• Synthetix’s trading volume went up considerably in the last few weeks.
• Fees and revenue also increased, but TVL plateaued.
• SNX’s on-chain performance indicated positive metrics, suggesting further growth for the network.
Synthetix’s Trading Volume Uptick
Synthetix [SNX] recently got into the spotlight due to its trading volume which registered a considerable uptick over the last few weeks. Token Terminal revealed that SNX’s trading volume spiked during the second week of February when its price also pumped, reflecting strong investors‘ enthusiasm for SNX. Moreover, Synthetix successfully deployed its v3 on Ethereum and Optimism which can result in a further increase in trading volume in the coming days.
Fees and Revenue Increase
As per DeFiLlama data, Synthetix’s fees and revenue had also increased significantly. However, while these areas flourished, Synthetix’s DeFi ecosystem seemed to have remained stagnant as Total Value Locked (TVL) had plateaued over the past few weeks.
On-Chain Performance Indicates Positive Metrics
Santiment revealed that SNX’s DyDx funding rate remained consistently high which signified its demand in the futures market. Apart from that, positive sentiments around SNX had also spiked which reflected investors‘ confidence in the network. Exchange outflow of SNX had also increased in the last few days indicating further growth for the network.
SNX Price Today
At press time, 1 SNX is worth $13.76 USD and 100 SNXs is worth $1 377 USD according to CoinGecko data which shows an 8% decrease over a 24 hour period at press time with a market cap of $3 billion USD and daily trade volume of $276 million USD according to CoinGecko data at press time as well.
Synthetix [SNX] recently experienced an impressive uptick in trading volume along with increases in both fees and revenue however TVL plateaued as DeFi growth seemed to remain stagnant for now. On-chain metrics suggested positive performance indicating further growth for this network going forward