Ethereum-based token of new DeFi trading platform surges 1,000% in two weeks

Ethereum-based token of new DeFi trading platform surges 1,000% in two weeks

Bitcoin and Ethereum may be crashing but this hasn’t stopped DeFi projects from gaining traction.

While decentralized spot exchanges such as Uniswap and SushiSwap have gained much traction over their centralized competitors, there remain few platforms through which crypto users can obtain leverage on these volatile markets in a decentralized manner.

SynLev launched just weeks ago, giving users the opportunity to short and long Ethereum and soon other assets with leverage in a decentralized manner. It accomplishes this by using a pool of Ethereum to create synthetic leverage of around 2-4 times. This is similar to models used by exchanges such as FTX, which allow users to obtain leverage without having margin or liquidation levels.

SynLev is a unique concept on Ethereum: synthetic leverage without KYC. In layman’s terms, you can bet with BEAR or BULL tokens on where you expect the market to go. All of this is done on-chain with the help of Chainlink’s oracles. SynLev therefore has the capacity to support synthetic leverage for any of the assets listed on Chainlink’s price feed.

These tokens have a natural “decay,” which means that they should not be held for longer periods of time.

The project has garnered much traction within the space, with prominent investors and analysts in the space making mention of it.

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”

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 a liquidity mining program and an increase in public awareness about the protocol, SYN, the protocol’s native token, has performed extremely well.

According to CoinGecko, the coin is up approximately 1,000 percent in the past two weeks, moving from the $0.07 region to $0.80 as of the time of this article’s writing.

What makes SynLev’s story even more unique is that it launched via an airdrop now valued at upwards of $40,000.

In August, when many projects looking to garner a following were hosting airdrops, Synlev promised that it would give 10 percent of its total supply to the community via an airdrop: users would get 1,000 SYN per LINK and 5,000 SYN per Ethereum for a total of 50,000 maximum coins per address.

Few picked up on the airdrop.

Today, though, the 50,000 coins that some received is now worth in excess of $40,000.

Posted In: Ethereum, DeFi

Source: coingraph.uno


How Ethereum Could Stage Rally To $600 If It Clears $550

How Ethereum Could Stage Rally To $600 If It Clears $550

How Ethereum Could Stage Rally To $600 If It Clears $550

Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.

  • ETH price declined heavily from $620 and it even tested $480 against the US Dollar.
  • The price is currently recovering above $500 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.
  • This past week, bitcoin and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support and the 100 simple moving average (4-hours).

    It tested the $480 support level and formed a support base for a fresh increase. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.

    The price is now approaching a major resistance area near $550. There is also a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The 50% Fib retracement level of the downside correction from the $620 swing high to $480 swing low is also near the $550 level to act as a major resistance. A successful break above the $550 level could spark a strong upward move.

    The next key resistance is near the $580 level. If ether clears the $580 resistance, it could even retest or surpass the $600 resistance level in the coming sessions.

    If Ethereum fails to extend its rise above $550, it could start another downward move. The first major support zone sits near the $520 level.

    The 100 simple moving average (4-hours) is also near the $512 level to act as a major support. A downside break below the $512 level and $500 might put ether at a risk of more losses below $480.

    Technical Indicators

    4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

    4 hours RSI – The RSI for ETH/USD is now above the 50 level, but showing a few bearish signs.

    Major Support Level – $512

    Major Resistance Level – $550

    Source: inula.org

    Author: About The Author

    admin


    Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

    Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

    Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

    Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff.

    This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.

    Bitcoin is firmly leading Ethereum and the rest of the market. The potent reaction that both assets have seen after tapping their local lows does seem to be a bull-favoring sign.

    One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend.

    He believes that $500 will prove to be a long-term local bottom for the crypto and that it will only see upside from here heading into the end of the year.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    It is also possible that it will enter an accumulation phase between these lows and its current price level, which will bolster any uptrend in early-2021.

    At the time of writing, Ethereum is trading up just under 5% at its current price of $543. This marks a notable upswing from its recent lows of $490 set at the bottom of the recent selloff.

    The ardent defense of $500 by bulls indicates that this is a strong support level that may continue bolstering its price action for the weeks to come.

    So long as it consolidates above $500 and confirms this as a strong support level, there’s a strong possibility that it will see further upside.

    While speaking about Ethereum’s potential outlook, one trader explained that he expects it to see some serious upside in the weeks leading up to the end of the year.

    He further added that he expects $500 to prove to be a long-term local low for the cryptocurrency that helps spark its next sustained uptrend.

    “ETH / USD: Weekly chart looking excellent right now, while $650 resistance was rejected pretty harshly, now strong support is being show at $500 buyers defending aggressively… LTF expecting accumulation at $500 and hopefully this is a local low for the rest of the year.”

    Ethereum

    Image Courtesy of Cactus. Source: ETHUSD on TradingView.

    Ethereum’s near-term price action will likely depend largely on Bitcoin, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.

    Source: inula.org

    Author: About The Author

    admin


    Ethereum, Tezos, Algorand Price Analysis: 28 November

    Ethereum, Tezos, Algorand Price Analysis: 28 November

    The market cap of all cryptocurrencies was valued at $513.7 billion, and Bitcoin commanded a 62.92% share of that valuation. Although Bitcoin Dominance has fallen in recent days, it has been in a steady uptrend since early mid-September. Ethereum boasted a $59 billion market share, a number that can be expected to rise in the coming months as development takes place toward shard chains. In the short-term, Ethereum was pushed up strongly off support at $480 and was trading on low volume going into the weekend. Tezos was in a phase of consolidation, and Algorand was likely to be rejected at the $0.31 level of resistance.

    Ethereum has been trading on notably low volume going into the weekend. The price fell to $480 on its retracement from $620, and was strongly pushed upward.

    In the past two days, a bounce in the price can be seen with the price forming a series of higher lows. Yet the RSI showed momentum was strongly in favor of the bears.

    $500 is a strong level of psychological support, and hence a close beneath the ascending trendline can be expected to drop to $500. Wicks further downward would be likely to be bought up.

    The hourly chart for Tezos showed Bollinger Bands that were relatively tight around the price. Combined with a low trading volume, XTZ was in a phase of consolidation above the level of support at $2.29.

    The recent, strong move to the downside was preceded by bullish momentum, for XTZ through November, after finding its local bottom at $1.81 a few weeks ago.

    XTZ can be expected to be strongly influenced by the movement of Bitcoin and Ether, with the medium-term trend being bullish.

    The 20 SMA (white) was on the verge of crossing beneath the 50 SMA (yellow), while the Awesome Oscillator also showed that momentum was on the side of the bears.

    The Chaikin Money Flow showed that capital was flowing out of the market in the face of selling pressure.

    Taken together, ALGO was unlikely to scale the level of resistance at $0.31 and can drop toward support at $0.25 in the coming days, although $0.28 is also a region of demand.

    Source: cryptotimeless.com

    Author: by admin


    SmartKey-Ethereum smart contract to Teltonika smart key device and app | Security News

    SmartKey-Ethereum smart contract to Teltonika smart key device and app | Security News

    Following a successful trial, Olsztyn, Poland is the first city in the world to use blockchain to assist their emergency services, thanks to SmartKey, the blockchain connection platform.

    The SmartKey team has successfully connected an Ethereum smart contract to a Teltonika smart key device and app which will enable fire, ambulance and police teams to enter any part of the closed district or any secure building within the city safely and securely, without having to track down a keyholder or wait for permission.

    This will drastically reduce response times and has the potential to save lives.

    SmartKey connects the world of physical values, like access to locations and devices, with the blockchain of things.

    While this pilot uses a physical device, supplied by Teltonika, one of the largest producers of smart devices and an app, SmartKey technology does not always require this.

    SmartKey’s ultimate vision is to be the enabler for the smart cities of the future, connecting multiple sources of data, via public blockchain, to power transport, utilities and infrastructure, and the Olsztyn pilot is just the first live demonstration.

    Gustaw Marek Brzezin Marshall of the Warmińsko-Mazurskie Voivodeship, the province of which Olsztyn is the capital city said, “The balance between the safety and security offered by access gates and vehicle barriers and the need for our rescue services to perform their duties without obstruction is a delicate one.”

    “The use of blockchain and SmartKey technology seems to be like the perfect solution, giving reassurance to building owners and inhabitants, but also freedom for our emergency services.”

    “Locating a keyholder or waiting to gain access to closed districts costs us valuable time; with SmartKey it is instant and we are excited to be the first city in the world to use this, and proud that Warmia and Masuria citizens will take advantage of such innovation.”

    “Time is everything when it comes to our emergency services,“ explained Szymon Fiedorowicz, CEO of SmartKey.

    “By using the blockchain to allow seamless access to secure areas we can help to save lives. With this project, we are also bringing to life smart city technology, enabled by smart contracts on the blockchain and this helps to lay the groundwork for smart cities of the future.”

    Source: otcpm24.com

    Author: News Bureau


    Ethereum-based token of new DeFi trading platform surges 1,000% in two weeks


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