Friday, June 21, 2024

Synthetix earns over $1 million in daily fees as the value of its SNX token soars by 100 percent.

Synthetix, the L2 scaling solution, partnered with Curve Finance to invent Curve Pools. This technology helps investors in converting synths into tokens. These curve pools are available for sBTC/BTC, sETH/ETH and sUSD/3CRV.

Interestingly, investors seem to be more keen in holding tokens instead of synths. Due to this demand, the protocol to launch curve pools earned around $1.02 million through trading fee. This is five times the daily performance value of Bitcoin (BTC).

Launching the Curve Pools

Synthetix is a DeFi (Decentralized Finance) protocol based on the Ethereum platform. It started experiencing a lot buzz in the crypto world when the market witnessed a spike in its activities. Another factor that has made Synthetix the talk of the town is its returning SNX token, especially when the current market is bearish.

The in-house token of Synthetix, SNX experienced a temporary 100 per cent surge in its value. This pushed its value over $3.

The founder of Synthetix, Kain Warwick posted a blog discussing how difficult it is for Decentralized Finance protocols to withstand the volatility of BTC. This is especially true if the prices of Bitcoin continue to plummet.

Warwick also thanked investors in his blog post. He appreciates their trust in his company and their willingness to try something novel which also offers stability. In May 2020, Kain Warwick also revealed that 99 per cent of his total liquid portfolio comes from SNX.

On the downside, according to on-chain analysis there is a chance of SNX token shortening across different exchanges.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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