What is SynLev (SYN)? SYN price has surged 1.000% in a week but now can’t stand selling pressure
DeFi projects are still attracting a fair number of market participants. And one of those names is SynLev – which just launched last week – has hit an impressive rate of over 10 million volumes in 24 hours and shows no signs of slowing down.
What is SynLev? SYN price increases by 1,000% in just one week
SynLev is a Defi project launched just a few weeks ago, allowing users to short and long Ethereum and other cryptocurrencies with leverage in a decentralized way. SynLev accomplishes this by using an Ethereum pool to generate roughly 2-4x aggregate leverage. This is similar to the models used by exchanges like FTX, which allow users to gain leverage without margin or liquidation.
SynLev has synthetic leverage without KYC. SynLev is capable of supporting aggregate leverage for any of the assets listed on Chainlink’s price feed.
The SynLev project has gained a lot of traction in the space, with prominent investors and analysts in the space sector mentioning it.
Santiago R. Santos, a partner at leading DeFi fund Parafi Capital and former JPMorgan banker, shares SynLev as follows:
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
— Santiago R Santos (@santiagoroel) November 27, 2020
Due to a liquidity miner and an increase in public awareness of the protocol, the native token SYN has performed very well. According to CoinGecko, the coin has gained about 1,000 percent over the past two weeks, moving from the $ 0.07 area to $ 0.8. At press time, SYN price is trading around $ 0.68, down more than 22% in the last 24 hours, probably due to selling pressure around this area.
SYN price | Source: CoinMarketCap
What makes SynLev’s story even more unique is that it was launched via an airdrop currently valued at $ 40,000. In August, as many projects sought to attract followers who were hosting the airdrop, Synlev promised that they would provide 10% of their total supply to the community through the airdrop: users would receive 1,000 SYN each. LINK and 5,000 SYN per Ethereum for a maximum total of 50,000 coins per address.
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