Synthetix (SNX) Founder Announces New Project To Compete With Centralized Exchanges

The founder of Ethereum (ETH)-based decentralized finance (DeFi) protocol Synthetix (SNX) has announced the launch of a new project that he says aims to compete with centralized exchanges (CEXs).

Timeline of Synthetix

SNX, the native token of the Synthetix Network, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to exhibit strong bullish momentum, having registered a positive market performance over the past few weeks.

Infinex, a Synthetix frontend designed to rival centralized exchanges, was announced by its founder Kain Warwick on July 14. Infinex serves as a frontend to the existing derivatives liquidity protocol Synthetix, which operates in part on Optimism's OP Mainnet.

Kain Warwick, founder of the Synthetix derivatives protocol, has introduced Infinex, a new decentralized perpetuals exchange. The venture sets its sights on challenging the dominance of centralized exchanges such as Binance by prioritizing user experience, marking a notable shift in the DeFi status quo.

Decentralized finance (DeFi) protocol Synthetix could potentially burn a significant percentage of its supply if the project moves forward with a proposal from its founder. In a new blog update, Synthetix creator Kain Warwick lays out 12 different suggestions or opportunities for the project moving forward.

Synthetix (SNX) has been on many traders' watchlists since the start of May as the Decentralized Finance (DeFi) protocol appears to be pricking the interest of investors in recent times. Synthetix has been recording a slow and steady run in the price of its native token, which has placed its price at $2.45, up by 3.19% over the past 24 hours.

Synthetix has secured a $20 million investment from Web3 investment and quantitative trading firm DWF Labs. The partnership will see DWF Labs tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges, with Synthetix' perpetual futures integrated into DWF Labs' trading business.

Synthetix [SNX] continues to make news with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that Perps V2's cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million.

A mysterious investor is scooping up an Ethereum-based (ETH) altcoin that has more than doubled up in price so far this year. According to new data from blockchain-tracking service Lookonchain, an unnamed institution spent $10 million worth of USD Coin (USDC) to purchase 3.

Synthetix [SNX] witnessed a major surge in its Perps V2 exchange as its daily volume reached $100 million. This indicated an increased number of investors in the network, as crypto traders often use perpetual contracts to earn passive income through funding fees.

Since the crypto market sentiment turned bearish after a few weeks of improvement, many cryptocurrency prices have retraced. Many coins have barely held their gains, while others have surrendered the past month's gains to the bears.