DeFi
www.coindesk.com
20 March 2023 11:05, UTC
Reading time: ~2 m
Market maker and investment firm DWF Labs is making a $20 million investment in on-chain liquidity and derivatives trading protocol Synthetix.
DWF Labs purchased $15 million worth of Synthetix’s native token SNX on March 16 with a further purchase of $5 million to follow, the Synthetix Treasury Council announced via email on Monday.
Synthetix’s perpetuals will be integrated into DWF Labs’ trading business with the aim of significantly increasing the protocol’s trading volume.
Ethereum-based Synthetix is a decentralized asset issuance protocol blockchain, which allows users to mint and trade synthetic assets that track the value of real-world assets like gold and stocks.
DWF Labs’ investment follows less than a week after a $10 million purchase of blockchain infrastructure provider’s Orbs Network’s native token ORBS. ORBS has seen growth of 14.5% in the last seven days.
At the time of writing, SNX was up 2.89% on the day at $2.96.
Read more: DeFi Protocol Maverick Unveils UniSwap Rival Decentralized Exchange on Ethereum
Sourced from cryptonews.net.
