Synthetix adds 7 new perpetual futures markets, SNX price up

Synthetix has added 7 new perpetual futures markets for XRP, DOT, FLOKI, INJ, PEPE, SUI and BLUR.
The protocol will also add support for TRX, with the new perps markets available on perps trading front-ends Kwenta, Polynomial, Decentrex, and dHEDGE.
Synthetix now provides SYN liquidity for 40 perpetual futures markets.

Synthetix, a decentralised derivatives trading platform built on Optimism and Ethereum, has added 7 new perpetual futures markets, including for some tokens currently attracting huge interest.

According to the derivatives protocol’s blog announcement on Wednesday, 24 May, the new markets feature XRP(XRP), Polkadot (DOT), Floki Inu (FLOKI), Injective (INJ), Pepe (PEPE), Sui (SUI) and Blur (BLUR).

The listing of the seven new perpetual futures markets bring the total perps markets on Sythentix to 40, the platform noted.

Fantastic news! Synthetix Perps now supports $PEPE, $SUI, $BLUR, $XRP, $DOT, $FLOKI, and $INJ. 7 new markets & 300K in $OP trading rewards are available this week.

Synthetix Perps now has 40 total perps. 🥱 🥱 🥱 🥱

Learn more 👇https://t.co/k3d9XEsv3X pic.twitter.com/sBQpQ1xAz1

— Synthetix ⚔️ (@synthetix_io) May 23, 2023

New perps markets are live on Optimism

Support for the new markets follow the approval of SIP 2014 and SIP 2015. Per the blog post, an eighth perps market for Tron (TRX) was also approved. However, Synthetix is waiting for oracle support for the token before launching its trading.

The new perps markets are now live on the Optimism protocol for leverage trading.

Holders of the SNX tokens can access the perpetual markets on various SNX integrated derivatives trading protocols. User-facing platform on Synthetix that support perps trading include Kwenta, Polynomial, Decentrex, and dHEDGE

Perpetual futures contracts are a type of derivatives that allows traders to bet on future prices of an underlying digital asset without having to hold the actual asset. The markets have no expiration and trade 24/7, often with high leverage.

The price of Sythentix‘ native token SNX rose 3.5% on Wednesday to trade at highs of $2.60. SNX was up 17% in the past week at the time of writing, although its value remains more than 90% down from its all-time high above $28 reached in February 2021.