The native token of derivatives protocol Synthetix, SNX, has posted staggering gains over the past month, rallying by 190% as anticipation builds for its upcoming perpetual decentralized exchange launch on the Ethereum mainnet.
SNX is currently trading at $1.98, down 0.9% on the day and up 190.5% over the past 30 days, according to CoinGecko data.
Synthetix is slated to launch the first perpetual DEX on the Ethereum mainnet in the fourth quarter of 2025, according to the project's September 22 announcement.
The excitement around the upcoming launch is the “main driver” behind SNX’s recent rise, Eric He, Community Angel Officer and Risk Control Adviser of LBank, told Decrypt. “People see it as a strong contender in the on-chain derivatives space, and that anticipation has really fueled confidence,” he explained.
The news has triggered an uptick in on-chain activity, with the network adding 975 new wallets in a single day, alongside 2,725 active wallets and 229 large whale transfers exceeding $100,000, according to data from analytics firm Santiment.
The “perp DEX wars”
The token’s 76% gains over the past week, per CoinGecko data, come amid a DEX-focused narrative, particularly due to the success and popularity of perpetual futures exchange Hyperliquid.
The "perp DEX wars" have intensified, with platforms like Hyperliquid and Aster competing for dominance against centralized exchange spin-offs, Decrypt previously reported.
Karlen Shatverov, CEO of Flipper AI DEX, highlighted Synthetix’s key technical advantage, noting that it is “operating directly on the Ethereum mainnet.” He added that it, “utilizes an off-chain order book with on-chain settlement, offering gasless trading and zero settlement fees.”
The Hyperliquid USDH vote was a competitive on-chain governance that drew players from traditional and crypto market alike to become the issuer of Hyperliquid's native stablecoin, USDH.
Due to their transparency and on-chain solvency proofs, the narrative around DEXs has pivoted from them being niche venues for altcoins to becoming the preferred platform for serious derivatives trading.
Short-term volatility
Despite a bullish long-term outlook for DEX-based tokens, they have to navigate elevated volatility in the short term, driven by macro risks. SNX is down 19% from its peak of $2.47, entering a short-term correction.
Analysts view the dip as a natural pause. “It looks like a healthy correction to me,” Eric He said. “After such a sharp rally, it’s natural for the market to cool off a bit while traders take profits.”
Shatverov echoed this, attributing it to “the overall market nervousness due to trade wars,” but classified it as a “healthy correction.”
Santiment noted that "a second wave of spikes among the above metrics will likely signal a price rebound." The key question is whether the current activity represents sustainable growth.
“There’s definitely some speculation involved, but we’re also seeing genuine interest from new users,” He noted. The true test, according to Shatverov, is whether new holders “begin staking SNX to earn a share of the fees,” which would be “a strong signal of long-term conviction.”
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