SYNTHETIX IS MOVING IN HIGH SPEED ON THE ROAD OF CRYPTO AFTER ATOMIC SWAPS TAKE OFF
Synthetix SNX token, payments generated by the law and volume increase after the passing of Synthetix Improvement Proporsal 120, erasing the previous savings between the transaction of goods, called Synths and increasing the trading speed.
Daily payments exceeded $ 19 to $ 718,500 last month, making it the fourth-largest blockchain protocol followed by cryptofees.info. The protocol is ranked third in terms of payments on June 19, when SNX stakeholders earn more than $ 1M.
Synthetix token is also up. SNX increased 56.5% to $ 2.92 last week.
At $ 124B, the volume is also 40 times larger than the $ 3M it was last month, according to Messari's Dune Analytics question.
Most of the trading volume is from 1inch, a local aggregated exchange aggregator, according to data provided by Synthetix. 1inch is leading all projects that facilitate Synth trading, considering the $ 769M volume last week.
According to Cain Warwick, founder of Synthetix, the proposal known as Synthetix Improvement Proposal 120 (SIP-120) has become the key to the latest protocol tensions.
The SIP-120 proposal, written by Warwick, Yearn founder Andre Cronje, and two other participants, eliminates what was a ten-minute wait while trading between Synths. A new and faster trading activity is called atomic exchange.
"A few months ago, the SIP-120 was used to allow the killing of atoms by using Uniswap as a second term," Kain Warwick told Defiant. "After some additional work to improve efficiency and integration, 1inch started making orders with Curve + Synthetix and the volume started."
Warwick added that this was a feature of Ethereum's Layer 1, and that Synth trading in Optimism, Layer 2 (L2), is an automatic atom.
Synthetix also added a never-ending future in March, a protocol Twitter account cited as one of the reasons for its recent tensions.
Warwick is heading higher. He posted a suggestion on Twitter stating that we would push Synthetix over Ethereum in terms of revenue, as Uniswap did this week.