SNX (Synthetix) rose 1.79% in the last 24 hours.

Gate News Bot reports, on September 30, according to CoinMarketCap data, SNX (Synthetix) is currently priced at $1.10, with a rise of 1.79% in the last 24 hours, peaking at $1.26 and dipping to a low of $0.62, with a 24-hour volume of $195 million. The current market capitalization is approximately $379 million, an increase of $6.68 million compared to yesterday.

Synthetix is a decentralized derivatives trading platform that will soon launch perpetual contract trading on the Ethereum mainnet. The platform uses a hybrid model, combining off-chain order matching and on-chain asset custody to achieve high-speed trading and maximum security. Users can trade using a variety of collateral, including ETH, wstETH, cbBTC, and sUSDe. Synthetix also offers a liquidity provider program, allowing users to deposit sUSD to earn market-making rewards. Additionally, the platform is hosting a $1 million mainnet trading competition to attract top traders.

Recent important news about SNX:

1️⃣ Synthetix is about to launch a decentralized trading platform for perpetual contracts Synthetix plans to launch a perpetual contract decentralized trading platform (Perp DEX) on the Ethereum mainnet. This marks a significant expansion for Synthetix in the derivatives trading space, with the potential to attract more traders into the ecosystem, increasing the platform's liquidity and usage. As a major product in the cryptocurrency derivatives market, the launch of perpetual contracts will further enhance Synthetix's product line.

2️⃣ Million Dollar Trading Competition is About to Start To celebrate the launch of the perpetual contract platform, Synthetix will hold a trading competition with a total prize pool of up to $1 million. This substantial reward program not only attracts top traders to participate but also effectively tests the platform's performance and stability. The allure of high rewards may bring in a large number of new users, further enhancing the market attention and volume of SNX.

3️⃣ Platform feature upgrades drive price rise A series of initiatives by Synthetix, including the launch of new products and the hosting of major events, demonstrate the project's positive development momentum. These factors collectively drove the price rise of the SNX token, reflecting the market's optimism about the future prospects of Synthetix. In the past 5 days, the price of SNX has risen by more than 40%, showing strong upward momentum.

From a technical perspective, the price of SNX has broken through the previous resistance level, but investors still need to be wary of the potential risk of a pullback after a rapid rise. On the fundamental side, Synthetix's continuous innovation and market expansion strategy lay a solid foundation for its long-term development.

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