In order to increase SNX token liquidity and market making on both centralized and decentralized exchanges, the Synthetix Treasury Council has announced a strategic agreement with DWF Labs. As a result of the collaboration, DWF Labs will include Synthetix perpetuals in their trading operation and expand to be a substantial volume generator for the protocol.
On March 16th, DWF Labs completed the purchase of SNX tokens valued at $15,000,000 (USDC). A further purchase of $5,000,000 SNX will be made when the integration of Synthetix perpetuals is completed and trading has started.
The managing partner of DWF Labs, Andrei Grachev, spoke about DWF Labs’ dedication to actively taking part in the Synthetix ecosystem. He also shared his excitement for Synthetix and its potential to revolutionize financial innovation.
“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 now 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.” added Andrei.
This agreement opens a new chapter in the Synthetix ecosystem’s narrative and shows how decentralized finance and blockchain-based platforms are becoming more and more popular. Synthetix wants to strengthen its position in the market and reach a larger audience by cooperating with DWF Labs.
This alliance would be intriguing to investors, traders, and aficionados in the cryptocurrency and decentralized finance (DeFi) field. It could also catch the attention of anyone interested in blockchain technology, financial innovation, or who wants to keep up with what’s new in the Synthetix ecosystem.
According to Dune Analytics, on March 19th, Synthetix’s V2 version reached a new all-time high (ATH) in daily trading volume of perpetual swaps, topping $400M in transactions. As investors look for more open and accessible methods to exchange financial assets, this most recent achievement highlights the rising need for decentralized finance solutions.
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- Source: https://thenewscrypto.com/synthetix-treasury-council-establishes-strategic-partnership-with-dwf-labs-raising-20-million-in-funding/
