• Synthetix Governance has given the green light to add Arbitrum [ARB] to Synthetix Perps, which could lead to an increase in daily volume and fees.
• Metrics for SNX looked bullish, with its stochastic being in an oversold position and exchange reserve declining.
• The addition of ARB can also help SNX drive growth in terms of its TVL, which has been stagnant for quite some time.
Synthetix Governance gives Green Light to Add Arbitrum [ARB]
Synthetix Governance recently gave the green light to add Arbitrum [ARB] to Synthetix Perps. This new perpetual futures market was approved by SIP 2010 and can potentially attract new users, leading to an increase in daily volume as well as fees. Prices will be determined by the decentralized off-chain Pyth Network oracle.
Metrics Look Bullish on SNX
Metrics were bullish for SNX, with its stochastic being in an oversold position and exchange reserves declining – suggesting less selling pressure. Dune’s data revealed that there had been a decline in daily volume and fees; however, this could change soon thanks to the addition of ARB.
Potential To Drive Growth In Terms Of Its TVL
The addition of ARB can also help SNX drive growth in terms of its Total Value Locked (TVL), which has been stagnant for quite some time. CoinMarketCap showed that SNX’s price had declined by over 21% in the last seven days at the time of writing, trading at $2.33 with a market capitalization of over $591 million.
Long Term Price Prediction 2023-24
Though things may have seemed gloomy for Synthetix’s native token, it is important to note that long term price predictions remain optimistic – especially if new users are attracted due to ARB’s launch on Synthetic Perps v2.
Ultimately, this move does seem promising for both Synthetic Perps v2 as well as SNX tokens – though only time will tell how much impact it will truly have!