Synthetix’s trading volume surges by >700% thanks to…

ambcrypto.com:

The layer-2 scaling solution Synthetix undertook some important developments this month. Often described as a “blue chip” DeFi project, Synthetix was one of the first projects to launch on the Ethereum network. And, now the platform showed its true colors given the received response from users.

According to Kain Warwick, Synthetix’s founder, a proposal known as Synthetix Improvement Proposal 120 (SIP-120) stood key to the protocol’s bullish momentum. It was the result of 1Inch’s integration with Atomic Swaps, a new exchange function.

It allowed users to atomically exchange Synthetix assets without fee reclamation by pricing synths via Chainlink and Uniswap V3 oracles.

It, evidently, helped the ecosystem to register more traction. The decentralized derivatives protocol’s volume shot by 700% after fully integrating with 1inch for zero slippage trades.

Source: Messari

According to data provided by Synthetix. the majority of the trading volume came from 1inch, a decentralized exchange aggregator.

1inch leads all projects which facilitated Synth trading. As per an insight, the platform processed $2.90 billion of volume in the past week.

Source: Grafana.synthetix.io

Meanwhile, In June, the protocol surpassed $1 million in daily fees. This was four times the amount Bitcoin was making. At press time, Synthetix registered a seven-day average of $175,857 in fees. It was a bit below Bitcoin’s seven-day average of $222,651.

The said integration has been functioning since November last year. But Synthetix’s upgraded atomic swaps, with SIP-198 proved extremely helpful in providing the necessary leg-up for the ecosystem’s flagship token’s bounce.

But the ecosystem isn’t done yet. Synthetix founder Kain Warwick proposed anew proposal SIP-276: