Synthetix releases V3 governance module update but is this enough to boost SNX

• We will count on SNX to attain extra restoration if the general market situations enhance.
• SNX dropped in November to retest its June lows.

Synthetix has slowed down in 2022 in its DeFi pursuits, identical to many crypto networks have in the course of the bear market. Regardless, the community stays dedicated to its long-term pursuits and this was evident in its newest endeavor.

Learn Synthetix (SNX) Value Prediction 2023-2024

Messari’s current replace takes a have a look at what Synthetix has been as much as. In accordance with the replace, the most recent growth entails the rollout of the brand new Synthetix V3 governance module.

The brand new module will reportedly make it simpler for the community to make governance choices with fewer folks. That is in response to earlier voting challenges that Synthetix skilled previously.

1/ Having gone by means of quite a lot of governance iterations, @synthetix_io‘s most up-to-date transfer, V3 Governance Module (V3GM), has shifted the governance construction to council-based governance.

Let’s discover the State of Synthetix Governance.🧵 pic.twitter.com/IPkToaomTF

— Messari (@MessariCrypto) December 13, 2022

The brand new module may even transfer the election module to the Optimism FND, a transfer that’s anticipated to open up extra governance methods. In different phrases, the V3 governance module will make governance actions a lot simpler for Synthetix. However is that this sufficient to spice up investor confidence?

SNX worth overview and evaluation

We witnessed SNX drop in in the course of the November crash which resulted in a retest of its June lows. It has since then demonstrated some extra upside for the reason that begin of the month.

It traded at $1.89, on the time of writing, which implies the next upside has to this point been restricted, however will we see an end-of-year rally?
Natural demand for SNX might assist clarify why it has not managed to attain a lot upside to this point. The provision of SNX locked-in good contracts skilled a considerable drop at first of the month.

Supply: GlassnodeSy

The truth that the provision in good contracts is but to recuperate speaks volumes about Synthetix’s present state of affairs. It underscores the dearth of satisfactory demand, a situation that will possible lead to low investor confidence.

Regardless of this, the community is seeing a restoration in some areas. For instance, velocity was up in the previous few days, which indicated that the demand was enhancing.

Supply: Glassnode

This upsurge in velocity displays the rise within the variety of energetic addresses and new addresses throughout the identical interval.

And the rise in handle exercise confirms that demand is steadily recovering. Therefore, these observations might present insights into what to anticipate, particularly if the market continues recovering.

Supply: Glassnode

In conclusion, we will count on SNX to attain extra restoration if the general market situations recuperate. And, the governance replace ought to assist present extra effectivity in the long term.