It is now possible to trade DeFi protocol Synthetix’ SNX token on OKEx’s platform. The listing of SNX token on one of the biggest cryptocurrency derivatives exchanges worldwide points to the fact that decentralized finance (DeFi) tokens are moving to centralized exchanges.
The Synthetix DeFi protocol helps issue and trade synthetic assets such as cryptocurrencies, stocks, gold as well as other real world assets using ERC20 tokens. Through the protocol, users are exposed to assets without actually holding them, thereby bringing about a reduction in friction for transfers and improvement of censorship resistance.
The Synthetix platform facilitates the unlocking of on-chain exposure to any asset for users to lock SNX tokens and mint tradable ‘Synth’ assets such as synthetic Bitcoin (sBTC) or synthetic USD (sUSD). OKEx announced the listing on Twitter:
“SNX will be listed on @OKEx against USDT and BTC! Deposits will go live at 4:00am, July 24. Spot trading will be enabled from 7:00am, July 24. Withdrawals will be available at 9:00am on July 27. (All times are in UTC.)”
The growth of DeFi has been massive in recent times, such that it became a $3 billion industry from $1 billion within two months. Hence, it seems it has been attracting new users and institutional participants as the market keeps booming.At press time, the price of SNX token is $3.45, representing about -0.21 percent decrement on the day. Likewise, its market capitalization is about $308 million and the volume within the past 24 hours is $239 million. The token has incurred over 75 percent increase in price within the past 30 days. Its
When it comes to BTC futures trading, Huobi is the first followed by OKEx based on volume data provided by Skew Analytics. At the moment, CoinGecko ranks OKEx number 17 in aggregated volume by CoinGecko.
Apart from OKEx, users can also trade SNX on Bianance and Poloniex. There are other DeFi tokens on OKEx, including Compound’s COMP and Celo’s CELO tokens.
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