Binance just listed a DeFi token that's up 230% in a month

Crypto exchange Binance today announced the listing of Synthetix (SNX), the main token of Ethereum-based trading platform Synthetix Network.

The token has been on a tear recently, having gained over 230% in the last 30 days. The latest listing will help to increase its trading volumes and make the coin more accessible to traders.

“Binance will list Synthetix (SNX) and open trading for SNX/BTC, SNX/BNB, SNX/BUSD and SNX/USDT trading pairs at 2020/07/09 12:00 PM (UTC). Users can now start depositing SNX in preparation for trading,” said the announcement.

Synthetix allows users to bet on cryptocurrencies, stocks, currencies, precious metals and other assets in the form of ERC-20 tokens. The system uses two types of tokens: the main Synthetix Network Token, SNX, and synthetic assets called “Synths.”

Currently, Synthetix is one of the largest DeFi protocols on Ethereum as the total USD value locked in it amounts to over $395 million, according to DeFi Pulse.

As Decrypt reported yesterday, DeFi tokens are witnessing huge gains at present—with ten outperforming Bitcoin in the last month. Synthetix is no exception. Since June 9, the token’s price has risen from $0.9 to around $3.10 at the time of writing—an increase of roughly 231% over the last 30 days.

As Decrypt reported, SNX’s continuous “rise to glory” that started last month also coincided with Coinbase considering its listing among 18 new tokens. But it’s certainly riding on DeFi fever—for as long as it lasts.