SNX (Synthetix) rose 86.59% in 24 hours.

Gate News Bot message, on October 13, according to CoinMarketCap data, as of the time of writing, SNX (Synthetix) is currently priced at $1.75, with a rise of 86.59% in the last 24 hours, reaching a high of $1.85 and a low of $0.59. The current market capitalization is approximately $600 million, an increase of $278 million compared to yesterday, currently ranked 102.

Synthetix is a decentralized derivatives trading platform based on the Ethereum mainnet. It is about to launch perpetual contract trading features, combining off-chain order matching and on-chain asset custody in a hybrid model. Users can trade using various assets such as ETH, wstETH, cbBTC, or sUSDe as collateral. The platform also offers the Synthetix liquidity provider (SLP) feature, allowing users to deposit sUSD to earn market-making rewards. Additionally, Synthetix is hosting a million-dollar bonus trading competition on the mainnet, with the top 20 sUSD depositors and the top 10 sUSDe depositors qualifying for participation.

Important recent news about SNX:

1️⃣ Synthetix founder proposes new governance proposal Synthetix founder Kain Warwick recently proposed a series of new governance proposals aimed at optimizing the operation and development direction of the protocol. These proposals involve several key areas, including improving governance mechanisms and adjusting the token economic model, which are expected to bring positive effects to the SNX ecosystem and enhance the project's long-term development potential.

2️⃣ The recovery of the DeFi market drives the rise in SNX demand With the overall sentiment of the cryptocurrency market improving, there are clear signs of a rebound in the decentralized finance (DeFi) sector. Synthetix, as one of the important projects in the DeFi space, directly benefits from this trend. The demand for synthetic asset trading has significantly increased, driving the price of SNX tokens to rise strongly, with a 24-hour rise of up to 86.59%.

3️⃣ Technical upgrade plan enhances platform competitiveness The Synthetix team is actively promoting a series of technical upgrades, including optimizing the synthetic asset minting process and improving trading efficiency. These technical improvements are expected to enhance the platform's competitiveness, attracting more users and liquidity. With the upcoming launch of perpetual contract trading features, Synthetix is expected to occupy a more important position in the DeFi derivatives market.

From a technical perspective, SNX has shown a strong upward momentum after breaking through previous resistance levels, and it may continue to maintain an upward trend in the short term. However, investors still need to closely monitor overall market risks and the changing competitive landscape in the DeFi sector.

This message is not to be considered as investment advice; investors should be aware of market volatility risks.