SNX Surges Over 7% as Synthetix Announces Launch of First Perpetual Decentralized Exchange

TradingKey — Synthetix has revealed plans to launch its first perpetual decentralized exchange (DEX), sparking a sharp rally in its native token SNX.

On Tuesday, September 23, while most cryptocurrencies struggled, SNX bucked the trend with a strong rebound. Over the past 24 hours, SNX jumped 7.16%, currently trading at $0.666.

SNX price chart, source: CoinMarketCap

The rally was fueled by Synthetix’s announcement that it will debut a new Ethereum-based perpetual DEX in Q4 of this year. The platform will allow traders to use a variety of assets — including sUSDe, wstETH, and cbBTC—as collateral for margin trading.

Synthetix was a standout performer during the previous bull market, driven by the popularity of synthetic asset trading. However, it lost momentum in the current cycle, largely due to missing out on key trends like on-chain derivatives and tokenized equities — areas where competitors like Hyperliquid (HYPE) have gained significant traction.