Synthetix Price Is Up 190% in a Month—Here’s Why
Synthetix’s native token, SNX, surged 190% over the past month, driven by anticipation for its upcoming perpetual decentralized exchange (DEX) launch on Ethereum, expected in Q4 2025. SNX recently traded at $1.98, following strong gains amid heightened activity: 975 new wallets were added in a single day, with over 2,700 active wallets and 229 whale transfers above $100,000. The rally is largely attributed to growing excitement around on-chain derivatives and the success of perpetual DEXs like Hyperliquid. Synthetix’s competitive edge lies in operating directly on Ethereum mainnet, using an off-chain order book with on-chain settlement for gasless trading and zero settlement fees. Despite a recent 19% short-term correction, analysts regard it as a healthy pause after rapid price appreciation. The shift toward DEXs is supported by increased transparency and on-chain solvency, making them preferred for derivatives trading. Continued sustainable growth will depend on whether new users begin staking SNX, indicating lasting commitment beyond initial speculation.
