• Synthetix has announced a strategic partnership with DWF Labs to boost liquidity and market-making for SNX tokens.
• DWF Labs has invested $20 million in SNX tokens through USDC, which will be vested to provide deeper liquidity for its market.
• According to Andrei Grachev, Managing Partner of DWF Labs, the collaboration between DWF and Synthetix has the potential to revolutionize global financial innovation.
Synthetix and DWF Labs Strategic Partnership
Synthetix, a decentralized synthetic asset issuance protocol built on the Ethereum blockchain, has announced a strategic partnership with DWF Labs, a global quantitative trading and multistage web3 investment firm. The partnership is aimed at boosting liquidity and market-making for SNX tokens on both centralized and decentralized exchanges.
DWF Labs‘ Investment in SNX Tokens
DWF Labs has invested approximately $20 million in Synthetix by acquiring the SNX tokens worth of $15,000,000 through Circle’s USDC. An additional purchase of $5,000,000 SNX will occur once the integration of Synthetix perpetual is completed and trading gets underway. As such, the acquisition of SNX coins has caused a 7.5 percent increase in its price within 24 hours to trade around $3.10 on Monday.
SNX Holders & Transfers
According to Coingecko’s market data provided by etherscan, SXN currently holds around 95k holders facilitating over 1.8 million transfers with an approximate market capitalization of $974 million and 24-hour trading volume of about $231 million.
Andrei Grachev’s Viewpoint
Andrei Grachev, Managing Partner of DWF Labs expressed his satisfaction with the partnership with Synthetix for future Web3 development noting that it has the potential to disrupt and revolutionize global financial innovation.
Conclusion
The strategic partnership between Synthetix and DWF labs is geared towards providing deeper liquidity for SNX tokens on both centralized and decentralized exchanges while also revolutionizing global financial innovation as viewed by Andrei Grachev