- Despite the crypto crash, SNX one of the DeFi cryptos has surged in value by 100 per cent in the last seven days
- The SNX, which is based on the Ethereum platform withstood the crash which saw big names in the industry capitulate
- It is designed to expose users to the assets via what they call synths, without holding assets, allowing them to trade autonomously and also exchange synths
The native token that powers the Synthetix Decentralised Finance protocol, the SNX has spiked in value in spite of the crash in the crypto market recently as bitcoin and other cryptos have witnessed massive sell-offs at unprecedented levels, not seen since November 2020.
The last seven days have seen the SNX token up by over 100 per cent, as the king of them all, Bitcoin has fallen below $21,000, which it reclaimed earlier in the week after trading at $17,000, CoinMarketCap said.
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Not affected by market crashes
Bitcoin sell-offs have worried investors as macroeconomic factors became the focus of the market.
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The total market capitalisation of the crypto industry is still below the $1 trillion mark.
Synthetic is a decentralised finance (DeFi) protocol that provides on-chain exposure to a wide range of crypto and non-crypto assets. It is based on the Ethereum blockchain and gives users access to liquid synthetic assets. Synthetix wants to broaden the crypto ecosystem by introducing non-blockchain assets as it provides access to a more robust industry.
It operates in the DeFi market as a decentralised exchange and a platform for assets related to synthetics. It is designed to expose users to the assets via what they call synths, without holding assets, allowing them to trade autonomously and also exchange synths.
A top gainer in 7 days
Nairametrics reports that it also has a staking pool where holders can stake their SNX tokens and are rewarded with a share of the transaction fees on the Synthetix Exchange.
SNX was one of the first DeFi projects to launch on Ethereum, offering users an avenue to trade tokenised assets like stocks and gold. It also supports synthetic gold and Tesla stocks.
SNX remains the top gainer of the top 100 cryptocurrencies by market cap in the last seven days. The token now ranks at number 78. The main reason for the surge in price is the volume on the Synthetix platform.
About 180,000 crypto investors lose 215.8 billion as Bitcoin trades at $23k
Legit.ng reported that Bitcoin again plummeted to an all-time low of $23,000 on Monday, June 13, 2022.
About 180, 000 traders have lost $520 million, as the largest crypto dips to the lowest point in months, a price not seen since December 2020.
Market sell-off continues and was observed throughout the year. Many have likened the decline in the market to what was witnessed in the 2008 market crash and others compared the sell-offs to the Red Wedding in the famous Game of Thrones.