New ETH-Based Token SynLev Surges 1000% In Two Weeks

A new ETH-based token dubbed SynLev launched a few weeks ago and it surged by 1000% since its launch. BTC and ETH are crashing but some DeFi projects are gaining traction so let’s read more in the latest crypto news today.

While the decentralized spot exchanges like SushiSwap and Uniswap gained much traction in the centralized competitors but there are other platforms as well which crypto users can obtain leverage on the market in a decentralized manner. SynLev is a new ETH-based token that was launched a few weeks ago and is giving users the opportunity to short and long ETH and soon other assets will leverage in a decentralized manner. The token accomplishes this by using a pool of Ethereum in order to create synthetic leverage of 2-4 times. This is similar to the models that are used by exchanges like FTX which allow the users to obtain leverage without having margin or liquidation levels.

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

SynLev is unique as it provides synthetic leverage without KYC which means you can bet with BEAR or BULL tokens on where you should expect the market to go. All of this is done on-chain thanks to Chainlink’s oracles. SynLev has the capacity to support synthetic leverage from these assets that are listed on Chainlink’s price feed. The tokens have a natural “decay” period which means that they should not be held for a longer period of time. The project garnered much traction in the space, with prominent investors and analysts in the space mentioning it.

Santiago R. Santos, a partner at DeFi fund Parafi Capital and ex-JPMorgan banker hinted:

 “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.

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 the liquidity mining program and the increase in the awareness in the public about the protocol, SYN, the native token performed well. According to CoinGecko the coin increased by about 1000 percent in the past two weeks and moved from $0.7 region to $0.80. What makes SynLev even more unique is that it launched the airdrop is now valued at over $40,000.