Core Insights - Synthetix (SNX) has experienced significant momentum and inflows, with a 93% price increase in the past 24 hours, reaching a nine-month high of $1.87 [1] - The trading volume for SNX surged tenfold, exceeding $600 million, contributing to a market capitalization of $640 million [1] - Synthetix recorded its largest positive net inflow since June 21, amounting to approximately $334,000, bringing the total value locked to nearly $224 million [2] Market Context - The rise of Hyperliquid has attracted many traders to the perpetual trading ecosystem, with Hyperliquid's total value locked (TVL) at $5 billion and over $4 million in fees collected in the past 24 hours [3] - Perpetual trades, which do not have an expiration date, are appealing to traders seeking short-term, high-leverage bets on cryptocurrency movements [3] Future Outlook - Synthetix is set to introduce perpetual trades to Ethereum, with a $1 million trading competition scheduled to start on October 20 [4] - Analysts anticipate bullish momentum for SNX leading up to the trading competition, with a potential to reach its all-time high of $28 [4] - If Synthetix garners similar interest from traders as Hyperliquid, the SNX token could surpass a $1 billion market cap, although market sentiment and macro conditions remain uncertain [5]