Cryptocurrency News

Synthetix racks up over $1M in daily fees as SNX token value surges 100%

06/20/2022

Less than a minute

2022.06.20 13:12

Synthetix racks up over $1M in daily fees as SNX token value surges 100%

Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH).

Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times.

Crypto fees of popular projects. Source: cryptofees.infoSynthetix (SNX) price index. Source: CoinMarketCap

06/20/2022

Less than a minute

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