A recently surfaced bill called the “Cryptocurrency Act of 2020” aims to delegate regulators power over blockchain based currency, and doesn’t fail to mention recent DeFi innovations in the literature. Specifically, the bill classifies synthetic derivatives, like those used on Synthetix exchange, as cryptocurrencies. “synthetic derivatives that are determined by decentralized oracles or smart contracts;
In an Unchained interview today with Laura Shin, Kain Warwick, Founder of Synthetix, had an interesting answer about new features on the exchange. He described upcoming Synthetix futures products as being comparable to BitMEX leveraged perpetual swaps. “Essentially it (Synthetix) will be a decentralized BitMEX or Derebit or any futures exchange. You’ll be able to
April 2019 was the last time DeFi’s ‘value locked in Ethereum’ hit all-time highs. This month, the space has blown past the previous 2.3 million Eth record by an extra 300,000. Still, ‘value locked in USD’ is about $20 million lower than the previous high in June 2019, when Ethereum’s USD value was almost double
Within the past year, around $70 million has been locked in the Synthetix DEX (Decentralized Exchange). Today, the exchange announced that their mobile app was discontinued so that the team could focus on other things. Synthetix has sat atop the DeFi Pulse “value locked” list for quite some time, trailing closely behind Compound and Maker.