Thomas Dunleavy, a cryptocurrency researcher from Messari, shared an interesting analysis of the performance of Synthetix (SNX), one of the most popular DeFi protocols.
Dunleavy reveals that net income of Synthetix (SNX), a decentralized finance (DeFi) platform, has increased 700% in two months.
GM. Get that going and wake up to this OG you’ve been sleeping on
SNX daily revs are up ~700% since June. Price? Only up 30%. Still 90% off ATHs.
Wait that rev must not go back to stakeholders right? Nope 100% back to SNX stakers. Inflation? Nada. 2.5% starting next year
— Dunleavy (@dunleavy89) August 26, 2022
This huge increase is likely due to the combination of the Synthetix (SNX) atomic swap module with 1inch. cryptocurrencies It can be done smoothly and efficiently.
When Synthetix (SNX) atomic swaps are enabled, 1inch users will be able to use Zero Slippage. Consequently, the total trading volume and revenue of Synthetix (SNX) skyrocketed.
However, the price of SNX tokens from Synthetix has only increased 30% since June and is still down 90% from a record high.
Dunleavy notes that the imbalance may be due to Synthetix (SNX) being used by “few hundred traders” every month, and the Synthetix (SNX) team is working on an update to bring in a new generation of traders. Coming to the platform, Synthetix (SNX) is aiming to reduce fees, increase support for DEX and new markets, and improve user experience.
The combination of these factors could be a catalyst for the bullish market for SNX prices in the medium to long term.
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