Sunday, June 4, 2023

Synthetix (SNX) trading volume overtakes GMX, but is the DEX token rally sustainable? By Cointelegraph


Synthetix weekly trading volumes surpassed $1 billion, overtaking decentralized derivatives exchange GMX to become the second-most active platform.

The trading volume data from Token Terminal shows that Synthetix did more than twice the trading of GMX in the seven-day period starting May 17, thanks to Optimism (OP) token incentives for perpetual swap traders.

The 7-day trading volume on decentralized derivative exchanges. Source: Token Terminal
The fees earned by Synthetix Protocol. Source: DefiLlama
price chart. Source: TradingView
GMX open interest and trading volumes since April. Source: CoinGecko
price chart. Source: TradingView