While the top caps have been too busy trading sideways, Synthetix’s native token (SNX) has surged by +87.4% in the last 10 days of price action:

In case you missed it, the SNX rally has likely been prompted by the upcoming launch of a layer 2 exchange powered by Optimistic Ethereum. In a recent announcement, Kain Warwick (the founder of Synthetix), posited that:

“Transitioning Synthetix to OΞ is, without doubt, one of the most important milestones in the history of the project”

So with the price of SNX already hovering at a 4-week high, let’s take a look at their latest on-chain data, and possible signs for where we could be headed next.

While still ways away from its start-of-year levels, the amount of addresses interacting with (i.e. sending or receiving) SNX