The new listing on Binance is the hot DeFi token Synthetix.
Binance is listing four trading pairs – SNX/BTC, SNX/BNB, SNX/BUSD, and SNX/USDT, which will be opened for trading today at 12:00 PM (UTC). Deposits are already open on the exchange.
Built on Ethereum, Synthetix is a token for minting and trading synthetic assets, including cryptos, equities, leveraged tokens, and other real-world assets on its network.
The token SNX is used to earn exchange fees for collateralizing the protocol and can also be staked.
The 28th largest cryptocurrency by market cap, SNX, is up 225% in the past month and more than 830% in the past year. Currently, it is trading at $2.92 in the green.
— The Crypto Dog📈 (@TheCryptoDog) July 8, 2020
This token was created back in 2017 when it was initially named Havven. Founded by Kain Warwick, who is also the creator of an Australian crypto payment platform, this project raised about $30 million via Initial Coin Offering (ICO) in March 2018.
Before starting the month, Synthetix launched native binary options as part of its Acrux upgrade. These options are types of contracts that provide a fixed return based on a binary outcome in the future and payout on a specific date.
Its DeFi ecosystem consists of a decentralized exchange and Mintr where SNX stakers can mint and burn Synths to manage their collateralization ratio, track fluctuation in debt, and perform other activities on the network.
Currently, this project is the third biggest one in the DeFi space, as per DeFi Pulse.
The total amount of value locked in this application hit a new all-time high of $393.5 million today, which has been on an uptrend since March 2020.