Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing
23 Novembro 2023 - 12:00AM
NEWSBTC
Synthetix (SNX), currently positioned as the 54th largest
cryptocurrency, has been closely aligned with the overall market
trend. Over the past 30 days, SNX has experienced a substantial
uptrend of 60%, while its year-to-date performance shows an
impressive price increase of over 108%. These notable
achievements indicate the potential for continued bullish momentum
for the decentralized protocol and its native token. Significant
Growth For Synthetix As Demand For On-Chain Derivatives Surges
Renowned cryptocurrency analyst and writer, Jake Pahor, has
expressed a highly optimistic outlook on SNX, hailing it as the
ultimate “picks & shovels play” in anticipation of the
forthcoming bull market. Pahor highlights Synthetix’s pivotal
role as the backbone for derivatives trading in the decentralized
finance (DeFi) sector. The protocol has already amassed an
annualized revenue of $54 million, serving as a platform that
enables the creation and trading of synthetic assets such as
commodities, stocks, and currencies. While Synthetix may not have
user-facing front-ends, it powers popular DeFi applications like
Kwenta, Polynomial, dHedge, and Lyra. As the demand for
permissionless trading of spot synthetics and on-chain derivatives
of traditional assets continues to rise, Synthetix stands poised
for significant growth in the coming years, according to Pahor.
Related Reading: Cardano Forecast: Crypto Analyst Identifies The
Event That Could Send ADA Price To $11 Notably, a key driver of
Synthetix’s success lies in the fees generated on every synthetic
asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees
are directed towards SNX stakers, creating a rewarding incentive
structure. SNX, sUSD, and eSNX are the three primary tokens
utilized within the Synthetix ecosystem, each serving distinct
purposes in staking, collateralization, and protocol functionality.
With a circulating supply of 326.5 million SNX tokens and a total
supply of 327.2 million, Synthetix boasts a market cap of $1.14
billion, placing it at the forefront of the Synthetics
category. The protocol’s treasury holds a healthy $145.96
million, including stablecoins, BTC/ETH, and its token SNX. SNX
Bulls Poised For Breakout Opportunity Synthetix operates under the
governance of four key bodies: Spartan Council, Treasury Council,
Ambassador Council, and Grants Council. These councils’ Decisions
and proposals are subject to majority votes from SNX stakers,
ensuring a democratic and community-driven approach to protocol
development. It was established as Havven in 2017, a stablecoin
protocol, the project rebranded in 2018 to become Synthetix,
focusing on synthetic assets and derivatives trading.
According to Pahor’s analysis, with a “strong ecosystem” of
projects built on its infrastructure and a first-mover advantage,
Synthetix has established itself as the market leader in the
Synthetics category. Related Reading: Celestia Loses Momentum:
Anticipating A Rebound Post 11% Dip Furthermore, the impending
release of Synthetix V3, including Perps, Base, and USDC, is
expected to be a significant catalyst for the protocol.
Additionally, the protocol’s DEX perps feature aims to compete with
centralized exchanges, while the Infinex front-end promises a user
experience akin to traditional CEX trading. Currently, SNX is
trading at $3.455, reflecting a significant 4.7% uptrend over the
past 24 hours. This positive momentum follows a 31% gain over the
last fourteen days. In the immediate future, SNX faces a
crucial hurdle in surpassing the resistance level at $3.58, which
is necessary to retest its recently achieved yearly high of $3.810.
As SNX reached this high only a few hours ago, its next target is
to surpass the $4 mark, a level not seen since August 2022. On the
other hand, if a short-term pullback or correction unfolds for SNX,
it will be crucial for bullish investors to defend the $3.035
support level. Maintaining this level can sustain a favorable
bullish trend throughout the remainder of the month. Featured image
from Shutterstock, chart from TradingView.com
Synthetix Network Token (COIN:SNXUSD)
Gráfico Histórico do Ativo
De Out 2024 até Nov 2024
Synthetix Network Token (COIN:SNXUSD)
Gráfico Histórico do Ativo
De Nov 2023 até Nov 2024