synthetix

Coinbase Ventures, Paradigm Invest $12M in Synthetix DeFi Platform

Decentralized trading platform Synthetix has raised $12 million from venture capital firms Coinbase Ventures, Paradigm and IOSG. The raise looks to be a rare occurrence of VCs investing through the purchase of a platform’s native token directly from its treasury rather than wiring funds to its founders. Synthetix is run by a DAO, or a …

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Synthetix announces $12 million raise led by Paradigm, Coinbase Ventures, and IOSG

The Synthetix DAO has added some new, perhaps surprising voices to its governance.  Today the synthetic asset protocol announced a $12 million dollar fundraise led by venture capital firms Paradigm, Coinbase Ventures, and IOSG. The funds purchased SNX tokens directly from the DAO treasury, and will be “providing liquidity, engaging in the Synthetix governance process …

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Major correction for DeFi as Bitcoin rejected again above $40K: What’s next?

The decentralized finance or DeFi market saw a steep correction over the last 12 hours as Bitcoin (BTC) was unable to break the $41,000 level. Meanwhile, analysts say that the profits from major DeFi tokens are flowing back into Bitcoin, even though the DeFi market is still lagging behind despite BTC’s recovery over the past …

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Ethereum posts new highs as DeFi gas fees go through the roof

Ethereum’s gas fees are again spiking to record highs, rendering many decentralized finance protocols unusable for casual investors. After increasing roughly 20% in the last 24 hours, average Ethereum transaction fees are now sitting at a record $17.67. With many DeFi projects requiring the execution of complex smart contracts, there are reports fees associated with …

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Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix

Optimism has “soft launched” its solution to Ethereum’s transaction problem, the Optimistic Virtual Machine (OVM). The startup announced Friday that OVM is now live, at a time when gas fees have reached near all-time highs for decentralized finance (DeFi) traders. Indeed, the cost to send a single Ethereum transaction has hovered in the low single-digit …

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Multiple Tokens See Rally Amid Looming ‘Alt Season’

As prices for bitcoin and ether retreat from their recent highs, the strong performance of other cryptocurrencies indicate traders and investors may now be turning to alternative coins (altcoins) for potential high returns. Data compiled by CoinDesk Research shows that as of Jan. 11, prices for both bitcoin and ether were about 87% and 78%, …

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Tezos (XTZ), Synthetix (SNX) and Yearn.finance (YFI) lead the DeFi revival

The strength of Bitcoin’s (BTC) uptrend appears to be growing as the top-ranked digital asset soared above $40,000 earlier today. It’s probably safe to say that many investors are completely astounded by the fact that BTC has doubled its value only a month after breaking through the $20,000 mark. This suggests that the buying has continued …

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DeFi dynasty? Synthetix co-founder’s siblings reveal blockchain game project

A fledgling blockchain-based game project called Illuvium has already managed to attract support from major industry backers — a development owed in part to the fact that Illuvium co-founders Kieran and Aaron Warwick are the brothers of Kain Warwick, the co-founder of decentralized finance (DeFi) platform Synthetix. In a tweet on Friday, Kain announced that …

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SNX price soars 100% in December — What’s driving the rally for Synthetix?

SNX, the native token of Synthetix, a DeFi derivatives protocol, has been surging throughout the past week and is now worth over $7.87 as of Dec. 23. The primary catalyst behind SNX has been a listing on Coinbase. On Dec. 16, Coinbase officially announced the listing of Aave (AAVE), Bancor (BNT) and Synthetix (SNX). Other …

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Terra Brings 24-Hour Trading to Synthetic Versions of Stocks Like TSLA and AAPL

The creators of stablecoin platform Terra announced the launch of the Mirror Protocol Thursday, a way to mint crypto assets that mimic the value of shares in publicly traded companies like Apple or Tesla. “We were motivated to create a way for retail investors around the globe to more easily participate in the U.S. equities …

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