Gamza Khanzadaev
PEPE and XRP are now available for trading on the Synthetix decentralized platform
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Decentralized finance protocol Synthetix recently made an announcement revealing the addition of new perpetual futures markets for XRP and Pepe Coin (PEPE). These markets are now available for leverage trading on Synthetix Perps, the protocol’s native exchange. The decision to add these assets to the trading platform was made by a vote of the SNX stakers, who own the platform’s native token.
Besides XRP and PEPE, Synthetix has also launched perpetual futures markets for several other cryptocurrencies. These include SUI, BLUR, DOT, FLOKI, and INJ, further expanding the range of trading options for users.
To ensure accurate pricing, Synthetix will rely on the off-chain decentralized oracle Pyth Network for the newly added markets. This Oracle system provides real-time market data, ensuring fair and transparent pricing for traders. It should be noted that fee structures may vary depending on the asset traded.
A little bit about Synthetix (SNX)
SNX stakers played a crucial role in deciding which assets to list on the platform. Impressively, 81.51% of all SNX tokens are staked, which is a staggering value of around $631 million.
Synthetix has an active user base of around 600 wallets. Last week, the average trading volume across all markets on Synthetix Perps reached an impressive $163 million, for a total trading volume of $1.15 billion.
With the launch of new perpetual futures markets, Synthetix is poised to attract a wider audience of cryptocurrency traders, particularly those from the XRP and PEPE communities, known for their high-level engagement.
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