A decentralized finance (DeFi) newcomer is capturing the interest of crypto insiders after surging by as much as 2,278% in less than a month.
SynLev (SYN) is a DeFi asset built on the Ethereum (ETH) blockchain and relies on Chainlink (LINK) oracles to obtain external data. According to the crypto asset’s litepaper, SynLev aims to provide a decentralized platform that allows users to short or long Ethereum and other assets including commodities and indices with leverage.
SynLev offers leverage without requiring debt or fund rebalancing. Instead, the DeFi asset relies on a trio of factors such as the performance of the opposing asset, liquidity providers, and the ETH required to create the tokens to enable users to trade with leverage.
In addition, users can trade in SynLev without the usual know your customer (KYC) protocols required by other crypto exchanges.
CoinGecko reveals that SynLev has surged from a low of $0.037 on November 3rd to an all-time high of $0.88 on November 27th – representing an increase of 2,278% in less than four weeks.
Santiago Santos, partner at blockchain investment firm ParaFi Capital, caught wind of SynLev’s price and volume 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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