The token from Synthetix, known as SNX, Mas manage to rise by more than 14% within the past day alone. The developers said that the DAO belonging to the protocol has been renewed. A deal has been made with a provider of liquidity, known as Jump Crypto.
DAOs, also known as decentralized autonomous organizations, are essentially entities without any kind of leadership that is central. They are instead owned as well as governed by the members themselves. The decisions they make are then carried out using software, instead of any managers that are human.
Synthetix And Jump Crypto
Jump Crypto has experience when it comes to trading that is driven by data. The provisioning of liquidity that they provide will be complimentary to the mission that Synthetix has. It’ll become the backbone that is based on liquidity, for derivatives that are on-chain.
Jump Crypto is a trading firm that is based in Chicago. It’s expected that they will begin to work closely with the network from Synthetix, in order to give liquidity. These will be given across the assets that are listed. They will also be helping with product feedback. Jump Crypto provides investments as well as liquidity services. It also has participated in the governance of projects.
Earlier, during the trading hours that were Asian, SNX rose to around $3.37. Then, the price declined due to profit taking. By press time, the price was around $3.25. Since March of this year, Synthetix has been able to record trading volumes that are more than $2.8 billion.