SNX (Synthetix) rose 40.20% in the last 24 hours.

Gate News Bot news, on September 25, according to CoinMarketCap, as of the time of writing, SNX (Synthetix) is currently priced at $0.93, with a rise of 40.20% in the last 24 hours, peaking at $0.96 and dropping to a low of $0.61. The current market capitalization is approximately $318 million, an increase of $91.10 million compared to yesterday. SNX is currently ranked 165th by market capitalization.

Synthetix is a decentralized derivatives trading platform based on the Ethereum mainnet. The platform is about to launch perpetual contract trading features and plans to hold a trading competition with a total prize of $1,000,000. Synthetix adopts a hybrid model, combining off-chain order matching and on-chain asset custody to achieve high-speed trading and maximum security. Users can use ETH, wstETH, cbBTC, or sUSDe as collateral for trading. In addition, Synthetix also provides a staking service with no liquidation risk, allowing users to stake SNX and sUSD for stable returns.

Important news about SNX recently:

1️⃣ Synthetix will launch a decentralized trading platform for perpetual contracts Synthetix plans to launch a perpetual contract decentralized trading platform (Perp DEX) on the Ethereum mainnet, marking a significant expansion for Synthetix in the derivatives trading space. As a key product in the cryptocurrency derivatives market, the introduction of perpetual contracts is expected to attract more traders into the Synthetix ecosystem, thereby increasing the platform's liquidity and usage.

2️⃣ Million Dollar Trading Competition is About to Start To celebrate the launch of the perpetual contract platform, Synthetix will hold a trading competition with a total prize pool of up to $1 million. This generous reward program not only attracts top traders to participate but also effectively tests the platform's performance and stability. The appeal of the high prize money may bring in a large number of new users, further increasing the market attention on SNX.

3️⃣ Platform function upgrade drives price rise Synthetix's series of initiatives, including the launch of new products and hosting large events, demonstrates the positive development trend of the project. These factors together have driven the rise of the SNX token price, reflecting the market's optimism about Synthetix's future development prospects.

From a technical perspective, the price of SNX has broken through the previous resistance level, showing strong pump momentum. However, investors should remain cautious about the potential pullback risks that may occur after a rapid rise.

This message is not intended as investment advice; investors should be aware of market volatility risks.