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DeFi Token Synthetix Soars 10% as Community Mulls PEPE Market Launch

Synthetix’s native token SNX is off to a heady start Thursday morning, rising by around 10% overnight. It now trades at $2.42, per CoinGecko, up 9.3% on the day. Despite today’s bullish impulse, the token is still down more than 91% from it's all-time high set in February 2021. One of the original DeFi projects, Synthetix is a decentralized derivatives platform built on Ethereum and Optimism. It allows users to spin up liquidity pools for tokenized versions of commodities, such as gold or oil, as well as add novel spins to some of the more popular cryptocurrencies. Synthetix Improvement Proposal (SIP) 2014 and 2015 would open eight new markets.

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