Synthetix jumps 16% as DAO seals Jump Crypto liquidity deal

Synthetix (SNX/USD) has traded higher over the past 24 hours, with gains of over 16% seen in the price of the SNX token.

Currently, the SNX/USD pair is changing hands around $3.26 (£2.71), up more than 23% on the weekly timeframe and positive for the month with nearly 5%.

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Why SNX price rose sharply

The crypto market continues to enjoy some relief bounce in the week, with Bitcoin and Ethereum holding above $23,600 and $1,600 – up 15% and 39% respectively on the weekly log amid projections that the worst of the deleveraging that drove prices into the ground might be ebbing away.

For Synthetix, fresh impetus has come from news that the protocol has received new liquidity injection, adding to its strength as the broader market navigates the crypto winter.

The protocol’s announcement was made on Thursday via a tweet, with the platform noting the agreement with Jump Crypto had been sealed via the community governed decentralised autonomous organisation (DAO).

Synthetix and Jump Crypto – which provides investments to crypto startups as well as liquidity to protocol ecosystems – will work together on liquidity provisioning across multiple assets. The partnership also includes product feedback, Synthetix tweeted.