u.today
Decentralized finance protocol Synthetix has recently made an announcement, revealing the addition of new perpetual futures markets for XRP and Pepe Coin (PEPE). These markets are now available for leverage trading on Synthetix Perps, the protocol's native exchange. The decision to include these assets on the trading platform was determined through a vote of the SNX stakers, who hold the platform's native token.
Alongside XRP and PEPE, Synthetix has also introduced perpetual futures markets for several other cryptocurrencies. These include SUI, BLUR, DOT, FLOKI and INJ, further expanding the range of trading options for users.
To ensure accurate pricing, Synthetix will rely on the decentralized off-chain Pyth Network oracle for the newly added markets. This oracle system will provide real-time market data, ensuring fair and transparent pricing for traders. It is worth noting that fee structures may vary depending on the specific asset being traded.
A bit about Synthetix (SNX)
SNX stakers played a crucial role in deciding which assets would be listed on the platform. Impressively, 81.51% of all SNX tokens are staked, representing a staggering value of approximately $631 million.
Synthetix has an active user base of around 600 wallets. Over the past week, the average trading volume across all markets on Synthetix Perps has reached an impressive $163 million, resulting in a total trading volume of $1.15 billion.
With the introduction of new perpetual futures markets, Synthetix is poised to attract a broader audience of cryptocurrency traders, especially those from the XRP and PEPE communities, which are known for high-level engagement.