DWF Labs, an investment firm and market maker, has invested $20 million in Synthetix, a DeFi protocol for on-chain liquidity and derivatives trading.
The investment involved purchasing $15 million worth of SNX, Synthetix's native token, on March 16, with an additional $5 million to be purchased later. The Synthetix Treasury Council announced the investment via email. The aim of the investment is to increase the trading volume of Synthetix's perpetuals, which will be integrated into DWF Labs' trading business.
Synthetix is an Ethereum-based decentralized asset issuance protocol that enables users to trade synthetic assets representing real-world assets such as stocks and gold. DWF Labs' investment in Synthetix comes after a $10 million purchase of ORBS, a native token of blockchain infrastructure provider Orbs Network, which has seen a 14.5% growth in the past week. At the time of writing, SNX was trading at $2.96, up 2.89% for the day.