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Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement

Published 04/27/2022, 02:52 PM
Updated 04/27/2022, 05:00 PM
Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement
ETH/USD
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Layer-2 (L2) solutions for the Ethereum (ETH) network have grown in prominence over the last year because of the need for scalable networks that offer low-fee transactions and led to numerous projects that built cross-chain bridges with competing blockchain networks.

One project that has benefitted from the growth of the L2 scaling solutions is Synthetix (SNX), a decentralized finance (DeFi) protocol that enables the creation of synthetic assets and offers exposure to derivatives and futures trading on the blockchain.

SNX/USDT 1-day chart. Source: TradingView
Synthetix protocol metrics. Source: Dune Analytics
VORTECS™ Score (green) vs. SNX price. Source: Cointelegraph Markets Pro

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