Synthetix (SNX) steals the show, here's why

Synthetix (SNX) has made a remarkable rise in its share price, with an impressive 22% increase to $3.56 currently. This rise has propelled the token to its highest price level of 2023 and wiped out all previous losses, with an annual gain of a whopping 147%.

The increase follows after Synthetix announces its new upgrade plan called Perp V3. This protocol will build on the success of V2 and include plans to launch a new trading engine on the Base Layer-2 network.

The protocol highlighted the success of V2, with a milestone of $30 billion in total value based on innovations such as on-chain perps, risk management focus and the introduction of new standard features such as dynamic funding rates and price impact.

Collateral of different coins

With Synthetix heading to V3, users are predicted to be able to take advantage of collateral from various coins, such as sUSD, sETH and sBTC, for use as margin. Liquidity upgrades and innovations, such as cross-margining and account-based access, will be central to Perp V3. Although excitement about V3 has been around for some time, the exact launch date has not yet been announced.