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- Saturday, August 20th, 2022 at 20:17 #358527dolphin_watersParticipant
Synthetix has been getting a lot of attention in recent weeks.
In case you are not familiar SNX is a synthetic asset protocol that lives on both ETH and Optimism. However, it languished for a long due to crushing gas fees on ETH, it is now getting a new life on Optimism.
Right now SNX is yielding huge staking rewards, around 100%. Not only that but, when you stake SNX you also get SUSD, which you can stake on curve finance to earn even more.
Their decentralized stablecoin hasn’t exactly become a king of the defi space, but most importantly it has kept its peg. Well, within about a cent on either side of a dollar anyway!
Also worth noting, whales LOVE SNX! It has pretty consistently been a top traded and held coin by the 100 biggest ETH whales. Do they know something we don’t? Also, Jump (a big crypto VC) just got on the SNX train.
To be clear, I am not saying to run out and buy this coin. I am saying, this is noteworthy, perhaps you may want to look into it a bit more. Altcoins remains risky in the current market conditions, don’t forget!
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