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4h ago

Synthetix’s SNX Jumps Up to 130% as Volume Tops $1.1 Billion Ahead of Perps DEX Return

Traders cite an expected Ethereum perpetuals DEX launch alongside a $1 million competition starting Oct. 20 as the near-term catalyst.

Synthetix soars 120% as derivatives hype reignites defi’s 'dino coin'

Overview

  • The token briefly reached $2.57, its highest level since December, lifting market capitalization above $777 million during the surge.
  • Synthetix’s Oct. 20 trading contest has attracted 180 participants with more than $6.2 million in deposits for a $1 million prize pool.
  • On-chain data indicate larger holders accumulated SNX as exchange balances fell to a year-to-date low near 73 million tokens, according to Nansen.
  • Network engagement increased with staked SNX rising to 171.7 million and sUSD staking climbing since Oct. 1, based on project data.
  • Coverage places Synthetix back in the perpetuals race against Hyperliquid, Aster, Avantis and Lighter, with the mainnet launch described as expected rather than confirmed.