Synthetix Network Token (SNX), the native token of Synthetix — a decentralized finance derivatives protocol — has been surging throughout the past week and is now worth over $7.87 as of Dec. 23.

The primary catalyst behind SNX has been a listing on Coinbase. On Dec. 16, Coinbase officially announced the listing of the Aave protocol’s AAVE token, Bancor Network Token (BNT) and Synthetix Network Token.

Other factors include the rapid increase in total value locked and user interface improvements via its latest software upgrade on Dec. 22.

SNX/USDT daily chart (Binance). Source: TradingView.com

Why is Synthetix seeing a massive increase in user activity?

Synthetix is a protocol that mints new synthetic assets with cryptocurrencies, such as Ether (ETH), as collateral. This allows users to borrow and trade various assets with many cryptocurrencies on a DeFi derivatives platform.