Synthetix is leading the relief rally after a remarkable comeback, following massive trading volumes.
The cryptocurrency market is showing signs of a minor relief amidst the bloodbath, but Synthetix has emerged as the clear winner today.The native utility and governance token of the layer-2 scaling solution Synthetix attempted to reclaim the previous local top formed around the $3-resistance area. SNX briefly witnessed a triple-digit surge of more than 100% in the last 24 hours, climbing to $3.4 before retracing to around $2.6.
Often described as a “blue chip” DeFi project, Synthetix was one of the first projects to launch on the Ethereum network.The native token got a boost after Synthetix collaborated with liquidity provider Curve Finance. The aim is to develop Curve pools for Synthetic Ether /Ether , Synthetic Bitcoin /Bitcoin , as well as Synthetic USD /3CRV. This would enable market participants to convert synthetic assets such as sETH to ETH in a significantly cost-effective way.
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