According to current market prices, the synthetix usd (SUSD) stablecoin has fallen from its intended parity. Charts show the token dipped to a low of .915 and is now trading at .958 per unit as of 8 a.m. EDT on Friday. SUSD Stablecoin Plunges to .915 Another stablecoin faces challenges in maintaining its 1:1 […]
Bitcoin News
Bluechip Gives Synthetix and Beanstalk Stablecoins F Grades; Tokens Added to the ‘Red Flag List’
On Feb. 1, 2024, the independent, nonprofit stablecoin assessment entity Bluechip made a noteworthy declaration. They officially bestowed an F grade upon Synthetix’s fiat tokens SUSD and SEUR, alongside Beanstalk’s dollar-pegged asset BEAN. Bluechip went on to reveal that both of these stablecoins have been included in the organization’s “Red Flag List,” signaling a strong recommendation against utilizing these particular stablecoin tokens.
SUSD, SEUR, and BEAN Graded F by Stablecoin Rating Organization Bluechip
As per a statement shared on the social media platform X, Bluechip has issued an F rating for Synthetix’s and Beanstalk’s fiat-backed cryptocurrency assets, namely, SUSD, SEUR, and BEAN. These stablecoins join Tron’s USDD stablecoin, which also received an F grade in Bluechip’s June 3, 2023, assessment of USDD.
“Today, we are assigning an ‘F’ grade to the following stablecoins,” Bluechip stated on Thursday. “Synthetix tokens like SUSD and SEUR [and] BEAN by Beanstalk. These tokens are part of Bluechip’s Red Flag List, a list of stablecoins that have triggered a red flag outlined in our framework.” The stablecoin rating agency added:
Synthetix tokens like SUSD and SEUR — Stablecoins like SUSD are minted by staking SNX at a collateral ratio of 500%. SNX is not only the collateral but also the native token issued by Synthetix. SNX is classified as endogenous collateral for SUSD, triggering a red flag. Moreover, these stablecoins cannot be redeemed for the underlying SNX. Holders depend on liquidity pools to exit from Synthetix stablecoins to other assets.
Bluechip also said when the price of BEAN falls below its intended , the protocol borrows tokens from holders and subsequently burns them to diminish the supply. Conversely, when BEAN exceeds the mark, new tokens are generated to augment the supply. “BEAN is not backed by any reserves, triggering a red flag,” Bluechip added.
“Governance rights are earned by depositing whitelisted assets,” the nonprofit continued. “However, voting is done off-chain, with decisions implemented by a multi-sig of anonymous contributors. The multi-sig also has unrestricted control over smart contracts as governance enforcement doesn’t exist.”
In the summer of 2023, Bluechip emerged onto the scene, with its founders including Garett Jones, an associate professor of economics at George Mason University, and two innovators behind the SMIDGE rating framework employed by Bluechip. Within their evaluation spectrum, as of Feb. 2, 2024, three stablecoins have garnered an A rating, while two secured an A-. Additionally, five tokens earned a B+ grade, one received a C, and a total of six fiat or gold-backed coins landed with a D rating.
What do you think about the F grades Bluechip gave to SUSD, SEUR, and BEAN? Share your thoughts and opinions about this subject in the comments section below.
Synthetix (SNX) Drops 18% As Crypto Market Cools Down – Details
The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.
Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.
Big Things Coming For Synthetix
Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto.
Last week, Synthetix announced on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.
Andromeda Release is the implementation of the Perps V3 which, according to their recent blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.
Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs!
https://t.co/72QmySbAfb
Check out the TLDR and read the blog post to learn more.
– Perps V3… pic.twitter.com/YbsFjj0Hnt— Synthetix
(@synthetix_io) December 15, 2023
The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.
“The Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,” the Synthetix team said in their blog post.
More Pain On The Crypto Front?
Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the .59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.
However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn’t disregard the broader market before making a decision.
Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the .287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout.
Featured image from Shutterstock
Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing
Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend of 60%, while its year-to-date performance shows an impressive price increase of over 108%.
These notable achievements indicate the potential for continued bullish momentum for the decentralized protocol and its native token.
Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges
Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed a highly optimistic outlook on SNX, hailing it as the ultimate “picks & shovels play” in anticipation of the forthcoming bull market.
Pahor highlights Synthetix’s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies.
While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth in the coming years, according to Pahor.
Notably, a key driver of Synthetix’s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure.
SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality.
With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of .14 billion, placing it at the forefront of the Synthetics category. The protocol’s treasury holds a healthy 5.96 million, including stablecoins, BTC/ETH, and its token SNX.
SNX Bulls Poised For Breakout Opportunity
Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development.
It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading.
According to Pahor’s analysis, with a “strong ecosystem” of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category.
Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst for the protocol. Additionally, the protocol’s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading.
Currently, SNX is trading at .455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum follows a 31% gain over the last fourteen days.
In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at .58, which is necessary to retest its recently achieved yearly high of .810. As SNX reached this high only a few hours ago, its next target is to surpass the mark, a level not seen since August 2022.
On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the .035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month.
Featured image from Shutterstock, chart from TradingView.com
Synthetix (SNX) Holds Monthly Gains As Broader Market Plummets
Since the crypto market sentiment turned bearish after a few weeks of improvement, many cryptocurrency prices have retraced. Many coins have barely held their gains, while others have surrendered the past month’s gains to the bears.
Even the Synthetix token is not safe from this downtrend, but surprisingly, it managed to sustain some of its gains over the past 30 days. At press time, SNX is up by nearly 8% in the past month. Initially, It was higher than that but later reduced as the daily decline pushed stronger.
New Ecosystem Improvements Sustaining Synthetix’s Price Gains While Others Decline
Digital asset prices rely partly on ecosystem improvements and utilities and largely on macroeconomic situations. The pressure on the coins is higher now that extreme macroeconomic conditions and external factors have affected the global cryptocurrency market cap with bearish sentiments. The increased uncertainty and fear in the market as the Feds continue their aggressive interest rate hikes have raised the bar for ecosystem innovations to sustain crypto asset prices.
Related Reading: Ethereum Founder Buterin Dumps These Meme Coins, What You Need to Know
Synthetix IO is on an innovative path with several ongoing projects that could boost SNX’s price. One of the latest developments in the SNX ecosystem is the Synthetix Perps Arbitrage. Synthetix Perps Arbitrage allows traders to profit while leveraging temporary fund rate discrepancies between trading platforms.
The Synthetix developing team has come up with back-to-back improvement projects for a better user experience. Preparations for the Sythetix Perps V2 update are nearly complete and are expected to go live soon. But as the V2 launch draws near, the community is already talking about the Perps V3 update, which will happen shortly after Perps V2.
Synthetix Perpetual futures (Synthetix Perps) allow users access to various tokens at low fees. It uses a distributed model on Sythetix where liquidity providers can delegate their liquidity to different pools and markets.
According to a note on Sythetix’s official Twitter account, liquidity providers now have direct access to profitable markets that minimizes loss over time. The features could attract new users to Synthetix while pushing SNX’s price as more people pay fees with it.
SNX Price Outlook Amid Bearish Market
Synthetix token (SNX) is trading at .94, with a 9.22% price decline over the past 24 hours. Although it lost some percentages today, it scored gains over the past two days when other tokens recorded price declines. As of March 6, SNX’s price gained 7.6%, adding .218435 to its past-day price of .88. It also rallied by 0.3% on March 5, placing it among the weekly gainers in the bearish market.
SNX’s price retained gains over the past 30 days when top coins like Bitcoin fell. The token’s price increased considerably between February 25 and March 1, when it rallied from .47 to .03. Also, data from CoinMarketCap shows SNX trading volume saw an uptick during this period of the price rally.
As of February 26, SNX’s trading volume stood at .9 billion. The trading volume doubled to .4 billion on February 27 and increased again to 4.54 on the 28th. This observation suggests an increased network activity, which might be responsible for the price rally.
Related Reading: Maker (MKR) Registers 15% Gains In The Last Week, What’s Pushing It?
The market-wide downturn is primarily because many investors, especially the buy-and-hold investors, are scared of purchasing any coin as they fear what might happen once the next interest rate hike bps kicks off. However, the ongoing innovations on the Sythetix Network might sustain the token’s price against the odds in the broader crypto market.
Synthetix (SNX) Scores 15% In A Week, Will It Test $3?
Although down by 4% at press time, Synthetix (SNX) now draws near after scoring above 15% in a week despite the looming recession in the market. The coin is among the gaining cryptocurrencies in the bearish market.
However, whether the coin completes its rally to or above depends on the corresponding volatility and investor sentiment in the crypto market. As it stands, the market is battling an unusual rise in volatility, which has increased to 25%, according to Alternative, exerting selling pressure on most coins.
Sythetix Calling The Bulls With Promising Ecosystem Improvements
At press time, SNX’s price has declined and is trading at .85. However, its 15.% weekly gain and 4.4% 14-day gain might boost the confidence of investors who purchased their holdings towards the end of 2022, when it traded below .
Some evidence suggests that Synthetix has witnessed many ecosystem improvements that might have supported SNX to hold gains amid bearish sentiments. For instance, SNX price may be performing in response to the 22 new token additions on the Synthetix perpetual futures market, which the Synthex protocol rollout earlier this year.
Leveraging the low fees, improved scalability, and lightning-fast transaction executions, users can now access more diverse tokens. It would also attract a more user base for SNX and could be behind its recent price performance.
Meanwhile, on February 23, Synthetix deployed its version 3 (Synthetix V3) on Ethereum and Optimism mainnet. The Synthetix team considers this a milestone for the network as it will improve its functionality and enhance cross-chain stablecoin transfers. The primary function of the Sythetix V3 is generating a collateralized debt position as a dollar-pegged stablecoin used in integrated markets.
Also, Synthetix launched the Schedar Release in February to burn fees and reduce debt for stakers. These developments probably helped scale SNX prices even when the market turned bearish.
SNX Price Outlook, Will the token Sustain Gains And Reach ?
Sythetix (SNX) price has a good outlook today, with 83% of the crypto community feeling good about the coin, per CoinMarketCap data. However, SNX is highly volatile, at the moment, with trading volume down by 11.78% and price down by 4.4% over the past 24 hours.
SNX witnessed a steady uptrend from the start of 2023. As of January 1, it traded at .51 and increased gradually to .11 on January 14. The uptrend continued, with a few downs here and there, until it climbed to .93 on February 7 before meeting a brief downturn.
The February crypto market-wide downturn pushed SNX’s price from .93 to .35 on February 12. The token price picked up for three days and then met several days of price fluctuation between February 14 and 25.
SNX price rallied from February 24-28, except on the 26 when it declined by 6.5%. It reached .03 on March 1, closing at .01, and even traded at .01 earlier today before hitting another correction.
Following the token’s price actions over the past few days, chances that the bulls will return and push the price upwards again, even above , are high.
Synthetix (SNX) Price, Monday’s Biggest Gainer, Balloons By 100% – Here’s Why
After plunging below ,000 over the weekend to trade at a price of SNX, the native token of Synthetix decentralized finance (DeFi) platform, has gained more than 100% to usher in the week.
SNX has proven to be the stock with the biggest rise on Monday. The token’s 24-hour trading volume has increased by more than 1,200% to 2 million, according to data from CoinMarketCap.
This indicates that investors are pouring money into the token despite its poor performance last week, as it has been put up for bid. Additionally, this abrupt growth in SNX is supported by the increasing daily network volume as a result of its new function.
Suggested Reading | Bitcoin Climbs Back Above K, A Bit Of A Relief To The Sinking Crypto Market
Synthetix is a Layer-2 scaling solution that provides on-chain exposure to a wide variety of crypto and non-crypto assets. It recently partnered with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sUSD/3CRV, and sBTC/BTC, allowing investors to convert synths such as sETH to Ether (ETH) at more affordable rates.
Synthetix Token Climbs By Half In Seven Days
The Synthetix token is selling at .05 at the time of writing, a 50 percent increase over the past week. The latest price increase has assisted the token in erasing its deficit from the ongoing market meltdown.
The price increase of SNX is not only attributable to optimistic perceptions surrounding Bitcoin at the start of the week, but also to investors’ eagerness to hold tokens instead of synths and the protocol’s ability to generate more than million in trading fees, five times greater than BTC’s daily performance.
When token holders pledge their SNX as collateral using Mintr, a decentralized platform for engaging with Synthetix contracts, synthetic assets are created. Currently, the protocol supports synthetic fiat currencies, cryptocurrencies, and commodities.
SNX At No. 87 On The Global Rankings
The Synthetix coin is trading slightly over its 52-week low. Any decrease in the price of Bitcoin could cause the price of SNX to decrease as well.
Among the almost 20,000 cryptocurrencies, SNX crypto is listed on the No. 87 spot. The SNX cryptocurrency can be traded on crypto exchanges such as Binance and Uniswap.
The cryptocurrency market is showing signs of revival, as its valuation increased by 8.5% from the previous day to reach 9 billion. However, it is essential to recognize that the crypto market as a whole is experiencing a moment of tremendous instability.
Featured image from Cryptona, chart from TradingView.com
NewsBTC
Synthetix (SNX) Hits Record High amid DeFi Correction; Here’s Why?
Synthetix’s native token SNX emerged victorious on the day its rival decentralized finance tokens turned lower.
The SNX-to-dollar exchange rate hit a fresh record high of .68 on Wednesday as a flurry of uplifting fundamentals prompted traders to increase their bids on the pair. That included the introduction of a new staking platform.
Say hello to the brand new dApp for staking on Synthetix! https://t.co/o4ks9nt8lb
The new interface has been rethought from the ground up to provide the best staking experience for SNX holders. 1/https://t.co/wcPTmDv8nW
— Synthetix ⚔️ (@synthetix_io) December 22, 2020
A Bullish Expansion
Sythentix’s proprietary dapp went live on Tuesday, paving the way for people to stake their SNX holdings to earn attractive yields. Traders typically increase their short-term bullish bias on DeFi projects that attempt to expand their service portfolio. Earlier, YFI, the governance token of decentralized aggregator platform Yearn.Finance also surged twofold after the protocol ventured into lending and decentralized exchange services.
The SNX/USD exchange rate, meanwhile, received further boost from Coinbase Pro. The US-based crypto exchange listed the token on its trading platform last week after months of speculation. Overall, the cost to purchase one SNX token surged almost twofold in the last eleven days amid the overall cryptocurrency market euphoria.
![Synthetix, SNX, cryptocurrency, DeFi](https://www.newsbtc.com/wp-content/uploads/2020/12/HKuaHav6-860x509.png)
Synthetix continues its uptrend despite downside correction across the DeFi space. Source: SNXUSD on TradingView.com
In comparison, other DeFi tokens underperformed. SNX surged by about 19 percent in the previous 24 hours while YFI, UNI, and AAVE fell within the range of 3-7 percent.
“Potentially related to SNX, SNX volumes have shot through the roof over recent days, with Binance, OKEx, and even decentralized exchanges like SushiSwap seeing large increases in volumes for the coin,” noted Nick Chong in the newsletter Alpha Alarm, also co-authored by analysts Joseph Young and Cole Peterson.
“SNX is often seen as a DeFi coin that is “slept on,” and may thus be rallying as the market corrects itself,” he added.
What’s Next for SNX?
The SNX/USD exchange rate is fueling higher on short-term bullish fundamentals. But a recovery across other DeFi assets could prompt speculators to dump their profitable SNX positions to seek opportunities in low-priced tokens.
The narrative fits the technical description of the Sythentix token’s four-hour chart. SNX/USD is forming an ascending broadening wedge after a recent bullish movement. Technically, that should reverse the uptrend if the price breaks below the structure’s support in the coming sessions. In 80 percent of cases, the exit is bearish.
![Synthetix, SNX, cryptocurrency, DeFi](https://www.newsbtc.com/wp-content/uploads/2020/12/uB3dR4mm-860x509.png)
Synthetix trade setup as per its ascending broadening wedge setup. Source: SNXUSD on TradingView.com
The downside target after the wedge breakout is near .12.
Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price
Ethereum (ETH) and a majority of other large-cap crypto assets have faced strong corrections over the past day. Per CoinGecko, BTC is down 2.5% in the past 24 hours alone, falling from the ,000 region to ,800 as of this article’s writing. Ethereum alone is down 5% in the past 24 hours, falling from the year-to-date highs to 0.
Despite the strong drop in the price of Ethereum, there are some altcoins that have largely been spared from the drop.
The Ethereum-based Synthetix Network Token (SNX) Is up 4% in the past 24 hours per CoinGecko. The DeFi-focused coin currently trades for .20, just a few cents shy of the recent highs near .40.
Synthetix may be benefiting from positive news regarding a scaling solution that it is looking to integrate with. SNX also recently received a recommendation from a prominent though controversial cryptocurrency research group.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum-Based SNX Holds Key Level
While SNX is up on the day, it wasn’t always the case. Around 12 hours ago, the cryptocurrency faced a strong dip under as Bitcoin spiked under ,000 and as other cryptocurrencies also lost key support levels.
Analysts noted that if the Ethereum-based crypto asset fell below the support level marked on the chart below, it would see a strong move lower:
“Lose this and we’re heading to the .3-5.5 buy area. Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation.”
Lose this and we’re heading to the .3-5.5 buy area.
Would depend on how #Bitcoin reacts to range low, but could make a solid invalidation https://t.co/cOKAGPzGmr pic.twitter.com/k3rng4COYX
— Pierre (@pierre_crypt0) December 21, 2020
Analysts are fearful, though, that if Ethereum continues its descent, altcoins will inevitably follow. As seen in October and during previous corrections, altcoins largely based on Ethereum have trouble keeping up when ETH is dropping rapidly.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Positive News
SNX’s rally comes amid positive news for the Synthetix ecosystem.
Optimistic Ethereum, a scaling solution built by the Optimism team, seems to be inching towards a launch. This is important as Synthetix has teamed up with Optimism to port its application, or at least some parts of it, to the Optimistic Ethereum testnet, then mainnet.
On the Optimistic Ethereum trial/testnet, Synthetix wrote earlier this month:
“The third phase of our Optimistic Ethereum trial with @optimismPBC is live! In this phase, we will be trialing withdrawals from L2 to the L1 Goerli testnet. L2 withdrawals are only available to SNX stakers who participated in the previous phase of the L2 testnet trial. If you are one of these stakers, you will need to withdraw at least 0.01 SNX by Monday December 7th to be eligible for rewards once mainnet L2 is launched.”
Synthetix should move higher as these scaling updates are rolled out.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Synthetix (SNX) Gains 4% Despite Strong Drop in ETH Price
DeFi “Blue Chips” Aave and Synthetix Surge 15% as Buying Floods In
Earlier this week, the decentralized finance (DeFi) market was in a state of capitulation. Top coins pertaining to this space were plunging by dozens of percent over the span of a day or two, including “blue chip” names like Yearn.finance’s YFI, Synthetix Network Token (SNX), and many others.
From their highs set in the summer to these lows, the average DeFi coin had dropped by approximately 75%. This drop came after an exponential rally that netted many early DeFi adopters millions, especially those that bought early in coins like SNX and YFI.
Buyers finally stepped into the DeFi market over the past two days, with coins in the space rallying strongly from their recent lows.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Top DeFi Coins Bounce Strongly Off Bottom
Top decentralized finance coins have rallied strongly since the bottoms seen earlier this week.
In the past 24 hours alone, Aave (AAVE), Synthetix Network Token, Uniswap (UNI), and other names have gained around 15% against the U.S. dollar. This makes them some of the best-performing crypto-assets in the top 100 by market capitalization.
The rally in these coins comes in the face of a strong drop in the price of Bitcoin, which is now down 4.5% in the past 24 hours. Ethereum, for further context, has shed 6% in the past 24 hours.
Not all DeFi coins are benefiting from this rally, though. Smaller names such as REN, the token of the Ren Network, and others have actually dropped in excess of 10% in the past day.
The market seems to be focusing its capital on DeFi “blue chips,” widely regarded as YFI, AAVE, SNX, and UNI.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
The Drop May Not Be Done Just Yet
Not everyone is convinced the DeFi bottom is in. One crypto-asset analyst, formerly the head of product at Messari, commented in October:
“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.”
There remain some signs indicating that the recent rally may just be an overextended short squeeze and that there may be further selling pressure before a true bottom.
If Bitcoin continues to suck all the air out of the room by being the best-performing crypto-asset, this may be the case for DeFi.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: aaveusd, aavebtc, aaveeth, snxusd, snxbtc, snxeth Charts from TradingView.com DeFi "Blue Chips" Aave and Synthetix Surge 15% as Buying Floods In