DeFi Protocol Synthetix Receives $20 Million from DWF Labs
DWF Labs has recently invested $20 million into Synthetix, a synthetic asset platform, through the direct purchase of SNX tokens.
DWF Labs acquired $15 million worth of SNX tokens on March 16, followed by an additional $5 million on a later date. The investment company plans to leverage Synthetix perpetual contracts in order to increase trading volume on the protocol.
At the moment, SNX is priced at $3.16 and has seen an increase of 8.8% in the past day, according to CoinGecko.
As reported by DeFi Llama, the total value locked (TVL) of the protocol is currently $469 million. Last month, Synthetix raised $12 million in funding via a direct sale of native tokens, with venture capital companies Paradigm, Coinbase Ventures and IOSG purchasing coins from the synthetixDAO reserves.
