SNX, the native token of the Synthetix network, is on the rise, gaining more than 35% in the past week. The cryptocurrency continues to show strong bullish momentum, having registered a positive market performance in recent weeks.
The recent price increase of SNX is linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to release a new decentralized exchange (DEX).
Synthetix Token Equivalent to 35% in One Week – Price Review
The cryptocurrency market experienced a jolt of positivity 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 an end. positive conclusion on Thursday. US District Judge Annalisa Torres has delivered a landmark verdict declaring the XRP token non-secure, giving Ripple a decisive victory.
However, unlike other cryptocurrencies, the price of SNX hardly reacted to this news. The value of the token increased by only 5% after the court’s decision was announced.
SNX experienced a wave of its own the next day. On Friday, July 14, the token’s price surged nearly 40%, reaching the $3 level before returning to $2.5.
At the time of writing, the Synthetix token is valued at $2.82, with a price increase of 8% in the last 24 hours. With a market cap of $903.4 million, SNX is the 47th largest cryptocurrency, according to CoinGecko Data.
SNXUSD trading at $2.738 | Source: SNXUSD chart from TradingView
The recent surge in the price of SNX is believed to have been triggered by the announcement of a new Synthetix trade Product. In a blog post Released on Friday, the founder of the protocol, Kain Warwick, revealed plans to introduce a new derivatives front-end called Infinex.
What is Infinex?
Infinex is a new derivative front-end of the Synthetix 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 Kain Warwick, Infinex will remove the barriers to the growth of Synthetix’s decentralized trading ecosystem. First, it will address the inconvenience of acquiring sUSD, Synthetix’s stablecoin, to start trading on Kwenta. It also eliminates the need to sign every action on the current platform.
Warwick claims that Infinex’s goal is to provide competition for centralized exchanges (CEXs) while removing any uncertainty around decentralized perpetuals (Perps).
The blog post also revealed that Infinex will be targeting users familiar with CEX platforms, offering its trading services through a username and password. It allows users to generate a public-private key pair, which is stored locally in the browser.
It is worth noting that this key pair is not designed for ATM withdrawals. Instead, it would be used to sign trades on the upcoming decentralized exchange.
While the blog post didn’t reveal Infinex’s exact launch date, it did reveal that the project’s launch should coincide with the release of Synthetix’s Perps V3.
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Featured image from Adobe Stock, chart from TradingView