive Price Jump! Will STX, BEAM, And SNX Price Hold Their Gains?

The cryptocurrency market has experienced a remarkable surge this past week, with notable gains across various digital assets. Blur (BLUR) leads this week’s pack with an impressive 81.84% increase in value. This surge has pushed its market capitalization to a substantial $745,691,508. Interestingly, this uptick follows BLUR’s recent listing on Binance, a major cryptocurrency exchange. The post Crypto Gainers Of the Week: BLUR, GMT, and MINA Lead the Surge appeared first on CoinGape .

Crypto Gainers Of the Week: BLUR, GMT, and MINA Lead the Surge

The Graph Price Prediction 2023-2032 Have you ever heard of Uniswap, Aave, Compound, Balancer, USDC, Synthetix, Sushiswap, MakerDAO, Yearn, Curve, or any popular dApps? They all functionally rely upon The Graph, which is like a combination of decentralized versions of Google, banking, social media, other service providers, and other industries. The Graph price prediction could ... Read more

The Graph Price Prediction 2023-2032: Is GRT a Good Investment?

Synthetix (SNX), currently ranked as the 54th largest cryptocurrency by market capitalization, has been on an impressive upward trajectory in recent times. Over the past 30 days, SNX has surged by a remarkable 60%, while its year-to-date performance showcases a staggering price increase of over 108%. These substantial gains underscore the potential for continued bullish ... Read more

Synthetix (SNX) gains 108% YTD, amid growing demand

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend of 60%, while its year-to-date performance shows an impressive price increase of over 108%. These notable achievements indicate the potential for continued bullish momentum for the decentralized protocol and its native token. Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed a highly optimistic outlook on SNX, hailing it as the ultimate “picks & shovels play” in anticipation of the forthcoming bull market. Pahor highlights Synthetix’s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies. While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth in the coming years, according to Pahor. Related Reading: Cardano Forecast: Crypto Analyst Identifies The Event That Could Send ADA Price To $11 Notably, a key driver of Synthetix’s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure. SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality. With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category. The protocol’s treasury holds a healthy $145.96 million, including stablecoins, BTC/ETH, and its token SNX. SNX Bulls Poised For Breakout Opportunity Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development. It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading. According to Pahor’s analysis, with a “strong ecosystem” of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category. Related Reading: Celestia Loses Momentum: Anticipating A Rebound Post 11% Dip Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst for the protocol. Additionally, the protocol’s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading. Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum follows a 31% gain over the last fourteen days. In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022. On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month. Featured image from Shutterstock, chart from TradingView.com

Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing

Veteran crypto investor Arthur Cheong says that one altcoin project operating on the Ethereum (ETH) network is set for big moves to the upside. Cheong, the founder of DeFiance Capital, tells his 153,300 followers on the social media platform X that the decentralized finance (DeFi) protocol Synthetix (SNX) could surge by more than 75% from The post Crypto Investor Arthur Cheong Says One Ethereum-Based Altcoin Set for Big Rallies appeared first on The Daily Hodl .

Crypto Investor Arthur Cheong Says One Ethereum-Based Altcoin Set for Big Rallies

Leading derivatives liquidity protocol Synthetix Network has broken out with SNX price soaring +14% following the announcement of an upcoming Perps V3 launch on Coinbase’s native scaling blockchain BASE. With an exciting partnership connecting promising off-chain oracle Pyth network also in the works, Perp V3 is set to deliver a plethora of innovations including cross The post Is It Too Late to Buy Synthetix Network? SNX Price Soars 14% as Surprising New Meme Coin Approaches $2 Million – Next Pepe Coin? appeared first on Cryptonews .

Is It Too Late to Buy Synthetix Network? SNX Price Soars 14% as Surprising New Meme Coin Approaches $2 Million – Next Pepe Coin?

Vega Protocol aims to position itself as a competitor against popular decentralized perpetual projects like dYdX, Synthetix and GMX.

Vega Protocol unveils decentralized perpetuals on Layer 1 blockchain

Decentralized finance platform Synthetix caught attention as its token surged over 20% in the past day to new peaks of $3.57. The asset’s bullishness comes as the protocol unveils the Per v3 update, designed to improve the platform’s trading capabilities. Synthetix’s Perp v3 upgrade The Perp v3 update will introduce multiple functionalities that will boost

Synthetix protocol unveils Perp v3 upgrade for enhanced trading capabilities

Synhetix (SNX), which has a positive separation from Bitcoin and the market, came to the top among the most rising altcoins with a rise of .8. Continue Reading: This DeFi Altcoin, which has a positive divergence from Bitcoin, rose 22 percent! What is the reason for the rise?

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