Synthetix (SNX) has experienced a 10% increase in trading value within 24 hours due to a new proposal.
- The market surge is likely attributed to the popularity of the meme frog cryptocurrency, PEPE, which has been adding value to all markets it’s involved in. The recent surge in volume could be due to the Synthetix Improvement Proposal (SIP) 2014, which aims to add PEPE coin markets to the L2 blockchain.
- Synthetix serves as a decentralized exchange for trading “synthetic” cryptocurrencies, operating as both a Layer-2 scaling solution and DEX within the blockchain ecosystem.
- The project was established in September 2017 by Kain Warwick and continues to operate within the Ethereum and Optimism mainnets.
- SNX experienced a notable increase in value last year due to atomic swap introduction to the network.
- This week, SNX has gained momentum due to a proposal to add eight new markets, including PEPE coin, one of the most popular meme coins of the year:
Synthetix Improvement Proposal (SIP) 2014 and 2015 aim to introduce eight new markets for synthetic cryptocurrencies. Of note is the interest in PEPECoin (PEPE), a highly-popular meme coin in the market.
- SIP 2014 proposes trading for PEPE, SUI, and BLUR, while SIP 2015 introduces XRP, DOT, TRX, FLOKI, and INJ. The proposals are currently open for voting this week.