SNX price rises 100% in December – what is driving the rally for Synthetix?

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SNX, the native token of Synthetix, a DeFi derivative protocol, has risen sharply over the past week and is worth over $ 7.87 as of December 23.

The main catalyst behind SNX was a listing on Coinbase. On December 16, Coinbase officially announced the listing of Aave (AAVE), Bancor (BNT) and Synthetix (SNX).

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Other factors include the rapid increase in the total banned value and UI improvements from the latest software upgrade on December 22nd.

SNX / USDT daily chart (Binance). Source: TradingView.com

Why is user activity increasing massively at Synthetix?

Synthetix is ​​a protocol that shapes new synthetic assets with cryptocurrencies such as Ether (ETH) as security. This allows users to borrow and trade various assets with many cryptocurrencies on a DeFi derivatives platform.