Synthetix (SNX) Drops 18% As Crypto Market Cools Down – Details
The market is currently experiencing an enormous pullback after nearly a month of continuous gains.
According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs.
As the sector cools down, altcoins are pulled downward. Synthetix is one of the sufferers of the massive bearish pressure engulfing the market.
Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%. Related Reading: Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details Big Things Coming For Synthetix Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto.
Last week, Synthetix announced on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet. Andromeda Release is the implementation of the Perps V3 which, according to their recent blog post, is focused on enhancing trading efficiency, usability, and resilience on the network.
It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more. Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs! 👇https://t.co/72QmySbAfb Check out the TLDR and read the blog post to learn more.
– Perps V3…