Share this article

Synthetix is soaring. 

Synthetix Leads DeFi Gains 

Synthetix closed the weekend in bullish mode after rising 21.9% Sunday through Monday. 

Source: CoinGecko

The DeFi protocol’s SNX token is currently trading at $9.17 according to CoinGecko, which puts the project’s market cap at around $1.45 billion. 

Synthetix is part of a cluster of projects that form Ethereum’s fast-growing DeFi ecosystem. It allows users to mint synthetics of various types of assets, including fiat currencies, gold, and stocks like Tesla. SNX plays a crucial role in the protocol as it can be staked to mint the synthetic assets, which are known as “Synths.” 

The project was among the first Ethereum staples that plans to launch on Layer 2—a framework built on top of the Ethereum base chain to help the network scale. It ran on Optimism’s testnet when it launched last year and enabled staking on the Optimistic Rollup solution in April. Uniswap is also planning to go live on Optimism sometime after it goes live on mainnet this summer. 

The jump for Synthetix comes as enthusiasm returns to the broader DeFi ecosystem. As Synthetix rose by 44% in the last week, Balancer increased by 53.2%, Aave by 35.9%, and Maker by 29.2%. The biggest gainer of the DeFi blue chips, Compound, rose 64.6% after announcing that it would launch a Treasury Account offering a guaranteed 4% yield. 

Ethereum, which acts as the security layer for the leading DeFi projects, has also seen positive price action in the last week rising 15.3%, which may explain the pickup in DeFi. 

When the market suffered from its biggest crash in over a year on May 19, many DeFi tokens were among the hardest hit. Although many are still trading well off their record highs, it seems that the market is starting to show renewed interest in the space. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, SNX, and AAVE. They also had exposure to BAL, UNI, COMP, and MKR in a cryptocurrency index. 

This news was brought to you by ANKR, our preferred DeFi Partner.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Synthetix Launches Staking on Optimistic Ethereum

Synthetix doubles down on Layer 2.  Synthetix Integrates Optimistic Ethereum  Synthetix staking is now compatible with Optimistic Ethereum.  Synthetix announced the update in a blog post, pointing out the improved…

Compound Soars 23% on Treasury Account News

Compound has announced a new product called Treasury Accounts allowing non-crypto clients to earn 4% APR on fiat deposits. The protocol’s COMP token has surged 23.4% following the announcement.  Compound…

Ethereum Favorite Curve Finance Heads to Fantom, xDai

Curve Finance, a decentralized exchange popularly used for trading stablecoins, has launched on Fantom and xDai’s growing ecosystems. Curve’s Multi-Chain Future Curve Finance has released an identical version of its…

What is Polygon (MATIC): Ethereum’s Internet of Blockchains

In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…