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Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

Market maker and investment firm DWF Labs is making a $20 million investment in on-chain liquidity and derivatives trading protocol Synthetix.

DWF Labs purchased $15 million worth of Synthetix's native token SNX on March 16 with a further purchase of $5 million to follow, the Synthetix Treasury Council announced via email on Monday.

Synthetix's perpetuals will be integrated into DWF Labs' trading business with the aim of significantly increasing the protocol's trading volume.

Ethereum-based Synthetix is a decentralized asset issuance protocol blockchain, which allows users to mint and trade synthetic assets that track the value of real-world assets like gold and stocks.

(By Jamie Crawley)

Synthetix Synthetix $3.01
-4.32%
DWF Labs DeFi
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