Synthetix racks up over $1M in daily fees as SNX token value surges 100%
L2 scaling solution Synthetix collaborated with Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC and sUSD/3CRV, allowing investors to convert synths into tokens. Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five....
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While decentralized finance (DeFi) has seen a strong surge in 2020, Maker (MKR), a token strongly tied to DeFi, has underperformed. The cryptocurrency, relative to its competitors, is underperforming; where Aave’s LEND and Synthetix’s Synthetix Network Token surged hundreds of percent in this year alone, MKR only saw a 20-30% move higher. The market may […]
If the proposal were to take effect, Synthetix would much more closely resemble a traditional business by simply generating fee revenue and distributing the proceeds to SNX holders. The founder of decentralized finance (DeFi) protocol Synthetix, Kain Warwick, has submitted a proposal that would turn off very high yield returns for SNX stakers and cap the total SNX token supply at 300 million. The Synthetix protocol allows traders to issue synthetic versions of crypto native assets, traditional financial assets, and commodities on the Ethereum and Optimism networks. In an Aug. 25 Synthetix....
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 […]
There are several factors why SNX is seeing some impressive gains over the past month. SNX, the native token of Synthetix, a DeFi derivatives protocol, has been surging throughout the past week and is now worth over $7.87 as of Dec. 23.The primary catalyst behind SNX has been a listing on Coinbase. On Dec. 16, Coinbase officially announced the listing of Aave (AAVE), Bancor (BNT) and Synthetix (SNX). Other factors include the rapid increase in the total value locked and user interface improvements via its latest software upgrade on Dec. 22.SNX/USDT daily chart (Binance). Source:....
What's the good of being involved with bitcoin if you can't geek out on the bitcoin miner hardware that makes it all come together? KnCMiner 'Plan B' for Bitcoin Miners. The folks over at KnCMiner have shared some great images of their hashing data center - a facility that allows customers to mine before they've even received their hardware. Dubbed "Plan B", the company announced the hashed hosting for customers waiting for their orders to come in. Here's a look at the facility that is home to countless miners. Racks and racks of equipment. A simple, yet lucrative setup. An employee....