A newbie to decentralized finance (DeFi) is piquing the interest of crypto insiders after climbing up to 2,278% in less than a month.
SynLev (SYN) is a DeFi asset based on the Ethereum (ETH) blockchain and based on Chainlink (LINK) oracles to receive external data. According to the litepaper of the crypto-asset, SynLev aims Providing a decentralized platform that allows users to sell Ethereum and other assets, including commodities and indices, for short or long periods with leverage.
SynLev provides leverage without the need to rebalance debt or funds. Instead, the DeFi asset relies on three factors such as the opposing asset’s performance, liquidity providers, and ETH, which are required to create the tokens for users to trade with leverage.
In addition, users can trade SynLev without knowing the common KYC (Know Your Customer) protocols that are required by other crypto exchanges.
CoinGecko revealed that SynLev rose from a low of $ 0.037 on Nov. 3 to an all-time high of $ 0.88 on Nov. 27 – an increase of 2,278% in less than four weeks.
Santiago Santos, partner at the blockchain investment firm ParaFi Capital, captured Wind of SynLev’s price and volume explosion.
“There is a [new protocol] With an impressive + 10M at 24 hour volume, no signs of slowing down are seen. The pace of capital flows and rotation in DeFi is incredible. In a system of friction close to zero like DeFi, capital finds its way to the most efficient market and quickly. “
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