SNX (Synthetix) rose 18.89% in the last 24 hours

Gate News Bot news, on October 20, according to CoinMarketCap data, as of the time of writing, SNX (Synthetix) is currently priced at $1.72, with a rise of 18.89% in the last 24 hours, reaching a high of $2.53 and dropping to a low of $1.33, with a 24-hour volume of $362 million. The current market capitalization is approximately $592 million, an increase of $94.1 million compared to yesterday.

Synthetix is a decentralized perpetual contract trading platform built on the Ethereum mainnet. The platform provides a hybrid model of off-chain order book matching and on-chain asset custody to achieve high-performance trading and maximum security. Users can trade using ETH, wstETH, cbBTC, or sUSDe as collateral. Synthetix has also launched a liquidity provider program called SLP, allowing anyone to deposit sUSD to earn market-making rewards. Additionally, the platform is hosting a mainnet trading competition with a prize pool of $1 million, where the top 20 sUSD depositors and the top 10 sUSDe depositors will qualify for participation.

Important recent news about SNX:

1️⃣ The perpetual contract DEX is about to launch Synthetix will launch the first perpetual contract decentralized exchange (Perp DEX) on the Ethereum mainnet. This innovative feature combines off-chain order matching and on-chain asset custody in a hybrid model, providing users with a more efficient and secure derivatives trading experience. The market has shown strong interest in this feature, driving the SNX price to rise significantly over the past week.

2️⃣ Diversified Margin Asset Support The newly launched perpetual contract trading feature will support various assets such as ETH, wstETH, cbBTC, and sUSDe as margin. This flexibility helps attract more users to participate in trading, increasing platform liquidity, thereby enhancing the market demand for SNX.

3️⃣ Liquidity Provider Incentive Program Synthetix has launched the SLP (Synthetix Liquidity Provider) feature, allowing users to deposit sUSD to earn market-making rewards. At the same time, the platform is hosting a mainnet trading competition with a million-dollar prize pool, where the top 20 sUSD depositors and the top 10 sUSDe depositors are eligible to participate. These initiatives effectively stimulate market participation and drive the rise of the SNX price.

From a technical perspective, SNX has shown a strong rising momentum after breaking through the previous resistance level, and it may continue to maintain an upward trend in the short term. However, considering the recent significant rise, investors should still be cautious of potential short-term correction risks.

This message is not intended as investment advice; investors should be aware of market volatility risks.