Top Crypto Trader Predicts 84,407% Price Explosion for Little-Known Altcoin Built on Ethereum

A long-time crypto trader known as Flood is showing support for an altcoin that helps bridge the gap between different types of blockchain projects.

Flood tells his 194,400 Twitter followers that there are several reasons why he thinks trustless automated market maker Synapse (SYN) has the potential to make insane gains over the next two years.

“Here’s some simple math, the EVM [Ethereum Virtual Machine] smart contract platforms have a combined $700 billion market cap and are projected to reach $12 trillion by 2023.

With Synapse’s superior user experience, hyper-efficient liquidity providing and one of the greatest developer teams in crypto, it’s sure to become the leading cross-chain bridge in the world and capture at least 10% of that market cap, $1.2 trillion, by 2023.

That puts the price target at $2,400 per SYN. Let the bears and fudders (fear, uncertainty and doubters)  sell all they want, I will keep accumulating.”

The Ethereum Virtual Machine is a blockchain-based software platform where developers build decentralized applications (DApps). It eliminates the need for sophisticated hardware while creating smart contracts.

At time of writing, SYN is up over 10% on the day to $2.84. At Flood’s price target of $2,400 per token, that would signify a mind-boggling 84,407% gain for the 181st-ranked crypto asset.

According to the Synapse project website,

“By providing decentralized, permissionless transactions between any L1, sidechain or L2 ecosystem, Synapse powers integral blockchain activities such as asset transfers, swaps, and generalized messaging with cross-chain functionality.”

The SYN token entitles holders to vote on governance issues on the SynapseDAO (decentralized autonomous organization) as well as pays for network gas fees.

Another popular crypto analyst who goes by the name of Smart Contracter is also interested in Synapse.

The pseudonymous Twitter personality says,

“With all the layer ones competing against each other, accumulating something that bridges them all together feels like a picks-and-shovels play to me.

SYN chart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”

Source: Smart Contracter/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia


Tagged : / / / / / / / / / / /

Bancor introduces new staking pools and instant impermanent loss protection

Decentralized automated market maker (AMM) Bancor is set to launch new staking pools and an upgrade to its impermanent loss protection mechanism as part of its long-awaited Bancor 3 update.

Bancor was founded in 2017 and was the first DeFi protocol to introduce AMMs to the blockchain. The Ethereum-based exchange and lending platform also allows users to earn staking rewards via various liquidity pools.

In a Nov. 30 blog post introducing the upcoming Bancor 3 update, the platform announced several new features and upgrades including the Omnipool, Infinity pools, and “Instant Impermanent Loss Protection.”

Impermanent loss (IL) occurs on AMMs like Bancor or Uniswap when the prices of two assets in a liquidity pool diverge significantly, with one side going strongly up or down in value.

In October 2020, Bancor first introduced a mechanism to combat the issue by rolling out (IL) insurance, which guarantees that liquidity providers will receive up to 100% of their initial capital, plus fees accrued after a 100 day wait period.

As part of the Instant Impermanent Loss Protection update, users will no longer need to wait the initial 100 days as they will receive full protection from day one.

The new Omnipool feature will see the creation of a single pool to stake BNT that offers yield from the entire network, as opposed to the current method of offering yield from separate asset pair pools such as ETH/BNT.

“The Omnipool allows for all trades on the network to occur in a single transaction. In Bancor’s previous versions, trades required transfers via BNT, creating an extra transaction and added gas costs compared with competing DEXs.”

Infinity Pools will offer unlimited deposits on Bancor, and no longer require users to wait for “space to open up in a pool before being able to deposit tokens.”

Other notable updates in Bancor 3 will include auto-compounding liquidity mining rewards, dual-sided rewards to “allow third-party token projects to offer IL-free incentives on their pools” and further multi-chain and layer two support.

Related: How liquid staking disrupts parachain auctions on Polkadot

Bancor is governed by a decentralized autonomous organization (DAO) and currently offers cross-chain support to the EOSIO blockchain. The platform said that Bancor 3 will be rolled out in three stages dubbed “Dawn, Sunrise, and Daylight,” and is targeting a release in Q1 2022 pending a vote by the BancorDAO.

According to data from DeFi Llama, Bancor ranks at the thirty-second largest DeFi platform in terms of total value locked at $1.65 billion. At the time of writing, Bancor’s native token BNT has gained 2.3% over the past 24 hours to sit at $4.06 with a total market cap of at $949.4 million.