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Synthetix (SNX) Price Surges as Lyra Announced New Rewards Program - TheNewsCrypto

source-logo  thenewscrypto.com 15 September 2021 15:03, UTC
  • On Tuesday, Synthetix native token SNX surge in price.
  • Lyra’s new program called, “trial liquidity mining program”.
  • LYRA tokens not yet released for trading.

On Tuesday, an Ethereum-based DeFi ecosystem Synthetix native token SNX surge in price. The reason behind the price surge is Lyra has announced a rewards program linked to the protocol’s sUSD stablecoins.

Accordingly, to mint new Synthetic USD (sUSD) coins, initially, traders need to purchase SNX tokens. And then lock them into the Synthetix platform through a process called staking.

Lyra is a decentralized crypto trading protocol that builds on the Ethereum platform. It launched in late August. Lyra targets to increase the supply of sUSD on Optimistic Ethereum, it is a layer 2 network that, utilized to speed up and reduce the transaction cost on Ethereum blockchain.

Furthermore, Lyra’s new program, called, “trial liquidity mining program”. Under this new program, nearly 750,000 LYRA tokens will made accessible to liquidity providers. In crypto markets, LYRA tokens, not yet released for trading. Therefore the exact value of the reward is not clear in the term of a dollar.

According to the blog post by Lyra, the reward earned by this new program will be offered when the LYRA token is officially launched. Henceforth, in the upcoming weeks, more information about the LYRA token will be released.

Eventually, Synthetix is a protocol that enables users to mint crypto assets like Bitcoin (BTC) as well as real-world assets like the U.S. dollar (USD). These synthetic tokens can utilized in decentralize finance (DeFi). In which traders can sell or buy tokens using automated blockchain-based protocols.

According to CoinMarketCap, Synthetix’s (SNX) price trades at $13.45, with a 24-hour trading volume of $261,294,896 at the time of writing.