Cody McGrath 
The price increase has enabled Synthetix (SNX) to clear the deficit caused by the crypto crash, as its trading volume increases by 1200%.
SNX, the native token of Synthetix Network, has been the day’s largest gainer. In the previous 24 hours, the price of the Synthetix token has increased by a stunning 100 percent. This unexpected increase is built into the higher network daily volume as a result of its newly given feature.
Synthetix, a developer of derivative liquidity protocols, stated in a series of threads that their “Atomic Swaps” feature is critical. The platform has a daily volume of more than $200 million. It further stated the hat daily volume of swaps on the 1inch and Curver finance protocols is over $100 million apiece.
The SNX token 24-hour trading volume has increased by over 1200 percent to $322 million, according to CoinMarketCap.
At the time of publication, the Synthetix token was trading at an average price of $3.04. The latest price increase has assisted the token in recouping its previous deficit caused by the market crash. In the last seven days, the price of SNX has increased by 50%.
The SNX team collaborated closely with Curve Finance to create Curve pools for ssETH/EBTCsBTC/BTC and sUSD/2CRV. This aided the network’s ability to provide derivatives tokens. Meanwhile, Synthetix’s atomic exchange examines the Uniswap live price and compares it to the Chainlink. This is done to ensure that the current price does nothing. However, Synthetix stated that their recent integration with the 1inch has resulted in a significant increase in volume.
Celsius Holds 6.6 Million Of Synthetix Tokens
During the price spike, the annualized funding rate of SNX has surpassed -200 percent, according to Coinglass. This suggests that massive shorts are on the way. An expert advised on-chain lenders such as Aave protocol to suspend borrowing or usage of SNX as collateral. It was stated that the Celsius Network has approximately 6.6 million SNX tokens in its wallet. In the future, these tokens can be used to manufacture sUSD or borrow funds.