Recent news from decentralised finance protocol Synthetix revealed the launch of new perpetual futures markets for XRP and Pepe Coin (PEPE). The protocol’s native exchange, Synthetix Perps, currently offers leveraged trading on these marketplaces. The SNX stakers, who own the platform’s native token, voted on whether to add these assets on the trading platform.
Synthetix has launched perpetual futures markets for a number of additional cryptocurrencies in addition to XRP and PEPE. These add to the user’s trading choices and include SUI, BLUR, DOT, FLOKI, and INJ.
Synthetix will rely on the decentralised off-chain Pyth Network oracle for the recently added markets to ensure proper pricing. The real-time market data provided by this oracle system will ensure fair and open pricing for traders. It is important to remember that fee schedules might change based on the particular item being exchanged.
A bit about Synthetix (SNX)
The selection of the assets that will be featured on the platform was heavily influenced by SNX stakers. Impressively, 81.51% of all SNX tokens are staked, amounting to a remarkable $631 million in value.
Around 600 wallets are active users of Synthetix. The average trading volume on Synthetix Perps over the previous week has increased to an astonishing $163 million, totaling $1.15 billion in transactions.
With the launch of new perpetual futures markets, Synthetix will be able to draw in more cryptocurrency traders, particularly from the high-level engagement XRP and PEPE groups.
