20% “Synthetix Launches 7 New Perpetual Futures Markets, SNX Price Soars 20%”


Synthetix has added seven new markets to its protocol for perpetual futures trading. The new markets are for XRP (XRP), Polkadot (DOT), Floki Inu (FLOKI), Injective (INJ), Pepe (PEPE), Sui (SUI) and Blur (BLUR). This brings the total number of markets to forty.

The new markets are now live on the Optimism Protocol for leveraged trades. Holders of SNX tokens can access the perpetual markets for SNX-integrated derivatives trading protocols, such as Kwenta, Polynomial and Decentrex.

Perpetual futures contracts are derivatives which allow traders to wager on the future price of a digital asset without actually holding it. The markets are open 24 hours a day and offer high leverage.

On Wednesday, the prices of Synthetix‘ native token SNX rose 3.5% to trade at $2.60. SNX had gained 17% over the last week, but its value is still more than 90% below its previous highs of above $28, reached in February 2021.

Synthetix is also waiting for the eighth market for perps, Tron (TRX), to be approved after SIP 2014 and SIP 2015 have been approved. This week, traders can earn rewards for trading in the new markets.

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