• Synthetix’s native SNX token price has surged by over 5% in the last 24 hours, following a $20 million investment in the DeFi project by DWF Labs.
• DWF Labs has purchased $15 million worth of Synthetix’s native SNX token, with a further investment of $5 million in the pipeline.
• As part of the alliance, DWF Labs will integrate Synthetix Perps products into its platform.
DWF Labs Partners with Synthetix Network
Synthetix Network, an Ethereum-based derivatives liquidity protocol, has announced a strategic partnership with global digital assets market maker and multi-stage web3 investment company DWF Labs. The partnership includes an investment of $20 million from DWF Labs in Synthetix’s native SNX token.
Details of the Partnership
As part of the partnership, DWF Labs purchased $15 million worth of SNX tokens and is planning to invest another $5 million in the future. The alliance also enables DWF to integrate Synthetix’s Perps products into its platform. Perps are decentralized perpetual futures exchanges that offer low fees and deep liquidity.
Synthetix Network Overview
Synthetix is a decentralized finance (DeFi) protocol designed to enable users to issue, stake and trade synthetic assets that track real-world assets and commodities such as stocks, bonds, currencies and more. It is currently ranked 56th among all cryptocurrencies by market capitalization; however it is still down 89% since its all-time high which was reached in February 2021.
SNX Token Price Surge
The news about this partnership caused an increase in SNX token price which rose to a high of $3.13 on the day – representing an increase of more than 4.9%. The 24-hour trading volume for SNX tokens was also quite high at $236M USD.
Overall this news was well received by traders causing a surge not only in price but also volume for SNX tokens as they gain more attention from investors due to this strategic partnership between two leading players in their respective fields – DeFi and digital asset market making/investing.