Kwenta Protocol's native token $KWENTA outperforming the broader crypto market. $KWENTA rose more than 100% in the past 30 days, while $ETH and popular DEX $GMX both fell 6% over the same period.
Kwenta is a decentralized synthetic derivatives exchange developed by the Synthetix team and built on the Optimism Layer2 network. It currently supports spot swaps and perpetual futures trading. Kwenta is based on the Synthetix protocol and the liquidity for its trades is provided by Synthetix's Synthetic Asset Debt Pool.
The Protocol saw a sustained increase in trading volume since early February.
$KWENTA is used to incentivize the growth of the Kwenta decentralized autonomous organization (DAO) and has two primary functions – staking and platform governance.
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