Synthetix Treasury Council Announces Strategic Partnership with DWF Labs
- Through the strategic partnership, DWF Labs has purchased about $20 million worth of SNX coins via USDC.
- According to on-chain data provided by etherscan, SNX tokens have over 95k holders, facilitating over 1.8 million transfers.
The Synthetix network, a decentralized synthetic asset issuance protocol built on the Ethereum blockchain, has announced a strategic partnership with DWF Labs, a global quantitative trading and multistage web3 investment firm, aimed at boosting liquidity and market-making for SNX tokens on both centralized and decentralized exchanges. According to the announcement, the partnership will see DWF Labs integrate Synthetix perpetuates into their trading business and become a significant volume driver for the protocol.
Closer Look at Synthetix and DWF labs’ Strategic Partnership
Notably, DWF Labs has invested approximately $20 million in Synthetix by acquiring the SNX tokens, which will be vested to provide deeper liquidity for its market. As such, the SNX price has gained over 7.5 percent in the past 24 hours to trade around $3.10 on Monday.
Reportedly, the acquisition of $15,000,000 through Circle’s USDC worth of SNX tokens by DWF Labs concluded on March 16th. The company noted that an additional purchase of $5,000,000 SNX will occur once the integration of Synthetix perpetual is completed and trading gets underway.
With the investment finalized, SNX coin traders can rest assured of deeper liquidity on both centralized and decentralized exchanges in the future. According to market data provided by Coingecko, SXN has a market capitalization of approximately $974 million and a 24-hour trading volume of about $231 million.
According to on-chain data provided by etherscan, SNX tokens have over 95k holders, facilitating over 1.8 million transfers.
Andrei Grachev, Managing Partner of DWF Labs, expressed his satisfaction with the partnership with Synthetix for future Web3 development. According to Grachev, the collaboration between DWF and Synthetix has the necessary potential to disrupt and revolutionize global financial innovation.
— Andrei Grachev (@ag_dwf) March 17, 2023
Moreover, the Synthetix ecosystem has a number of thriving Web3 protocols, including 1INCH, Curve Finance, and ParaSwap, among others.
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“We are thrilled to invest in Synthetix, a cutting-edge financial primitive that enables the creation of synthetic assets and unlocks unparalleled opportunities for exposure to real-world assets on the blockchain. By leveraging Synthetix’s deep liquidity and composability, platforms can deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases. With Synthetix perpetual futures already available on various decentralized exchanges, we are confident that our partnership will foster exponential growth and continue to drive the DeFi ecosystem forward,” Andrei noted.
As a top 100 crypto and blockchain project, Synthetix protocol has enjoyed the benefits of well-performing altcoins. For instance, Synthetix’s V2 iteration hit a new all-time high (ATH) in daily trading volume of perpetual swaps On March 19th, surpassing $400M in trades, according to Dune Analytics.
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