While crypto and Bitcoin struggle to find their footing and make up some ground Synthetix has decided to take another route and go up quick instead.
Synthetix is looking at this large rally following the approval of it's proposal SIP-120 which eliminated the 10 minute waiting period you would have to deal with when trading between Synths. With the new as well as instant trade feature synthetix has effectively become an atomic exchange. A few months ago SIP-120 was already implemented however that was only possibly by using Uniswap as a secondary price oracle. After doing more work and making the proposal more efficient and coordinating with integrators Synthetix was able to start routing orders though Curve as well as Synthetix and the volume then essentially well, took off.
In the last month alone daily fees jumped multiple times over jumping from 18 to $718,000 making the blockchain protocol one of the Blockchain sectors highest earners now in terms of trading fees now ranking in 3rd on June 19 when SNX stakers earned over $1 million.
The volume isn't a joke either, volume hit $124 Billion making that 40 times larger than the $3 Million that it was just over a month ago. according to a Dune Analytics by Messari which conducted a query. If you go look at the query you will see just how crazy the trading volume is getting as we saw synth trade $396,693,571.219 in trading volume alone on the 19th! That's the highest trading volume it's ever had but damn, that chart is no joke.
https://dune.com/queries/17917/36220
I'm gonna leave the idea here but for those that don't know what synthetix is. Synthetix basically a deratives liquidity protocol that allows anyone to get on-chain exposure to real-world assets on the blockchain giving people access to trade synthetic assets which are created on synthetix and allow users to trade anything from fiat currencies, to crypto, stocks and even commodities or anything else that's got a price tag to it's name for that matter!
I hope this has helped you guys and while I know it may not be huge to some it is an important part of the crypto sector and simply highlights another step we are taking closer to a digital and decentralized future thanks to the use of crypto.
Anyway thank you guys and if you'd like to leave a like or follow it would be much appreciated but have a great day and keep well!
~ Rock
Synthetix is looking at this large rally following the approval of it's proposal SIP-120 which eliminated the 10 minute waiting period you would have to deal with when trading between Synths. With the new as well as instant trade feature synthetix has effectively become an atomic exchange. A few months ago SIP-120 was already implemented however that was only possibly by using Uniswap as a secondary price oracle. After doing more work and making the proposal more efficient and coordinating with integrators Synthetix was able to start routing orders though Curve as well as Synthetix and the volume then essentially well, took off.
In the last month alone daily fees jumped multiple times over jumping from 18 to $718,000 making the blockchain protocol one of the Blockchain sectors highest earners now in terms of trading fees now ranking in 3rd on June 19 when SNX stakers earned over $1 million.
The volume isn't a joke either, volume hit $124 Billion making that 40 times larger than the $3 Million that it was just over a month ago. according to a Dune Analytics by Messari which conducted a query. If you go look at the query you will see just how crazy the trading volume is getting as we saw synth trade $396,693,571.219 in trading volume alone on the 19th! That's the highest trading volume it's ever had but damn, that chart is no joke.
https://dune.com/queries/17917/36220
I'm gonna leave the idea here but for those that don't know what synthetix is. Synthetix basically a deratives liquidity protocol that allows anyone to get on-chain exposure to real-world assets on the blockchain giving people access to trade synthetic assets which are created on synthetix and allow users to trade anything from fiat currencies, to crypto, stocks and even commodities or anything else that's got a price tag to it's name for that matter!
I hope this has helped you guys and while I know it may not be huge to some it is an important part of the crypto sector and simply highlights another step we are taking closer to a digital and decentralized future thanks to the use of crypto.
Anyway thank you guys and if you'd like to leave a like or follow it would be much appreciated but have a great day and keep well!
~ Rock