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Decentralized liquidity provision protocol Synthetix (SNX) is among the top-performing altcoins today following the announcement of a major milestone. SNX token is up by 30.72% at the time of writing and is changing hands at a spot price of $2.85. Over the past week, Synthetix is still down by 11%, and the ongoing rally is bound to help the midterm recovery of the asset.
As Synthetix said on its official Twitter handle, it recorded more than $200 million in daily trading volume, an indication that it is see more adoption than before. The growth metrics highlighted a steady upshoot at a time when both the Decentralized Finance (DeFi) ecosystem and the broader Web3.0 world are experiencing a major negative headwind across the board.
Synthetix is designed as a hub to help different protocols access the liquidity they need to optimize their operational capabilities. Through the guarantee of its liquidity, as well as regular innovation in its offerings, Synthetix has earned a mark for itself as a token with a reliable use case among investors.
The SNX token has recorded several price uptrends this year as marked by previous U.Today reports.
Gaining first mover advantage
In the Decentralized Finance ecosystem we have today, many protocols stand at the forefront of some specific niches, and Synthetix is among the pioneers in the multichain liquidity provision world.
With its uptick in daily volume, Synthetix might just be on the verge of a major breakthrough in its recognition in the crypto world. Amid the FUD that has been spreading around, access to deep liquidity remains one of the major strains for start-ups to overcome.
With the offering from Synthetix, more protocols can remain in business, thus staying immune to the pangs of the crypto winter moving forward. This relevance may have a very positive undertone for SNX in the near future.
Mushumir Butt
Arman Shirinyan
Tomiwabold Olajide
