HomeAltcoinDeFi altcoin defies cryptocurrency downtrend, surges 51% this week amid skyrocketing trading...

DeFi altcoin defies cryptocurrency downtrend, surges 51% this week amid skyrocketing trading volume


An unnoticed decentralized exchange (DEX) altcoin jumped 20% on Friday, defying a nearly universal crypto market downtrend.

Kwenta (KWENTA) is a derivative DEX that offers exposure to on-chain and real-world synthetic assets using the Synthetix (SNX) protocol.

Its native token, KWENTA, rose from a low of $400.96 on March 10 to its current value of $609.05 at the time of writing, representing an increase of more than 51%.

The crypto asset ranked 262nd by market capitalization first it was 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 beginning of the year.

Kwenta’s price gains come as the platform witnesses an increase 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 stayed in for most of January.

Kwenta now has a total of $1.05 billion in lifetime volume, most of which has occurred in the last two weeks, according to the project’s website. There have also been dramatic increases in the number of exchanges and traders on the platform this month.

Also, Kwanta list options on Thursday through liquidity integration from Lyra Finance (LYRA), a decentralized options exchange.

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