Binance Lists Popular DeFi Token Synthetix (SNX)
According to the announcement, trading for SNX/BTC, SNX/BNB, SNX/BUSD and SNX/USDT is now live. Notably, there is no ETH pair included in the listing, despite the project’s ties to the network.
“Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets,” states Binance on its official information page. “Traders and other market participants can gain on-chain exposure to a variety of assets without slippage on the Synthetix exchange.”
As we previously reported, SNX has seen significant buyer activity over the course of the last year. The price of SNX is up over 220% in the last month alone, due in large part to the ongoing excitement around DeFi tokens.
Binance is the first major centralized exchange to list SNX, unless you count Poloniex. The question now is whether this increased liquidity and trading activity will hurt or help the altcoin’s seemingly endless momentum.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.