Synthetix's SNX is up 14% thanks to the extension of the liquidity deal with Jump Crypto
The Synthetix token (SNX) has grown by more than 14% in the last 24 hours, as developers announced that the decentralized autonomous protocol organization (DAO) has renewed a deal with the liquidity provider Jump Crypto. Synthetix sold over $2.8 billion worth of on-chain assets after launching atomic swaps earlier this year.
DAOs are organizations that do not have a central leadership, which are owned and managed by their members. Their decisions are made by software, not by human managers.
"Synthetix DAO and Jump Crypto are pleased to announce the resumption of partnership. Jump Crypto's experience in data-driven trading and providing liquidity will complement Synthetix's mission to create underlying liquidity for derivatives on the web," the developers wrote in a tweet on Thursday evening.
The Chicago-based trading firm is expected to work closely with the Synthetix ecosystem (SNX) to ensure the liquidity of listed assets and product reviews. Jump Crypto provides liquidity services, investments and participates in project management.
SNX rose to $3.37 during Asian trading hours before profit-taking led to a price drop to $3.29 at the time of publication. Tokens have increased by more than 19% over the past week, but only by 4% compared to last month after a market-wide drop led to a decline in prices to a monthly low of $2.13 in early July.
Nevertheless, SNX fundamentals remain strong. Since March, Synthetix has recorded trading volumes of more than $2.8 billion, mainly due to the products of atomic swaps and perpetual swaps. Atomic swaps refer to the exchange of cryptocurrencies from individual blockchains. They use the current Uniswap (UNI) and Chainlink (LINK) prices to ensure accurate execution by traders.
Popular markets on Synthetix include Bitcoin (BTC), Ethereum (ETH) and Chainlink (LINK) derivative tokens, which trade against Synthetix USD (SUSD), a stable coin pegged to the US dollar. According to Nomics, over the past 24 hours, the trading volume on the Synthetix markets has exceeded $ 40 million.
https://coin-signal.com/cryptonews/synthetixs-snx-is-up-14-thanks-to-the-extension-of-the-liquidity-deal-with-jump-crypto/
#14, #Crypto, #Cryptonews, #Deal, #Defi, #Extension, #Jump, #Liquidity, #Snx, #Synthetix8217S, #Thanks, #With
#CryptoNews, #DeFi