Synthetix Treasury Council partners with DWF Labs to boost liquidity for SNX tokens, bags $20M in funding
The Synthetix Treasury Council, the central body that provides resources for the growth and expansion of the Synthetix protocol, has partnered with DWF Labs to boost liquidity for SNX tokens. The partnership happened just a few days ago and was only announced on Discord.
Today, Synthetix Treasury Council announced it has established a strategic partnership with DWF Labs aimed at boosting liquidity and market-making for SNX tokens on both centralized and decentralized exchanges. The partnership will see DWF Labs integrate Synthetix perpetuals into their trading business and become a significant volume driver for the protocol. Synthetix is a decentralized synthetic asset issuance protocol built on the Ethereum blockchain.
In conjunction with the partnership, Synthetix also announced it has raised $20 million in new funding from the acquisition of $15,000,000 (USDC) worth of SNX tokens by DWF Labs which was concluded on March 16th, plus an additional purchase of $5,000,000 SNX to occur once the integration of Synthetix perpetuals has been completed and trading has commenced.
Andrei Grachev, Managing Partner of DWF Labs, shared his enthusiasm for Synthetix and its potential for revolutionizing financial innovation, as well as DWF Labs’ commitment to actively participating in the Synthetix ecosystem.
“We are thrilled to invest in Synthetix, a cutting-edge financial primitive that enables the creation of synthetic assets and unlocks unparalleled opportunities for exposure to real-world assets on the blockchain. By leveraging Synthetix’s deep liquidity and composability, platforms can now deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases. With Synthetix perpetual futures already available on various decentralized exchanges, we are confident that our partnership will foster exponential growth and continue to drive the DeFi ecosystem forward.” added Andrei.
This partnership marks a new chapter in the Synthetix ecosystem’s journey and demonstrates the growing adoption of decentralized finance and blockchain-based platforms. By partnering with DWF Labs, Synthetix aims to further solidify its position in the market and expand its reach to a wider audience.
Investors, traders, and enthusiasts in the cryptocurrency and decentralized finance (DeFi) space would find this partnership interesting. It could also pique the interest of those involved in financial innovation, blockchain technology, and anyone looking to stay informed about the latest developments in the Synthetix ecosystem.
On March 19th, Synthetix’s V2 iteration hit a new all-time high (ATH) in daily trading volume of perpetual swaps, surpassing $400M in trades, according to Dune Analytics. This latest milestone underscores the growing demand for decentralized finance solutions, as investors seek out more transparent and accessible ways to trade financial assets.
Synthetix is a decentralized synthetic asset issuance protocol built on the Ethereum blockchain. It allows users to mint, trade and provide liquidity for synthetic assets that track the value of real-world assets like gold, stocks, and more. Synthetix has experienced significant growth since its launch in 2018 and is committed to expanding the use cases for synthetic assets.
DWF Labs is a global quantitative trading firm and multistage web3 investment firm that specializes in market making and algorithmic trading. DWF Labs has a presence in major financial hubs around the world and offers high-quality market-making services to its clients. The firm has a track record of innovation and is committed to staying at the forefront of financial technology.