Synthetix (SNX) has reached a peak not found in 15 months, hitting $3.64, reminiscent of its August 2022 levels. Throughout the course of recent hours, SNX has shown strong development, increasing by more than 18%, and a considerably more noteworthy flood of 80% in the past month. As of now, SNX gladly stands firm on the 53rd footing among cryptocurrencies, with a market cap of $1.05 billion and a trading price of $3.59.
The trading volume for SNX throughout the course of recent hours has encountered a remarkable 121% increase, reaching a substantial total of $167.22 million.
The main thrust behind this notable uptick is by all accounts the revelation of Synthetix Network’s plans to launch “Perps V3.” The platform as of late shared the exciting news:
Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.
V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv
— Synthetix ⚔️ (@synthetix_io) November 19, 2023
Perps V3 comes as a continuation of the successful V2, which revolutionized on-chain perpetuals by emphasizing risk management and presenting now-standard features like dynamic funding rates and price impact.
Notably, these innovations, combined with deep liquidity and low fees (thanks to off-chain oracles from @PythNetwork), impelled the platform to surpass $30 billion in volume, generating significant fees for liquidity providers.
The announcement has sparked enthusiasm inside the crypto community, pushing SNX higher than ever. The fervor is palpable as the community eagerly anticipates the forthcoming launch on the Coinbase Layer 2 Network BASE through the Andromeda Release.
As SNX continues to capture attention and make waves, spectators and enthusiasts alike are acutely watching the way that these improvements will shape the trajectory of this dynamic cryptocurrency inside the always advancing decentralized finance landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.