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Bitcoin and Ethereum may crash, but that hasn’t stopped DeFi projects from gaining ground.
While decentralized spot exchanges like Uniswap and SushiSwap have gained a lot of traction over their centralized competitors, few platforms remain through which cryptocurrency users can gain leverage on these volatile markets in a decentralized way.
SynLev was launched a few weeks ago, giving users the opportunity of short and long Ethereum and soon other assets with leverage in a decentralized way. It does this by using a pool of Ethereum to create synthetic leverage of around 2-4 times. This is similar to the models used by exchanges like FTX, which allow users to gain leverage without having margin or liquidation levels.
SynLev is a unique concept on Ethereum: synthetic leverage without KYC. Put simply, you can bet with BEAR or BULL tokens on where you expect the market to go. All of this is done on-chain with the help of Chainlink’s oracles. SynLev therefore has the ability to support synthetic leverage for any asset listed in Chainlink’s price feed.
These tokens have a natural “decay” which means they shouldn’t be held for long periods of time.
The project has garnered a lot of traction within the space, with prominent investors and analysts in the space mentioning it.
Santiago R. Santos, partner of the main fund DeFi Parafi Capital and former banker of JPMorgan, apparently alluding to the platform wrote:
“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 a near-zero friction system like DeFi, capital finds its way to the most efficient and fastest market. “
There’s a [new protocol] it does record 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 a near-zero friction system like DeFi, capital finds its way to the most efficient and fastest market
– Santiago R Santos (@santiagoroel) November 27, 2020
SYN increases by 1,000% in one week
Due to a liquidity mining program and increased public awareness of the protocol, SYN, the protocol’s native token, performed extremely well.
According to CoinGecko, the coin has risen about 1,000% in the past two weeks, going from the region of $ 0.07 to $ 0.80 at the time of this writing.
A $ 40,000 airdrop
What makes SynLev’s story even more unique is that it was launched via an airdrop now valued at more than $ 40,000.
In August, when many projects trying to gain a following were hosting airdrops, Synlev promised it would give 10% of its total supply to the community via an airdrop: users would receive 1,000 SYN for LINK and 5,000 SYN for Ethereum for a total Maximum of 50,000 coins per address.
Few took the airdrop.
Today, however, the 50,000 coins some have received are now worth more than $ 40,000.
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