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A newcomer to decentralized finance (DeFi) is grabbing the interest of crypto insiders after growing to 2.278% in less than a month.
SynLev (SYN) is a DeFi asset built on the Ethereum (ETH) blockchain and relies on Chainlink (LINK) oracles to obtain external data. According to the cryptocurrency asset litepaper, SynLev aims to provide a decentralized platform that allows users to short or long Ethereum and other assets including commodities and leveraged indices.
SynLev offers leverage without requiring debt or fund rebalancing. Instead, the DeFi asset relies on a trio of factors such as the performance of the opponent asset, the liquidity providers and the ETH needed to create the tokens to allow users to trade with leverage.
Additionally, users can trade with SynLev without the usual Know Your Customer (KYC) protocols required by other crypto exchanges.
CoinGecko reveals that SynLev jumped from a low of $ 0.037 on November 3 to an all-time high of $ 0.88 on November 27, representing a 2.278% rise in less than four weeks.
Santiago Santos, partner of the blockchain investment firm ParaFi Capital, caught price wind and SynLev volume explosion.
“There’s a [new protocol] it records an impressive + 10M in 24 hours of volume and shows no signs of slowing down. The pace of capital flows and rotation in DeFi is incredible. In an almost zero friction system like DeFi, capital finds its way to the most efficient and fastest market. “
Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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