DeFi Altcoin Defies Crypto Downtrend, Surges 51% This Week Amid Skyrocketing Trading Volume
An under-the-radar decentralized exchange (DEX) altcoin jumped by 20% on Friday, defying a nearly universal crypto market downtrend.
Kwenta (KWENTA) is a derivatives DEX that offers exposure to real-world and on-chain synthetic assets using the Synthetix (SNX) protocol.
Its native token, KWENTA, rallied from a low of $400.96 on March 10th to its current value of $609.05 at time of writing, representing an increase of over 51%.
The 262nd-ranked crypto asset by market cap first went live last November and set an all-time high of $680.80 just four days ago. The token, which is used for staking and governance, is up around 373% since the start of the year.
Kwenta’s price gains come as the platform witnesses a surge in trading volume this month. The DEX processed more than $102 million in trading volume on Thursday alone, compared to the $1-5 million daily volume range it hovered around for most of January.
Kwenta now has a total of $1.05 billion in lifetime volume, the majority of which has happened in just the past two weeks, according to the project’s website. There have also been dramatic upticks in the number of trades and traders on the platform this month.
Additionally, Kwanta listed options on Thursday by integrating liquidity from Lyra Finance (LYRA), a decentralized options exchange.
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