The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.
Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.
Big Things Coming For Synthetix
Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto.
Last week, Synthetix announced on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.
Andromeda Release is the implementation of the Perps V3 which, according to their recent blog post, is focused on enhancing trading efficiency, usab
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