SNX price soars 100% in December — What’s driving the rally for Synthetix?

Synthetix Network Token (SNX), the native token of Synthetix — a decentralized finance derivatives protocol — has been surging throughout the past week and is now worth over $7.87 as of Dec. 23.

The primary catalyst behind SNX has been a listing on Coinbase. On Dec. 16, Coinbase officially announced the listing of the Aave protocol’s AAVE token, Bancor Network Token (BNT) and Synthetix Network Token.

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Other factors include the rapid increase in total value locked and user interface improvements via its latest software upgrade on Dec. 22.

SNX/USDT daily chart (Binance). Source:

Why is Synthetix seeing a massive increase in user activity?

Synthetix is a protocol that mints new synthetic assets with cryptocurrencies, such as Ether (ETH), as collateral. This allows users to borrow and trade various assets with many cryptocurrencies on a DeFi derivatives platform.