Synthetix’s trading volume went up considerably in the last few weeks. Fees and revenue also increased, but TVL plateaued. Recently, Synthetix [SNX] got into the spotlight, thanks to its trading volume. Token Terminal revealed that SNX’s trading volume registered a considerable uptick over the last few weeks. The metric spiked during the second week of […]
As trading volume increased and TVL flattened, let’s have a look at SNX’s on-chain performance to find out whether those updates had any impact on the network.’s metrics were positive and supported the network’s further growth in the coming days.
For instance, SNX’s DyDx funding rate remained consistently high, which signified its demand in the futures market. Not only that, but positive sentiments around SNX also spiked, reflecting investors’ confidence in the network.Source: Santiment However, despite these positive updates, Synthetix’s supply held by top addresses registered a slight decline., its price declined by nearly 3% in the last 24 hours, and at the time of writing, it was trading at $2.49 with a market capitalization of over $640 million.Subscribe to get it daily in your inbox.
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