SNX, the Synthetix Network’s native token, has risen by more than 35% in the recent week. The cryptocurrency has maintained significant bullish momentum in recent weeks, resulting in a solid market performance.
The recent increase in the price of SNX has been attributed to the good attitude surrounding the Synthetix network. The protocol revealed its intention to launch a new decentralised exchange (DEX) a few days ago.
The cryptocurrency market received a boost of confidence when the long-running dispute between payments and technology firm Ripple – the company behind XRP – and the United States Securities and Exchange Commission (SEC) was resolved on Thursday. US District Judge Annalisa Torres issued a landmark decision ruling the XRP cryptocurrency non-security, handing Ripple a significant victory. However, unlike other cryptocurrencies, the price of SNX scarcely reacted to this piece of news. Following the publication of the court’s verdict, the token’s value rose by only 5%.
The following day, SNX experienced its own spike. On Friday, July 14, the token’s price increased by about 40%, reaching $3 before retracing back to $2.5. As of this writing, the Synthetix token is worth $2.82, a rise of 8% in the last 24 hours. SNX is the 47th-largest cryptocurrency, with a market capitalization of $903.4 million.
The recent price surge in SNX is thought to be the result of the launch of a new Synthetix trading product. Kain Warwick, the protocol’s founder, revealed plans for a new derivatives front-end dubbed Infinex in a recent blog post. Infinex, according to Kain Warwick, will reduce barriers to the growth of Synthetix’s decentralised trading ecosystem. To begin with, it will address the issue of obtaining sUSD, Synthetix’s stablecoin, in order to begin trading on Kwenta. It will also do away with the necessity to sign every action on the present platform.
According to Warwick, the goal of Infinex is to create competition for centralised exchanges (CEXs) while eliminating any confusion regarding decentralised perpetuals (Perps).
The blog post also disclosed that Infinex will cater to consumers who are familiar with CEX platforms, offering trading services via a login and password. Users will be able to generate a public-private key pair, which will be stored locally in the browser. It is important to note that this key pair is not intended for fund withdrawals. Instead, it would be used to sign trades on the eventual decentralised exchange.
While the blog article did not specify a specific launch date for Infinex, it did state that the project would be introduced alongside the release of Synthetix’s Perps V3.