Binance – the leading cryptocurrency exchange – has listed Synthetix‘s native token SNX.
SNX has been listed on @binance! It will go live for trading just under two hours from now, but deposits have been enabled already. It will trade against BTC, BNB, BUSD, and USDT. https://t.co/XOWHv6zaE4
— Synthetix ?? (@synthetix_io) July 9, 2020
This listing makes a major turn for DeFi tokens, many of which operated primarily on DEXs like Uniswap or obscure secondary exchanges like KUCOIN and BitMax. While this made for a more educated set of buyers due to the notion of becoming familiar with token economies like SNX, this BINANCE listing solidifies that major exchanges are now keeping a close eye on DeFi.
As pointed out on Twitter, the listing of SNX is interesting as it’s the second major new DeFi token listed on Binance following COMP, an interesting choice over something like MKR which has yet to be listed. The listing comes shortly after Binance acquired CoinMarketCap, a leading price tracker site that recently added a “DeFi” section to easily filter projects for those with DeFi ties.
Why Should I Care?
For DeFi token enthusiasts out there, we have long since become acquainted with using DEXs like Uniswap as the primary means of purchasing new tokens. Plus, with added liquidity incentives like those offered on Mintr by Synthetix, the capacity to acquire SNX has largely become second nature.
However, this listing offers up SNX to an entirely new audience of traders, many of which who have either never heard of DeFi, or are just starting to hear about it for the first time. As the community pointed out, this retail onramp should increase the capacity for new tokeholders to participate in the Synthetix ecosystem, simply by purchasing SNX or using it as a launchpad to take place in the sUSD minting process.
Long overdue listing of $SNX on Binance for winning the third place of community coin voting back in June 2018.
This should lead to a more efficient price discovery of $SNX going forward. https://t.co/ccJEuPCFao
— Arthur???????? (@Arthur_0x) July 9, 2020
Backed by Coinbase‘s recent announcement considering new assets (virtually all of which were DeFi tokens), we can see this wave of CeFi interest as a sure sign that DeFi is not going anywhere anytime soon.
Synthetix Surges
Following the release of binary options, Synthetix is enjoying exponential growth in terms of both TVL and the amount of sUSD being minted. For those unfamiliar, SNX primary utility is to be used as collateral to mint the platform’s native stablecoin – sUSD. Now that the price of SNX has gone parabolic, the capacity for stakers to issue more sUSD is increasing by the day, with $31M currently in existence at the time of writing.
$sUSD has been growing pretty fast recently. It has tons of potential. I also love that it has USD in it's name.
But..
There's still 3 things that need to happen before developers (like us @SportX_Project) will integrate it en mass as the reserve currency of their app. (1/5) pic.twitter.com/svlxpz7F2n
— Andrew | SportX (@AndrewSportX) July 9, 2020
While the leading DeFi derivatives platform still has a ways to go before it’s making major headway in CeFi circles, we’re seeing signs left and right that the crypto industry at large is keeping a close eye on Synthetix.
#Hashed has helped #Synthetix team to expand their business since early 2020. From this article, we want to address our thoughts about the Synthetix and to take a deeper look at why it is a key player in the #DeFi ecosystem. @synthetix_io https://t.co/XuZ9wdeZMl
— #Hashed (@hashed_official) July 8, 2020
To stay up with Synthetix, follow them on Twitter or join the conversation on Discord!
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Cooper is the Editor of DeFi Rate and a contributor to leading DeFi outlets like the Defiant and Bankless. He is active in the DAO ecosystem through projects like MetaCartel and Raid Guild where he seeks to incubate governance models and grassroots community development. He is an ambassador of Set Protocol and the Director of Fitzner Blockchain Consulting where he authors a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.
