Synthetix gains over 5% amid DWF Labs partnership

Synthetix’s native SNX token price has surged by over 5% in the last 24 hours, following a $20 million investment in the DeFi project by DWF Labs. 

DWF Labs, a global digital assets market maker and multi-stage web3 investment company, has inked a strategic partnership with Synthetix Network, an Ethereum-based derivatives liquidity protocol. 

As part of the alliance, DWF Labs has purchased $15 million worth of Synthetix’s native SNX token, with a further investment of $5 million in the pipeline.

Similarly, the partnership will enable DWF Labs to integrate Synthetix Perps products into its platform.

Synthetix is a decentralized finance (DeFi) protocol designed to enable the issuance, staking, and trading of synthetic assets that track the value of real-world assets and commodities. Synthetix Perps is a decentralized perpetual futures exchange that offers low fees and deep liquidity.

SNX token soars 

The price of SNX tokens rose to a high of $3.13 on the day, representing an increase of more than 4.9% in the 24-hour timeframe. 

SNX 24-hour trading volume of $236,709,580. SNX, the world’s 56th-largest cryptocurrency by market capitalization, is down by 89.19% since its all-time high of $28.53 reached in February 2021.