SNX, the native token of the Synthetix network, is on the rise, gaining more than 35% in the past week. The cryptocurrency continues to show strong upward momentum after experiencing positive market performance in recent weeks.
The recent price increase of SNX is related to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to introduce a new decentralized exchange (DEX).
Synthetix Token Rises 35% in a Week - Price Overview
The cryptocurrency market experienced a positive upswing after the long-standing battle between payment and technology companies. Ripple - the company behind XRP - and the US Securities and Exchange Commission (SEC) reached a positive outcome on Thursday. US District Judge Annalisa Torres issued a groundbreaking ruling declaring the XRP token as not security, giving Ripple a significant victory.
However, unlike other cryptocurrencies, the price of SNX barely reacted to this news. The value of the token only rose by 5% after the court decision was announced.
SNX experienced its own surge the following day. On Friday, July 14th, the token's price rose by almost 40% and reached the $3 mark before falling back to $2.5.
Currently, the Synthetix token has a value of $2.82, with an 8% increase in the last 24 hours. With a market capitalization of $903.4 million, SNX is the 47th largest cryptocurrency according to CoinGecko data.
It is believed that the recent price increase of SNX was triggered by the announcement of a new Synthetix trading product. In a blog post released on Friday, the protocol's founder, Kain Warwick, introduced plans to launch a new derivatives frontend called Infinex.
What is Infinex?
Infinex is a new derivatives frontend for Synthetix's decentralized trading infrastructure. It is expected to be an improvement over the existing Kwenta, Synthetix's decentralized derivatives exchange on Optimism.
According to Kain Warwick, Infinex will eliminate the obstacles to the growth of Synthetix's decentralized trading ecosystem. Firstly, it will remove the inconvenience of acquiring sUSD, Synthetix's stablecoin, to start trading on Kwenta. Additionally, it will eliminate the need to sign every action on the current platform.
Warwick claims that the purpose of Infinex is to create competition for centralized exchanges (CEXs) while eliminating any uncertainty related to decentralized perpetuals (Perps).
The blog post also revealed that Infinex will target users familiar with CEX platforms and provide its trading services through a username and password. Users will be able to generate a public-private key pair stored locally in the browser.
It is worth noting that this key pair is not suitable for money withdrawals. Instead, it will be used to sign trades on the upcoming decentralized exchange.
While the blog post did not announce the exact launch date of Infinex, it did mention that the project's introduction would coincide with the release of Synthetix's Perps V3.
Overall, SNX's recent price increase is attributed to the positive sentiment surrounding the Synthetix network, particularly due to the announcement of the new decentralized exchange and the upcoming launch of Infinex. As the native token of Synthetix, SNX is expected to continue its positive momentum in the market.
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