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Home Latest News Defi Ethereum-based token for the new DeFi exchange network has increased by 1,000%...

Ethereum-based token for the new DeFi exchange network has increased by 1,000% in two weeks

Bitcoin and Ethereum may collapse, but DeFi’s projects have not been postponed. Although decentralized spot traders such as Uniswap and SushiSwap have achieved significant traction over their centralized competitors, there are very few platforms where crypto users can receive leverage on these volatile markets in a decentralized manner.

SynLev only launched a week ago, providing consumers with a decentralized ability to short and long-term Ethereum and soon to leverage other assets. This is done by using an ethereum’s pool to generate a synthetic leverage roughly 2-4 times. It is similar to exchanges like FTX, where customers get leverage without margin or liquidation levels. Santiago R. Santos, a partner at leading DeFi fund Parafi Capital and a former JPMorgan banker, seemingly hinting at the platform wrote: “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.”SYN, the protocol’s native token, worked incredibly well because of a liquidity mining program and an increasing public knowledge of the protocol. The CoinGecko reports that over the last two weeks this coin has risen by about 1,000 percent from $0.07 to $0.80 since this article was written.

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