{"id":11709,"date":"2022-06-20T10:12:40","date_gmt":"2022-06-20T10:12:40","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/synthetix-racks-up-over-1m-in-daily-fees-as-snx-token-value-surges-100\/"},"modified":"2022-06-20T10:12:42","modified_gmt":"2022-06-20T10:12:42","slug":"synthetix-racks-up-over-1m-in-daily-fees-as-snx-token-value-surges-100","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/synthetix-racks-up-over-1m-in-daily-fees-as-snx-token-value-surges-100\/","title":{"rendered":"Synthetix racks up over $1M in daily fees as SNX token value surges 100%"},"content":{"rendered":"<div data-v-2a0745c6=\"\">\n<p>Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH\/ETH, sBTC\/BTC, &amp; sUSD\/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). <\/p>\n<p>Given the investors\u2019 willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees \u2014 overshadowing Bitcoin\u2019s (BTC) daily performance by five times.<\/p>\n<p>Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during an unforgiving bear market.<\/p>\n<figure><figcaption style=\"text-align: center;\">Crypto fees of popular projects. Source:\u00a0cryptofees.info<\/figcaption><\/figure>\n<p>As a direct result of the massive trading volumes, the SNX token, too, witnessed a momentary surge of 105%, bringing up its value to over $3 based on data from CoinMarketCap.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/06\/ddd05b96-8c11-4550-9164-e2303893192f.png\"\/><figcaption style=\"text-align: center;\">Synthetix (SNX) price index. Source: CoinMarketCap<\/figcaption><\/figure>\n<p>Sharing his thoughts on the development, Synthetix founder Kain Warwick a.k.a kain.eth released a blog post that highlighted the difficulty of DeFi protocols to absorb Bitcoin\u2019s volatility if the price drops even further:<\/p>\n<blockquote><p>\u201cThis is critical to understand, Synthetix is an over-collateralised crypto-backed suite of stablecoins, it CAN implode.\u201d<\/p><\/blockquote>\n<p>However, he attributed Synthetix\u2019s recent success to the responsiveness of the community to difficult circumstances and a willingness to experiment with novel mechanisms to provide stability. <\/p>\n<p>On May 31, the entrepreneur revealed that SNX tokens contribute to 99% of his overall liquid portfolio.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As of this morning my liquid crypto portfolio is 99% SNX.<\/p>\n<p>\u2014 kain.eth (\u2728_\u2728) (@kaiynne) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/kaiynne\/status\/1531432524991168512?ref_src=twsrc%5Etfw\">May 31, 2022<\/a><\/p><\/blockquote>\n<p>On the flipside, on-chain metrics revealed the intentions of shorting the SNX token across numerous exchanges. @napgener from Crypto Twitter disclosed that 15 million SNX tokens maintain a short position on popular exchanges including Binance, FTX, ByBit and OKX. While only 20 million SNX tokens exist on exchanges, the revelation points to an oncoming price hike, which might see SNX breach a value of $10.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">15m <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/search?q=%24snx&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$snx<\/a> is short now. <br \/>only 20m exist on exchanges<br \/>this thing could powder keg to $10+<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/search?q=%24sirin&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$sirin<\/a> \/ <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/search?q=%24unfi&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$unfi<\/a> style <a rel=\"nofollow\" href=\"https:\/\/t.co\/b0LM8zs5x5\">pic.twitter.com\/b0LM8zs5x5<\/a><\/p>\n<p>\u2014 napgener 0xDONE (@napgener) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/napgener\/status\/1538758009861586944?ref_src=twsrc%5Etfw\">June 20, 2022<\/a><\/p><\/blockquote>\n<p>The Twitter user also alleged that the Celsius network is offering a 300% Annual Percentage Rate (APR) to users for shorting their SNX holdings.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>El Salvador president addresses bear market concerns with Bitcoin hopium<\/em><\/strong><\/p>\n<p>With Bitcoin prices falling below $20,000 over the weekend, El Salvador President Nayib Bukele shared a piece of optimistic advice on Twitter.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I see that some people are worried or anxious about the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> market price.<\/p>\n<p>My advice: stop looking at the graph and enjoy life. If you invested in <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> your investment is safe and its value will immensely grow after the bear market.<\/p>\n<p>Patience is the key.<\/p>\n<p>\u2014 Nayib Bukele (@nayibbukele) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1538356901297143809?ref_src=twsrc%5Etfw\">June 19, 2022<\/a><\/p><\/blockquote>\n<p>In his tweet, Bukele advised fellow investors to \u201cstop looking at the graph and enjoy life.\u201d He reassured investors about Bitcoin\u2019s inevitable comeback, stating that:<\/p>\n<blockquote><p>\u201cIf you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.\u201d<\/p><\/blockquote>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH\/ETH, sBTC\/BTC, &amp; sUSD\/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors\u2019 willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees \u2014 overshadowing Bitcoin\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-11709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synthetix racks up over $1M in daily fees as SNX token value surges 100% | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/synthetix-racks-up-over-1m-in-daily-fees-as-snx-token-value-surges-100\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Synthetix racks up over $1M in daily fees as SNX token value surges 100% | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH\/ETH, sBTC\/BTC, &amp; sUSD\/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). 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