SNX, the native token of the Synthetix Network, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to exhibit strong bullish momentum, having registered a positive market performance over the past few weeks.
SNX’s recent price surge has been linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to release a new decentralized exchange (DEX).
Synthetix Token Tallies 35% In One Week – Price Overview
The cryptocurrency market experienced a jolt of positivity after the long-running battle between payments and technology firm Ripple – the company behind XRP – and the United States Securities and Exchange Commission (SEC) came to a positive conclusion on Thursday. US District Judge Annalisa Torres delivered a landmark judgment declaring the XRP token as non-security, thereby granting a decisive triumph for Ripple.
However, unlike other cryptocurrencies, the price of SNX barely reacted to this piece of news. The token’s value increased by a mere 5% following the announcement of the court’s decision.
SNX did experience a surge of its own the following day. On Friday, July 14, the token’s price jumped by nearly 40%, touching the $3 level before retracing back to $2.5.
As of this writing, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. With a market cap of $903.4 million, SNX ranks as the 47th-biggest cryptocurrency, according to CoinGecko data.
SNXUSD trading at $2.738 | Source: SNXUSD chart from TradingView
The recent increase in SNX’s price is believed to have been triggered by the announcement of a new Synthetix trading product. In a blogpost released on Friday, the protocol’s founder Kain Warwick unveiled plans to introduce a new derivatives front-end called Infinex.
What Is Infinex?
Infinex is a new derivatives front-end to the decentralized trading infrastructure of Synthetix. The exchange is expected to be an improvement on the already-existing Kwenta, Synthetix’s derivatives decentralized exchange on Optimism.
According to Kain Warwick, Infinex will remove the impediments to the growth of Synthetix’s decentralized trading ecosystem. Firstly, it will address the inconvenience of acquiring sUSD, Synthetix’s stablecoin, to begin trading on Kwenta. Also, it will eliminate the need to sign every action on the current platform.
Warwick claims that the purpose of Infinex is to provide competition for centralized exchanges (CEXs) while eliminating any uncertainty surrounding decentralized perpetuals (Perps).
The blogpost also revealed that Infinex will cater to users familiar with CEX platforms, providing its trading services through a username and password. With this, users would be able to generate a public-private key pair, which will be locally stored in the browser.
It is worth noting that this key pair is not designed for fund withdrawals. Instead, it would be used to sign trades on the upcoming decentralized exchange.
While the blogpost didn’t reveal the exact launch date of Infinex, it disclosed that the project’s introduction should come alongside the release of Synthetix’s Perps V3.
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Featured image from Adobe Stock, chart from TradingView