DWF Labs Invests $20 Million in DeFi Protocol Synthetix

The Synthetix platform for synthetic assets attracted $20 million from investment firm DWF Labs through a direct sale of native SNX tokens. CoinDesk reports.

According to internal documents, on March 16 DWF Labs bought SNX worth $15 million, and later added another $5 million.

The investment firm plans to integrate Synthetix’s perpetual contracts into its business model to boost trading volume on the protocol.

At the time of writing, SNX was trading at $3.16. Data from CoinGecko shows the asset up 8.8% over the past 24 hours.

According to DeFi Llama, TVL of the protocol stands at $469 million.

Back in February 2021, Synthetix raised $12 million in funding through a direct sale of native tokens. Coins from the synthetixDAO reserves were bought back by venture capital firms Paradigm, Coinbase Ventures and IOSG.

In February 2023, the project launched the third version of the protocol on the Ethereum mainnet and the layer-2 network Optimism.