A decentralized finance (DeFi) newcomer is capturing the curiosity of crypto insiders after surging by as a lot as 2,278% in lower than a month.
SynLev (SYN) is a DeFi asset constructed on the Ethereum (ETH) blockchain and depends on Chainlink (LINK) oracles to acquire exterior information. In keeping with the crypto asset’s litepaper, SynLev goals to offer a decentralized platform that permits customers to brief or lengthy Ethereum and different belongings together with commodities and indices with leverage.
SynLev presents leverage with out requiring debt or fund rebalancing. As a substitute, the DeFi asset depends on a trio of things such because the efficiency of the opposing asset, liquidity suppliers, and the ETH required to create the tokens to allow customers to commerce with leverage.
As well as, customers can commerce in SynLev with out the standard know your buyer (KYC) protocols required by different crypto exchanges.
CoinGecko reveals that SynLev has surged from a low of $0.037 on November third to an all-time excessive of $0.88 on November 27th – representing a rise of two,278% in lower than 4 weeks.
Santiago Santos, accomplice at blockchain funding agency ParaFi Capital, caught wind of SynLev’s price and quantity explosion.
“There’s a [new protocol] clocking an impressive +10M in 24H 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 market and fast.”
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