Data: Synthetix (SNX) Investors Are Accumulating the Coin In Waves
It’s been a tough past few days for the entire crypto market. Synthetix Network Token (SNX), in particular, has dropped rather hard: the coin is down 5% in the past 24 hours alone and nearly 20% below the local highs. Despite the drop and widespread range trading seen over the past month, investors are bullish. […]
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DeFi After a brutal past three to four weeks, DeFi coins are bouncing back. Synthetix Network Token (SNX), the native token of leading decentralized derivatives platform Synthetix, has gained 7.9% in the past 24 hours. The coin is now nearing $5 after spending some time under that pivotal price point. It seems that there are […]
A Waves proposal that aims to solve the liquidity problem of Vires.Finance has passed after gaining the support of its community. The Waves (WAVES) community has supported a governance proposal to revive the decentralized finance (DeFi) lending protocol Vires.Finance after its liquidity crisis. The vote aims to stabilize the project and compensate the users who were affected. In April, Neutrino (USDN), a stablecoin running on the Waves platform, depegged from the dollar. This led to a series of user withdrawals within the platform, eventually ending in a liquidity shortage where users....
Waves founder Sasha Ivanov says Alameda Research is behind the ongoing WAVES price decline. Neutrino Dollar (USDN), a stablecoin issued through Waves-backed Neutrino protocol, lost its U.S. dollar-peg on April 4 amid speculations that it could become "insolvent" in the future.USDN plunges 15% despite WAVES backingUSDN dropped to as low as $0.822 on April 4 with its market capitalization also diving to $824.25 million, down 14% from its year-to-date high of $960.25 million.Interestingly, the stablecoin's plunge occurred despite Neutrino's claims of backing its $1-peg via what's called "over....
SNX price got a boost after the project geared up for participation in the L2 Curve Wars and Optimism airdrop hunters engaged with the protocol. Layer-2 (L2) solutions for the Ethereum (ETH) network have grown in prominence over the last year because of the need for scalable networks that offer low-fee transactions and led to numerous projects that built cross-chain bridges with competing blockchain networks. One project that has benefitted from the growth of the L2 scaling solutions is Synthetix (SNX), a decentralized finance (DeFi) protocol that enables the creation of synthetic assets....
After plunging below $18,000 over the weekend to trade at a price of SNX, the native token of Synthetix decentralized finance (DeFi) platform, has gained more than 100% to usher in the week. SNX has proven to be the stock with the biggest rise on Monday. The token’s 24-hour trading volume has increased by more than 1,200% to $322 million, according to data from CoinMarketCap. This indicates that investors are pouring money into the token despite its poor performance last week, as it has been put up for bid. Additionally, this abrupt growth in SNX is supported by the increasing daily....