Synthetix Treasury Council Partners With DWF Labs, Raises $20M in Funding

Twitter icon  •  Published hace 1 año  •  Hassan Maishera

The Synthetix Treasury Council has announced a strategic partnership with DWF Labs and has raised $20 million in funding.

The Synthetix Treasury Council announced that it had entered a strategic partnership with DWF Labs. the partnership is designed to boost liquidity and market-making for SNX tokens on both centralized and decentralized exchanges. The partnership will see DWF Labs integrate Synthetix perpetuals into their trading business and become a significant volume driver for the protocol.

In a press release shared with Cryptowisser, the company said the acquisition of $15,000,000 (USDC) worth of SNX tokens by DWF Labs concluded on March 16th, with an additional purchase of $5,000,000 SNX to occur once the integration of Synthetix perpetuals has been completed and trading has commenced.

While commenting on this latest development, Andrei Grachev, Managing Partner of DWF Labs, said;

"We are thrilled to invest in Synthetix, a cutting-edge financial primitive that enables the creation of synthetic assets and unlocks unparalleled opportunities for exposure to real-world assets on the blockchain. By leveraging Synthetix's deep liquidity and composability, platforms can now deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases. With Synthetix perpetual futures already available on various decentralized exchanges, we are confident that our partnership will foster exponential growth and continue to drive the DeFi ecosystem forward."

The collaboration between the two entities marks a new chapter in the Synthetix ecosystem's journey and demonstrates the growing adoption of decentralized finance and blockchain-based platforms. 

The partnership with DWF Labs enables Synthetix to further solidify its position in the market and expand its reach to a wider audience.

The partnership could pique the interest of those involved in financial innovation, blockchain technology, and anyone looking to stay informed about the latest developments in the Synthetix ecosystem.

The Synthetix team revealed that on March 19th, Synthetix’s V2 iteration hit a new all-time high (ATH) in daily trading volume of perpetual swaps, surpassing $400M in trades, according to Dune Analytics. 

The milestone shows the rowing demand for decentralized finance solutions, as investors seek out more transparent and accessible ways to trade financial assets.

Synthetix is a decentralized synthetic asset issuance protocol built on the Ethereum blockchain. It allows users to mint, trade and provide liquidity for synthetic assets that track the value of real-world assets like gold, stocks and more. 

Meanwhile, DWF Labs is a global quantitative trading firm and multistage web3 investment firm that specializes in market making and algorithmic trading. DWF Labs has a presence in major financial hubs around the world and offers high-quality market-making services to its clients.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.