Synthetix price surged by a staggering 150%, reaching $2.51, after its new perpetual decentralized exchange (DEX) launched on Ethereum. This explosive growth is attributed to renewed investor confidence in the project’s legacy protocols and the anticipated launch of a high-profile trading competition. Trading volume skyrocketed by over 1,500% compared to typical daily levels, hitting an unprecedented $979 million. The price action propelled SNX out of its previous range, with short-term highs reaching $2.51 on Monday’s trading session. Market observers attribute this rebound to the project’s innovative new DEX, which is poised to capture a larger share of the derivatives market as established protocols experience renewed success. Recent challenges faced by competitors such as Hyperliquid and Lighter have provided opportunities for Synthetix and other veterans to reclaim their leadership position in the DeFi space.