- The P/S ratio went up while the total value locked on SNX declined.
- Supply outside of exchanges increased but the key metrics looked bearish.
Synthetix [SNX] witnessed a major surge in its Perps V2 exchange as its daily volume reached $100 million. This indicated an increased number of investors in the network, as crypto traders often use perpetual contracts to earn passive income through funding fees.
$100M daily volume for Synthetix Perps.
Congratulations to the front-ends integrating with Perps to make all of this possible.
❤️⚔️ pic.twitter.com/qrsEK5BiKl
— Synthetix ⚔️ (@synthetix_io) March 9, 2023
Realistic or not, here’s SNX market cap in BTC’s terms
Synthetix Perps V2 recap
Synthetix launched Perp v2 last year, which significantly reduced fees, improving scalability, capital efficiency, and, most importantly, trader satisfaction.
As per the official announcement, Synthetix Perps V2 reduced perps trading fees to only 5–10 basis points, a considerable reduction from Perps V1, while maintaining optimal performance and execution efficiency. An ETH-PERP market became available when Synthetix Perps V2 off-chain oracles launched.
Though SNX Preps v2’s volume registered a ma
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Author: Suzuki Shillsalot