Spartan

Synthetix

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a <a href="https://www.newsbtc.com/snx/synthetix-snx-up-by-35-in-anticipation-of-new-decentralized-exchange/" target="_blank" rel="noopener ">substantial uptrend</a> of 60%, while its year-to-date performance shows an impressive price increase of over 108%.&nbsp; 
These notable achievements indicate the potential for continued<a href="https://www.newsbtc.com/avalanche/bullish-sentiment-surrounds-avax-price-as-republic-adopts-avalanche-blockchain/" target="_blank" rel="noopener "> bullish momentum </a>for the decentralized protocol and its native token. 
<h2 id="significant-growth-for-synthetix-as-demand-for-on-chain-derivatives-surges">Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges</h2> 
Renowned cryptocurrency analyst and writer, Jake Pahor, has <a href="https://x.com/jake_pahor/status/1727341222141022623?s=20" target="_blank" rel="noopener nofollow">expressed </a>a highly optimistic outlook on SNX, hailing it as the ultimate “picks &amp; shovels play” in anticipation of the forthcoming bull market.&nbsp; 
Pahor highlights Synthetix’s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies. 
While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bulls-signal-confirms-bullish-trend/" target="_blank" rel="noopener ">significant growth </a>in the coming years, according to Pahor. 
Notably, a key driver of Synthetix’s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure.&nbsp; 
SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality. 
With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category.&nbsp;The protocol’s treasury holds a healthy $145.96 million, including stablecoins, BTC/ETH, and its token SNX. 
<h2 id="snx-bulls-poised-for-breakout-opportunity">SNX Bulls Poised For Breakout Opportunity</h2> 
Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development. 
It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading.&nbsp; 
According to Pahor’s analysis, with a “strong ecosystem” of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category. 
Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a<a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-momentum-2200/" target="_blank" rel="noopener "> significant catalyst</a> for the protocol. Additionally, the protocol’s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/Wnvveu7h/" alt="Synthetix " width="1815" height="858"> 
Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This <a href="https://www.newsbtc.com/synthetix/synthetix-snx-holds-monthly-gains-as-broader-market-plummets/" target="_blank" rel="noopener ">positive momentum</a> follows a 31% gain over the last fourteen days.&nbsp; 
In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022. 
On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing

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