SNX price soars 100% in December — What’s driving the rally for Synthetix?

SNX, the native token of Synthetix, a DeFi derivatives protocol, has been surging throughout the past week and is now worth over $7.87 as of Dec. 23.


The primary catalyst behind SNX has been a listing on Coinbase. On Dec. 16, Coinbase officially announced the listing of Aave (AAVE), Bancor (BNT) and Synthetix (SNX).

Other factors include the rapid increase in the total value locked and user interface improvements via its latest software upgrade on Dec. 22.


SNX/USDT daily chart (Binance). Source: TradingView.com

Why is Synthetix seeing a massive increase in user activity?

Synthetix is a protocol that mints new synthetic assets with cryptocurrencies, such as Ether (ETH), as collateral. This allows users to borrow and trade various assets with many cryptocurrencies on a DeFi derivatives platform.