Wed. Jun 29th, 2022

In a bear market has placed Bitcoin below $ 18 thousand dollarsFew could imagine that a cryptocurrency has presented exponential growth and has become so attractive to investors, driving its price to levels only seen at the beginning of the year for this digital asset.

Synthetix is ​​not only surviving the sharp drop in the market, but it is also the fastest growing cryptocurrency in recent days. For what reason does this cryptocurrency not seem to be affected by the fall of Bitcoin and what makes it possible for it to continue its own upward path in such hostile market conditions as the current ones? Stay until the end and find out!

What is Synthetix?

Synthetix is ​​a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks and indices. These synthetic assets are backed by Synthetix Network Tokens (SNX) locked in a smart contract as collateral.

It was one of the first DeFi projects to be launched on Ethereum offering users a way to trade tokenized financial instruments that track the price of other assets like stocks and gold.

Synthetix doubles its value in just 24 hours!

Synthetix continues to give what to talk about in the cryptoactive market after a partnership with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sUSD/3CRV and sBTC/BTC, making it easier for investors to convert synths like sETH to Ether (ETH) at more affordable prices. This allows users to be able to execute large-scale trades between different asset classes with minimal slippage. This has presented a clear price increase of up to 70% in 24 hours after a slight correction and a significant increase in 1200% on trading volume, ranking third among the protocols that consume the most trading fees, surpassing Aave, BNB Chain and Bitcoin for the day of Sunday presenting a volume of $ 396 million dollars in 24 hours.

In conclusion

With this strong impulse, Synthetix is ​​positioned among the first 100 most important cryptocurrencies in the market; Value investors in the DeFi space seem to have noticed the platform’s improving fundamentals and the future looks promising as its price remains stable and with clear signs of climbing new positions.

Disclaimer: The information found on CryptoReport is that of the cited writers. It does not represent the opinions of Criptoinforma on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.