An unnoticed decentralized exchange (DEX) altcoin increased by 20% on Friday, defying the general downward trend in the cryptocurrency market.
Kwenta (KWENTA) is a derivatives DEX that uses the Synthetix (SNX) protocol to provide exposure to real-world and on-chain synthetic assets.
The value of its native token, KWENTA, increased by more than 51% from a low of $400.96 on March 10 to its current value of $609.05 at the time of writing.
The 262nd-ranked cryptocurrency asset by market cap originally went online in November of last year and just four days ago reached an all-time high of $680.80. From the beginning of the year, the token, which is used for staking and governance, has increased in value by almost 373%.
Gains in Kwenta's price coincide with an increase in trading volume on the platform this month. Compared to the $1 to $5 million daily volume level it stayed within for most of January, the DEX processed more than $102 million in trade activity on just Thursday.
According to the project's website, Kwenta has now generated $1.05 billion in lifetime volume, the majority of which occurred just two weeks ago. This month, there have been huge increases in both the volume of trades and traders on the platform.
Also, Kwenta posted options on Thursday by incorporating liquidity from decentralized options exchange Lyra Finance (LYRA).