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Synthetix Price Benefits from Optimism Airdrop Announcement

After an airdrop broadcast by Optimism earlier this week, Synthetix (SNX) has seen a continuous upward climb. Apparently, the announcement was an opportunity for the DeFi protocol to prepare itself to join in the ongoing L2 Curve Wars. 

This and other factors have encouraged Optimism users to engage with the DeFi project. Consequently, the SNX price continues to sustain a steady rise, for the time being. 

SNX Buoyed by Layer-2 Solutions

Ever since Layer 2 protocols grew in popularity on the Ethereum Network, SNX has grown in acceptance among traders. The DeFi protocol’s use of  low-priced scalable networks has likewise increased its users’ participation 

As reported by TradingView, on the 26th of April, SNX price surged by more than 51%. After a sustained low of about $5.3, the token rose to a weekly peak of $6.72. A good recovery considering its dip to depths of $4.49 on April 11. 

In September 2020, the Synthetix team began testing layer 2 scaling on Optimistic Ethereum. At the time, Synthetix devs offered users incentives in form of SNX tokens, to use the testnet. Now almost two years later, incentives continue to attract users to the Synthetix protocol. Especially on the fast-growing Optimism network. 

Possible Future Airdrops Attract Optimism Air-drop Hunters

The Optimism Collective and the Open governance token recently launched will airdrop 5% of its beginning stock to early adopters. There is also a likelihood that others who miss this first boon will be eligible for future airdrops. Since SNX is offering futures trading on Optimism, it has become an incentive for more airdrop hunters to be active on the network.

These new developments and the advent of SNX staking which started January 16 have traders hoping for more of the same.  However, perhaps, the biggest attraction remains the 81% ROI Synthetix offers its users on Optimism.  

In addition, Synthetix is contributing the most rewards to voters of veCRV to incentivize voting for the sUSD Curve pool. It also collaborated with LYRA, presenting 50,000 LYRA plus 12,000 SNX for each week just to achieve this goal.

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Their metrics on the Optimism platform this month show that their future trading strategy is working. Bear in mind that their increase in popularity also extends to Optimism users.

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