Decentralized finance platform Synthetix caught attention as its token surged over 20% in the past day to new peaks of $3.57. The asset’s bullishness comes as the protocol unveils the Per v3 update, designed to improve the platform’s trading capabilities.
Synthetix’s Perp v3 upgrade
The Perp v3 update will introduce multiple functionalities that will boost Synthetix’s trading capabilities. It will bring several collateral assets for margin trading, offering players more options while increasing the protocol’s liquidity.
Also, the upgrade will heighten liquidity through better price discovery, enhanced market making, and reduced slippage for an efficient and profitable trading experience.
Cross margins will allow investors to avoid over-collateralization, translating to smooth risk management. Further, the account-based access will enable individuals to use one account for all undertakings, simplifying digital trading.
Synthetix token flashed bullish dominance, changing hands at $3.61 following an over 20% price uptick. The altcoin stays 147% up YTD.
Besides the Perp v3 announcement, factors such as broad market bullishness and the increasing DeFi popularity contribute to SNX’s current stance.
The decentralized finance industry sees increased attention as players seek new profitability opportunities. Synthetix, one of the top DeFi platforms, likely benefits from this tendency. Moreover, SNX capitalized on the bullishness in the crypto markets to stay afloat.
The Synthetix protocol enables individuals to create artificial products, including commodities and stocks on the Ether blockchain. Its latest price action represents significant recoveries for the altcoin.
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