DeFi protocol Synthetix remains high flier as price soared by more than 10% overnight
Synthetix occupies a defined niche in the decentralized finance (DeFi) ecosystem. The protocol is designed as a decentralized liquidity provisioning protocol that any outfit requiring its locked liquidity can tap into for various purposes. The deep liquidity being maintained by Synthetix, accompanied by its low fees, serves as a backend for some of the most popular protocols in the industry, including the duo of Optimism and Ethereum.
Synthetix, over the past few months, has shown how formidable it is as a protocol, set to retest its previous highs. Prior to the long-drawn-out crypto winter, SNX recorded an all-time high (ATH) of $28.77. Per its current price action, the cryptocurrency is still down as much as 89.5%, a bearish indicator showing the possibility of a massive upside soon.
Consistency is the Synthetix mantra
There have been a number of hurdles in the broader digital currency ecosystem thus far this year, with regulatory crackdown on exchanges by the United States Securities and Exchange Commission (SEC) taking center stage. This centralized exchange crackdown has paved the way for Synthetix through some of the CEX competitors it is bootstrapping.