Tag: Snx

Analyst Predicts One Altcoin Will Rally Ahead of the Pack, Says Bitcoin Pullbacks Likely To Be Shallow

by Dailyhodl

A closely followed crypto market trader thinks the Bitcoin (BTC) bull market remains in full swing while predicting an early altseason for one crypto asset in particular.

The pseudonymous trader known as Altcoin Sherpa is bullish on the decentralized streaming platform Theta (THETA). He tells his 145,900 Twitter followers that THETA may be gearing up to rally and precede the rise of many altcoins in the space.

“I think that this one will moon earlier than other altcoins. It’s been in an accumulation range for longer than most and hasn’t pumped really in quite some time.

I expect many alts to look like SNX did back in 2020. V-shaped reversal/accumulation/expansion.”

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Source: AltcoinSherpa/Twitter

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Source: AltcoinSherpa/Twitter

He adds that THETA tends to move on its own terms, distinct from the rest of the overall crypto market.

“THETA is one that could outperform. It chopped around longer than others AND it also has its own market cycles/does shit on its own usually”

Currently, THETA is trading at $8.06.

Taking a look at Bitcoin (BTC), the pseudonymous trader says that dips may be shallower than those experienced in 2020 as the context surrounding the market is different.

The most recent BTC pullback measured just under 14%, whereas 2020’s pullback before liftoff was 17%.

“BTC: Market structure, context, charts are all different vs. other 20k resistance price action in 2020. With that said, the pullbacks don’t have [to] be that deep when price grinds near ATH [all-time high] levels like this. Up only.”

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Source: AltcoinSherpa/Twitter

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Source: AltcoinSherpa/Twitter

Sherpa also looks at Algorand (ALGO), noting that it may have trouble outperforming Bitcoin as it struggles to break out of its sideways range.

“ALGO: I think this one continues to chop around a lot. I don’t know if it outperforms BTC, seems unlikely.”

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Source: AltcoinSherpa/Twitter

Finally, he takes a look at the blockchain indexing protocol The Graph (GRT). After highlighting that the token is showing signs of accumulation, Sherpa says that GRT might be about to take off.

“GRT: This coin seems to be showing some signs of accumulation. Some nice volume coming in. I wouldn’t mind scaling in here for a passive trade.”

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Source: AltcoinSherpa/Twitter

At time of writing, GRT is trading at $1.18.

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Synthetix Founder: DeFi Governance ‘Pretty Terrible’

by Decrypt

Decentralized finance (DeFi) has a governance problem. That’s the view of Synthetix founder Kain Warwick, who took to the stage at Token2049 in London for a panel discussion on “DeFi: The Future of Finance.”

“It’s this unspoken thing at the moment in the DeFi space,” Warwick said, “where the governance infrastructure that we have is pretty terrible.”

Synthetix, a derivatives liquidity protocol that enables users to trade synthetic versions of stocks, currencies, commodities, and indices, has its own governance module. But Warwick still said that current tools like voting system Snapshot, the Compound governance module, and Synthetix’s own solution, are “all pretty bad, right?”

The key problem with existing DeFi governance solutions, Warwick argued, is that “We’ve kind of iteratively built out these things that sort of solve our specific problems, but they’re not very generalizable.”

To that end, he said, Synthetix has been working on a redesigned governance module for its v3 update that will be released as an open-source tool for the rest of the DeFi industry to use. The governance tool aims to do away with current “discretionary” processes, Warwick said: “We’re still in kind of this multisig era. I think we all sit on multiple multisigs, right? Someone sends you a message on Telegram and says, ‘Hey, can you please sign this transaction?’ or whatever. It’s pretty terrible, right?”

Instead, DeFi protocols should be handing control over to their communities. “But we just can’t do it—the tool is not there,” he said. “So for us, that’s something that’s very critical.”

Targeted for release “early next year,” the governance module will enable DeFi protocols to “get away from these multisigs and all of this kind of offline coordination—without kind of devolving into plutocracy, which has been a problem in the past.”

Regulators take aim at tokenized stocks

Besides governance, Synthetix also has to contend with increasing regulatory scrutiny of a core part of its offering—tokenized stocks. Earlier this year, the decentralized exchange (DEX) Uniswap removed a number of tokens from its front-end site that could constitute securities, including tokenized stocks from Synthetix, citing the “evolving regulatory landscape.” Uniswap Labs is also under investigation by the SEC.

Centralized crypto exchange Binance also shut down its own tokenized stock service in July, after multiple regulators said that the tokens could constitute illegal securities offerings.

For Warwick, the regulatory environment is “much worse than I think most of us hoped it would be,” with regulators themselves being “fairly adversarial right now.” He argued that “we haven’t done a great job educating regulators” on how DeFi works, and that it “aligns very much with the outcomes that regulators want.”

At the same time, with regulators circling, Warwick said that DeFi protocols “really do need to be as censorship-resistant as possible.” And that depends in part on governance: “You genuinely need to be governed by a community if you’re going to be a protocol.”

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Synthetix Kwenta Alpha Launches on Optimism

by Btcmanager

Synthetix’s Kwenta exchange has announced the launch of the L2 Kwenta Alpha on Optimistic Ethereum. The team says the L2 Alpha will enable both Synthetix and Kwenta users to learn more about trading synthetic assets on L2, while also enjoying up to 50x cheaper transaction fees, according to a blog post on July 30, 2021.

Kwenta Live on Optimism

Kwenta, a decentralized exchange (DEX) powered by DeFi infrastructure provider, Synthetix, is now live on Ethereum Layer-2 network Optimism. Dubbed the L2 Kwenta Alpha, the team says the move is a huge milestone for the entire Synthetix ecosystem.

As stated in a blog post, the team expects the Kwenta L2 Alpha launch on Optimistic Ethereum to serve as an opportunity for both the Kwenta and Synthetix communities to gain a better understanding of Synthetic assets trading on layer-2.

Kwenta users will initially be able to trade only a handful of synths on L2 during phase one of the rollout, including sUSD, sETH, sBTC, and sLINK, with the trading fees set at 0.4 percent.

Kwenta wrote:

“The Synthetix community will monitor early L2 performance and then gradually vote in additional synthetic assets as they see fit. Once enough Synths have been added to offer users a meaningful trading experience on L2, the next phase of the L2 launch Plan will come into effect where trading incentives will be added to L2 Kwenta.”

Cost-Efficient Trading

Optimism is an Ethereum layer-2 scaling solution that aims to enable dApps to overcome the scalability bottlenecks of the latter. It leverages optimistic rollup technology to offer users lightning-fast transactions with minimal fees.

With the launch of Kwenta on Optimistic Ethereum, the team expects users to start enjoying an estimated 50X reduction in gas fees and blazing fast transaction speeds. However, like all new technologies, the team has advised users to move with caution, as there may be network glitches during this first testing phase.

“It’s important to note that we expect to encounter downtime and potentially unforeseen challenges. The data we collect from the Alpha will enable us to optimize Synth trading on L2 and prepare for the beta launch,” Kwentta added.

In related news, Kwenta announced earlier in June that it is making plans to roll out its token dubbed $KWENTA, in a bid to give the project more independence.

On July 27, 2021, BTCManager informed that layer-2 scaling solution and decentralized exchange, ZKSwap, has launched the second iteration of its network, to enable it to support other blockchains and tokens aside from Ethereum.

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Bitcoin, Ether, Major Altcoins – Weekly Market Update July 12, 2021

by Btcmanager

The total crypto market cap erased $42 billion from its value for the last seven days and now stands at $1,401 billion. The top 10 coins were all in red for the same time period with the only exception being Binance Coin (BNB) which added 5.6 percent to its value. At the same time, Dogecoin (DOGE) lost 13.4 percent. Bitcoin (BTC) is at $33,700 at the time of writing. Ether (ETH) is currently trading at $2,100.

BTC/USD

Bitcoin closed the trading day on Sunday, July 4 at $35,200 after three consecutive sessions in green. The short-term price rally helped the coin move above the multi-timeframe resistance at $34,700 and also to surpass the 21-day EMA. It registered a 1.5 percent growth on a weekly basis as the market volatility was slowly starting to decrease thus allowing more and more traders to re-enter.

On Monday, the BTC/USDT pair, however, fell sharply to $33,700, which resulted in 5 percent being erased from its market capitalization. It touched the $33,160 level during intraday and successfully found support at the uptrend trendline built around the lowest points of the daily candle wicks starting June 22.

The Tuesday session was a volatile one. Bitcoin jumped up to $35,170 in the early hours of trading, but was once again rejected at the mentioned horizontal resistance and partially retraced down to $34,200.

The mid-week session on Wednesday came with another attempt from bulls to climb above that solid barrier, which resulted in a failure and a candle close near the diagonal support.

On Thursday, July 8, the BTC/USDT pair fell below the weekly timeframe support by touching $32,100 but partially recovered in the latter part of the session by closing at $32,800.

The trading day on Friday was the complete opposite as the coin erased all losses from the previous 24 hours and closed at $33,800 as bulls were starting to show some strength.

The first day of the weekend came with high volatility. Bitcoin was moving in the $34,200 – $32,900 area and made a step down at the daily candle close hitting $33,400.

On Sunday, July 11, bulls made an attempt to fully save the weekly candle by pushing the most popular cryptocurrency up to $34,200 (34,600 during intraday). Still, it lost the important $34,700 support.

What we are seeing on Monday morning is another rejection at the 21-day EMA.

ETH/USD

The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,

On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.

The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.

On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.

The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. ETH was not an exception correcting its price with 8.8 percent in the downward direction.

On Friday, the ETH/USDT pair made a negligible change by forming a small green candle to $2,145. These minimal gains were erased on the first day of the weekend in a reciprocal move.

Then on Sunday, the ether once again regained positions near $2,140 but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).

The ETH token is trading at $2,110.

Leading Majors

  • Binance Coin (BNB)

The native token of the Binance ecosystem – BNB has been quite stable recently and unlike some of the other major alts in the Top 10 list, it managed to respect most of its technical levels.

On the weekly timeframe, it found clear support in the $290-$300 zone, jumping up from an intra-weekly low of $220. This level is considered a major demand zone and already proofed its stability back in February and March 2021 then again it was where the BNB/USDT pair found its bottom during the last two major drops in May and June.

It is possible to see a run towards $400 (BNB loves round numbers), or right below the last visited high, in the coming days/weeks

The upcoming quarterly BNB token burn that is expected to happen in the period between July 15 and July 18 will surely add up to the upward momentum, although a correction based on the “buy the rumor, sell the news” mantra is expected as always.

Altcoin of the Week

Our Altcoin of the week is the Synthetix Network Token (SNX). The leading decentralized derivatives platform and DeFi blue-chip added 43 percent to its value for the last seven days, now standing at #52 on CoinGecko’s Top 100 list. The coin is currently 134 percent up from its June low and with a total market capitalization of approximately $2 billion.

Almost all coins from the DeFi subsector of the cryptocurrency market registered double-digit gains, but the SNX/USDT pair was leading the pack mainly due to the serious jump in the APY offered on the native token, which surpassed 39 percent sometime last week. This led to a significant increase in the Total Value Locked on the protocol to $1.22 billion as of the time of writing or 70 percent up from the beginning of July.

The SNX/USDT pair is currently trading at $12.8.

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Synthetix Jumps 25% on Ethereum Layer 2 Launch News

by Cryptobriefing

Key Takeaways

  • Sythetix Network’s native token has surged 150% since hitting a bottom last month.

  • The most recent surge of 25% came over the weekend after the team confirmed it would launch on Optimism this month.

  • SNX is aiming for over 100% gains, pending a bullish consolidation around current resistance levels at $12.




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Synthetix Network’s native token SNX jumped 25% following an announcement that it would launch on Ethereum Layer 2 solution Optimism in the last week of July. 

Synthetix Rises on Optimism Announcement

Kain Warwick, the founder of Synthetix, announced that the platform would launch on Ethereum’s Layer-2 Optimistic Rollup, Optimism, on the week commencing Jul. 26 last week. The update acted as a positive catalyst for SNX, which has surged to a monthly high of $13.60.

The Layer 2 update will enable faster execution of derivatives contracts for the platform. Optimism’s Ethereum Rollup has been anticipated for some time. It was previously scheduled to go live in March of this year. Other DeFi staples like Uniswap are also set to launch on the Optimistic Rollup once it’s live. 


The initial Optimism integration will begin with sETH, sBTC, and sLINK Synths on the platform. “Synths” are synthetic assets created on Synthetix; users can stake SNX to mint sUSD then trade it for other Synths. As with Synthetix on Ethereum mainnet, the price feed will be deployed by Chainlink. 

The token has surged 150% from its bottom at $8.20 on Jun. 26. The consistent growth in its price also echoes in the platform’s total liquidity and userbase. 

According to data from DeFi Pulse, the total locked value (TVL) on the platform dropped to lows to $600 million on Jun. 24. The liquidity has since increased by over 1.5 times to $1.47 billion, staying above last year’s peak during the DeFi summer. Moreover, Synthetix’s rise in total value locked does not match with the wider DeFi sector, which rose by only 14.5% over the same timeframe. 



The number of users on the platform has also risen steadily since the explosion of the DeFi market last summer and remained unaffected despite the correction in the broader crypto markets. 

synthetix network snx
Source: Glassnode

The funding for SNX is negative—around negative 0.1% daily—which shows that the majority of traders are currently short SNX, hoping to profit from a correction. However, such conditions are perfect for market makers and whales to push prices higher and force the bears to liquidate their position.

From a technical perspective, the platform has been looking at a bullish breakout towards the mid and top of the ascending channel since August 2020. The targets for SNX if it manages to turn resistance to support for the bottom of the channel are $18.50 and $28.10.

synthetix network
Source: TradingView

The short-term support levels for the bullish move, meanwhile, are at $10.50 and last year’s peak of $7.50. SNX was last trading at $12.80, which puts the protocol’s market cap just over $2 billion.

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


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Synthetix Up 26%, Leading Double-Digit Gains for DeFi Tokens

by Decrypt

Decentralized finance (DeFi) tokens including Synthetix Network (SNX), Compound (COMP) and SushiSwap (SUSHI) are having a field day in terms of daily gains, leaving the rest of the crypto market in the dust.

SNX, the native token of liquid synthetic assets platform Synthetix, is leading today’s DeFi gains parade so far. At press time, SNX is up 26.8% over the past 24 hours currently trading at around $12, according to crypto metrics platform CoinGecko.

Last week, Synthetix developers also reported record monthly trading volume growth on the platform, totaling 15% of its total volume in just 30 days.

“In a single month, Synthetix hit roughly one billion in Synth trading volume. That’s 15% of our total tracked volume, 6.75 Billion, in one month! This is a major milestone as it reflects the tangible growth happening to the protocol. Exciting times,” Synthetix tweeted on June 30. In the past week, Synthetic has posted 69.4% gains.

A DeFi bonanza

DeFi is a massive ecosystem of intricately interconnected blockchain protocols such as lending platforms, decentralized exchanges (DEXs), and liquidity pools that allow users to act as a replacement for traditional banks. As well as Synthetix, other DeFi tokens have posted double-digit gains in the past 24 hours.

They include Ethereum-based COMP ($499.98, +14.9%) and SUSHI ($8.86, +14.8%), the native token of multichain automated market maker SushiSwap. UNI is up 6.2% on the day, trading at about $21.71.

Several other DeFi tokens are rallying as well. THORChain (RUNE, $6.96, +13.5%), Avalanche (AVAX, $13.51, +9.9%), Curve DAO Token (CRV, $1.92, +6.8%), and Binance Smart Chain-based DEX PancakeSwap (CAKE, $14.7, +6.2%) are all seeing substantial gains.

Meanwhile, data provided by analytics platform DeFi Pulse shows that there is $54.07 billion in value currently locked on various DeFi platforms.

The top five spots are taken by Aave ($11.24 billion locked), Curve Finance ($8.51 billion), InstaDApp ($7.84 billion), Maker ($7.19 billion), and Compound ($7.08 billion).

At the same time, most of the major non-DeFi cryptocurrencies remain locked in their narrow price corridors. For example, Bitcoin ($34,149, -1.4% on the day), Ethereum ($2,274, -1.5%), Cardano ($1.42, -0.8%), and Polkadot ($15.40, -1.5%) are all in the red today, albeit slightly.

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SNX hits multi-week highs as total value locked on Synthetix approaches $1 billion

by Cointelegraph

SNX spiked to its three-week high on Monday in reaction to a market-wide upside correction led by Bitcoin (BTC) and other top-cap digital assets.

The Synthetix project’s native token reached $9.59 after rising four days in a row by up to 50%. That included a sharp 18.29% upswing in the previous daily session, sparked by Bitcoin’s climb above its key resistance level of $35,000. Altcoins tend to tail the flagship digital asset’s price trends.

Synthetix and Bitcoin price moves in the recent sessions. Source: TradingView.com

But more factors were in play during the SNX’s comparatively higher price boom. Its jump appeared as speculators returned to bet bullishly on the overall decentralized finance (DeFi) ecosystem. The seven-day adjusted timeframe saw almost every top DeFi coin posting double-digital gains, including Uniswap (~16%), Aave (~24%), Compound (39.37%), amongst many others.

SNX/USD surged about 31% in the previous seven days.

Synthetix was among the only DeFi coins in profits based on a 24-hour adjusted timeframe. Source: Messari

Ether (ETH), which hosts most DeFi projects atop its public blockchain, also saw its ETH token rising by more than 10% in the previous seven days.

VORTECS™ data turned bullish prior to new SNX price highs

Meanwhile, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SNX in early July, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. SNX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score flashed green on July 4 with a score of 64 with the price continuing to climb higher above $9.

Synthetix TVL approaches $1 billion

The 50% upside move in the SNX markets also pushed the total value locked inside Synthetix pools to $11 million shy of $1 billion. Nevertheless, as the TVL reserves rallied in terms of the U.S. dollar, they declined on the SNX token basis, dropping by almost 5 million units from the July 1 high of 116.25 million units.

SNX locked in Synthetix pools decline as price rallies. Source: DeFi Pulse

In detail, Synthetix is a decentralized synthetic asset platform that provides blockchain exposure to traditional assets, including currencies, commodities, stocks, and indices. The platform requires users to lock its native token SNX as collateral into its smart contracts to back its synthetic assets (Synths). These Synths track prices of various assets, which allow crypto users to trade peer-to-contract on Synthetix Exchange.

Additionally, users have to burn the portion of their Synths as debt when they wish to unlock their SNX. At its all-time high, in December 2020, the Synthetix smart contract had 168.37mm SNX tokens. The holdings fell to as low as 96.54 SNX tokens in February 2021. Since then, the deposits have been rising, albeit not in a straight line.

Part of the reason behind rising Synthetix TVL could be higher annualized percentage yields (APY). For example, the SNX staking returned users with 39.30% APY as of Monday, using Synthetix’s inflationary supply model. Thus, SNX yields come out to be much higher than a traditional yielding asset (the U.S. 10-year Treasury note returning only were limited to 0.502-1.778% in the previous 52 weeks.)

SNX staking APY (with sUSD and SNX as base unit) is at 48.64% per annum. Source: Synthetics Official Website

SNX technical outlook

The latest SNX pump has pushed its prices above a classic technical range defined by $7 support and $8.5 resistance. Historically, SNX/USD have twice tested the area as resistance but was managed to break only once in December 2020-January 2021.

The Sythentix token eyes a breakout above $10.54. Source: TradingView.com

A breakout from the range puts SNX/USD en route to the next level of resistance near $10.54, which coincides with the 23.6% Fib line of the Fibonacci retracement setup drawn from a $27.172-swing high to $5.40-swing low. The $10.54 is near the SNX’s 50-day simple moving average (50-day SMA; the blue wave), creating a strong resistance confluence to cap the pair’s potential upside attempts.

Conversely, a breakdown below the $7-8.5 range risks crashing SNX back to its previous sessional low of $5.40.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.