Synthetix Up 26%, Leading Double-Digit Gains for DeFi Tokens

Synthetix Up 26%, Leading Double-Digit Gains for DeFi Tokens

Decentralized finance (DeFi) tokens including Synthetix Network (SNX), Compound (COMP) and SushiSwap (SUSHI) are having a field day in terms of daily gains, leaving the rest of the crypto market in the dust.

SNX, the native token of liquid synthetic assets platform Synthetix, is leading today’s DeFi gains parade so far. At press time, SNX is up 26.8% over the past 24 hours currently trading at around $12, according to crypto metrics platform CoinGecko.

Last week, Synthetix developers also reported record monthly trading volume growth on the platform, totaling 15% of its total volume in just 30 days.

“In a single month, Synthetix hit roughly one billion in Synth trading volume. That's 15% of our total tracked volume, 6.75 Billion, in one month! This is a major milestone as it reflects the tangible growth happening to the protocol. Exciting times,” Synthetix tweeted on June 30. In the past week, Synthetic has posted 69.4% gains.

In a single month, Synthetix hit roughly one billion in Synth trading volume. That's 15% of our total tracked volume, 6.75 Billion, in one month! This is a major milestone as it reflects the tangible growth happening to the protocol. Exciting times. https://t.co/aQ1m68A0Us pic.twitter.com/iWcCI02XiI— Synthetix ⚔️ (@synthetix_io) June 30, 2021

A DeFi bonanza

DeFi is a massive ecosystem of intricately interconnected blockchain protocols such as lending platforms, decentralized exchanges (DEXs), and liquidity pools that allow users to act as a replacement for traditional banks. As well as Synthetix, other DeFi tokens have posted double-digit gains in the past 24 hours.

They include Ethereum-based COMP ($499.98, +14.9%) and SUSHI ($8.86, +14.8%), the native token of multichain automated market maker SushiSwap. UNI is up 6.2% on the day, trading at about $21.71.

Several other DeFi tokens are rallying as well. THORChain (RUNE, $6.96, +13.5%), Avalanche (AVAX, $13.51, +9.9%), Curve DAO Token (CRV, $1.92, +6.8%), and Binance Smart Chain-based DEX PancakeSwap (CAKE, $14.7, +6.2%) are all seeing substantial gains.

Meanwhile, data provided by analytics platform DeFi Pulse shows that there is $54.07 billion in value currently locked on various DeFi platforms.

The top five spots are taken by Aave ($11.24 billion locked), Curve Finance ($8.51 billion), InstaDApp ($7.84 billion), Maker ($7.19 billion), and Compound ($7.08 billion).

At the same time, most of the major non-DeFi cryptocurrencies remain locked in their narrow price corridors. For example, Bitcoin ($34,149, -1.4% on the day), Ethereum ($2,274, -1.5%), Cardano ($1.42, -0.8%), and Polkadot ($15.40, -1.5%) are all in the red today, albeit slightly.

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