DeFi Altcoin Defies Crypto Downtrend, Surges 51% This Week Amid Skyrocketing Trading Volume
An under-the-radar decentralized change (DEX) altcoin jumped by 20% on Friday, defying a virtually common crypto market downtrend.
Kwenta (KWENTA) is a derivatives DEX that gives publicity to real-world and on-chain artificial belongings utilizing the Synthetix (SNX) protocol.
Its native token, KWENTA, rallied from a low of $400.96 on March tenth to its present worth of $609.05 at time of writing, representing a rise of over 51%.
The 262nd-ranked crypto asset by market cap first went live final November and set an all-time excessive of $680.80 simply 4 days in the past. The token, which is used for staking and governance, is up round 373% for the reason that begin of the 12 months.
Kwenta’s value features come because the platform witnesses a surge in buying and selling quantity this month. The DEX processed greater than $102 million in buying and selling quantity on Thursday alone, in comparison with the $1-5 million every day quantity vary it hovered round for many of January.
Kwenta now has a complete of $1.05 billion in lifetime quantity, the vast majority of which has occurred in simply the previous two weeks, based on the undertaking’s web site. There have additionally been dramatic upticks within the variety of trades and merchants on the platform this month.
Moreover, Kwanta listed choices on Thursday by integrating liquidity from Lyra Finance (LYRA), a decentralized choices change.
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