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The US stock market is down 0.02% as the market settled mixed due to a dip in tech stocks from disappointing earnings reports from Microsoft and Texas Instruments, despite positive earnings from Alphabet and Boeing. The broader cryptocurrency market went up, with Bitcoin and Ether rising 1.30% and 1.09%, respectively, in the past 24 hours.
Today's outperformer is SNX, which surged 11.7% in the past 24 hours due to the network’s announcement launch of its new derivative platform, Infinex.
Launched in 2018, Synthetix Network (SNX) is a decentralized finance protocol that creates synthetic assets, which track the price of popular assets via Chainlink Oracles. By providing collateral in the native SNX token, users can mint and trade these synths. SNX plans to launch Infinex, a new derivative front-end for its decentralized trading platform, aiming to improve its existing exchange's functioning and erase doubts around decentralized perpetuities. Users familiar with centralized exchanges will be provided with usernames and passwords, enabling them to access Infinex's trading services.
Check Out the Latest Prices, Charts, and Data of SNXUSDT!
Ribbon DAO token holders have voted to merge Ribbon Finance into the affiliated Aevo derivatives exchange. The Ribbon Finance Dapp will move under the Aevo domain, and Ribbon's structured products will adopt Aevo's visual identity. The vote authorizes a 1:1 token conversion from Ribbon's RBN token to a new AEVO token. Following the merger, Aevo will transition into a DAO, allowing token holders to govern the exchange. Ribbon, which currently runs 16 DeFi options vaults, has faced scaling issues leading to the pivot to Aevo, a non-custodial option, and perpetual futures exchange. Some community members raised concerns about the potential for brand confusion between Aevo and other platforms like Aave. However, the project's community manager defended the change, referring to issues with the Ribbon brand related to a problematic 2021 launch.