Synthetix’s price has increased by 190% in a month – here’s why

Derivatives protocol Synthetix’s native token, SNX, has posted staggering gains over the past month, surging 190% as anticipation builds for its upcoming perpetual decentralized exchange launch on the Ethereum main net.

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.

According to the project’s announcement on September 22, Synthetix will launch the first perpetual DEX on the Ethereum mainnet in the fourth quarter of 2025.

The excitement surrounding the upcoming launch is the “key driver” behind SNX’s recent rise, said Eric He, LBank’s Community Angel Officer and Risk Control Adviser. Declutter. “People see it as a strong competitor in the on-chain derivatives space, and that anticipation has really driven confidence,” he explained.

The news has led to an increase in activity within the chain, with the network adding 975 new wallets in a single day, in addition to 2,725 active wallets and 229 large whale transfers of more than $100,000, according to data from analytics firm Santiment.

The “perpetrators of DEX wars”

The token’s 76% gain over the past week, according to CoinGecko data, comes amid a DEX-centric narrative, mainly due to the success and popularity of perpetual futures exchange Hyperliquid.

The “actual DEX wars” have intensified, with platforms like Hyperliquid and Aster vying for dominance against centralized exchange spinoffs. Declutter previously reported.

Karlen Shatverov, CEO of Flipper AI DEX, highlighted Synthetix’s key technical advantage, noting that it “operates directly on the Ethereum mainnet.” He added that it “uses an off-chain order book with on-chain settlement, offering gas-free trading and zero settlement fees.”

The mood at Hyperliquid USDH was a competitive on-chain governance that attracted players from both the traditional and crypto markets to become the issuer of Hyperliquid’s own stablecoin, USDH.

Due to their transparency and on-chain proofs of solvency, the narrative around DEXs has shifted from niche platforms for altcoins to the platform of choice for serious derivatives trading.

Short-term volatility

Despite the optimistic long-term outlook for DEX-based tokens, they must deal with increased 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 see the dip as a natural pause. “It seems like a healthy correction to me,” said Eric He. “After such a sharp rally, it is normal for the market to cool down a bit as traders take profits.”

Shatverov echoed this, attributing this to “the general nervousness in the market due to trade wars,” but classifying it as a “healthy correction.”

Santiment noted that “a second wave of spikes below the above figures will likely signal a price rebound.” The key question is whether current activity represents sustainable growth.

“There is certainly some speculation involved, but we are also seeing genuine interest from new users,” he noted. The real test, according to Shatverov, is whether new holders will “begin to stake SNX to earn a share of the fees,” which would be “a strong signal of long-term conviction.”