As the crypto market goes green, the decentralized Purp futures trading platform reported impressive trading activity to Company X last week, generating approximately $233,897 in fees from over 100 traders.
It's been a great week for Synthetix ⚔️ 🔹 7 days 🔹 100 traders 🔹 Total fees paid $233,897
3:35 PM · October 28, 2025
The increase in user activity is attracting attention because it suggests that the decentralized finance field is gradually recovering after a somewhat long winter.
Notably, the increase in fees coincides with the intense trading competition occurring on the Synthetix mainnet.
This event has garnered a lot of attention within the DeFi community.
For example, Protocol focuses on one trader dubbed “China's GOAT” who turned $50,000 into $565,000 in six days.
This trader secured $400,000, significantly more than the next competitor.
Performances like this sparked excitement in the community and increased activity as other participants tried to dominate the leaderboard.
The surge in fees and trading volumes highlights how on-chain tournaments can revive engagement and strengthen liquidity.
These are important indicators of the protocol's recovery after months of struggle.
Competition drives Synthetix’s on-chain activities
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Synthetix's current $1 million trading competition illustrates the protocol's dynamic trading environment.
The platform promises lower fees and faster trading, both of which are essential for high-frequency traders aiming to reach the top of the leaderboard.
This trading event may demonstrate Synthetix's speed and scalability in supporting large-scale trade execution.
Not only was this tournament fun, but it also increased fluidity and encouraged broader participation.
This strengthens Synthetix’s position as a top DeFi derivatives network.
Furthermore, these developments will further the marketing of the Synthetix protocol amidst increasing competition in decentralized derivatives networks such as dYdX and Vertex.
SNX price falls despite favorable fundamentals
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While the decentralized protocol has boosted trading activity, native coin SNX has struggled, losing about 21% of its value in the last week.
On the other hand, the previous day's price remained at a relatively stable level, trading at $1.16.
SNX’s performance stands in sharp contrast to Synthetix’s impressive operational metrics, which reflect how divergent token prices and investor optimism can be, especially when broader market sentiment is at play.
Nevertheless, the native token could be poised for a comeback after a significant price drop.
For example, if we look at the daily timeframe, we are seeing a massive retracement after an incredible rally earlier this month.
SNX has fallen from a peak of $2.45 towards the $1-$1.10 demand zone.
Meanwhile, this area previously served as a breakout zone. We are currently offering support barriers to interested buyers.
Sustaining above $1.10 could support a rise to $1.6 and pave the way to the psychological mark of $2 in the coming sessions.
However, the bulls need to keep the SNX price above the consolidation area at $0.80.
Losing this zone delays potential recovery.
Nevertheless, broader sentiment will likely be paramount in determining SNX's price performance.
If the overall cryptocurrency market continues to rise, the altcoin recovery could be prolonged.
