Once again, due to the surge in decentralized perps trading, Synthetix is standing under the spotlight and moving into the top 100 cryptos by market cap, after a superb pump of 148% in the last month.
Is this a synthetic pump, or has this sleeping Web3 giant finally woken up?
What is Synthetix?
Synthetix is a perps DEX that first launched on the Ethereum network in 2017, when it was once known as Havven with the token $HAV. In 2018, Havven transitioned into Synthetix as part of a strategic plan to move from just creating stablecoins to building a platform for synthetic assets such as crypto and commodities!
Built on a hybrid model, Synthetix uses off-chain order matching and on-chain custody to deliver low latency, MEV-resistant execution, with deep liquidity and top-tier security of the Ethereum mainnet. With CEX-like performance and on-chain freedom and security, the Synthetix DEX is a superb choice for traders of all backgrounds.
Synthetix Mainnet Trading Competition
Despite not being completely live yet, Synthetix had a whitelist for its now live ‘Mainnet Trading Competition’, to celebrate the upcoming launch of the Synthetix Perps DEX on the Ethereum network. 50 traders are now battling for the top spot, where the winning trader will walk away with $1 million…
Although there are other great prizes, that number one spot is life-changing!
Synthetix Features
Beyond trading, users can utilize Synthetix to earn passive income by depositing $sUSD into $SLP, enabling users to automatically earn revenue from spreads, fees, and liquidations! $SLP depositors also gain access to exclusive trading fee discounts, providing more incentives to use Synthetix’s perp DEX.
It gets even better…
Access the top-shelf 420 Staking Pool, and stake both $sUSD and $SNX to earn a share of 10M $SNX in rewards without any collateral ratio worries or liquidation risk! Getting started is simple, just deposit, stake, chill and enjoy the high-grade rewards.
Before the Synthetix mainnet has even gone live to the world, over 150.73M $SNX has been staked across 37,744 unique users! As for $sUSD, a fast-rising 14.95M has been staked across 1,177 stakers. Once the mainnet is live, there is a huge possibility these stats will multiply.
Synthetix Token ($SNX)
This is where we dive into the $SNX token and its use cases. $SNX primarily serves as the collateral for minting synthetic assets. Nonetheless, $SNX HODLers have governance rights, and as mentioned above, $SNX can be staked in the 420 pool for passive rewards.
Conclusion
According to CoinMarketCap, at the time of writing, $SNX is trading at $1.68 with a market cap of $576M. What once had a $3.8B market cap, and an all-time high price of $28.53, which it achieved in the 2021 bull run, $SNX has suffered alongside most of the market.
Once the Synthetix mainnet goes live, it will be exciting to see how it performs against competitors such as Hyperliquid, Aster and the many other popular perpetual decentralized exchanges. Currently up 148% in the last month, $SNX is swiftly making its way up the top 100 cryptocurrencies by market cap.
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Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
