Singapore – Many Ethereum holders are surely having the best time with their high returns seen lately from investing in Ethereum’s crypto-asset SynLev or SYN, a DeFi asset built using the ETH blockchain that relies on Chainlink (LINK) oracles to obtain external data.
According to the recent reports, SynLev’s mission is to provide a better and more convenient decentralized platform that can allow users to be short and long ETH and other virtual assets, including indices and commodities, with leverage.
Currently, SynLev offers excellent leverage without requiring fund rebalancing or debt. Instead, this DeFi asset relies on three factors, including liquidity providers, opposing asset’s performance, and the ETH required to create tokens for users to trade with leverage.
With Ethereum’s crypto-asset SynLev, more crypto enthusiasts can trade without the usual “Know Your Customer” or KYC protocols that other crypto exchanges require. May reports revealed that SynLev has surged from a low of $0.037 on November 3 to its all-time high of $0.88 last November 27, representing a 2,278% increase in less than a month. This new Ethereum-based crypto asset will continue to earn massive gains in the next months as the broader altcoin market ignites a furious bullish ascent.
At the time of writing, ETH bounces back and records wilder swings. According to Alex Kuptsikevich, a financial analyst, ETH’s price shows sharp fluctuations, and it could rapidly rise to $750. If Ethereum breaks the $750 resistance, it will surely push higher to $830. However, ETH could first experience a pullback within a parallel channel with its genesis last February for this to happen.
Regarding SynLev, the crypto asset continuously gives users the opportunity to short and long ETH by using a pool of ETH and creating a synthetic level of around two to four times. According to some crypto enthusiasts, SynLev can support this for any of the assets listed on Chainlink’s price feed.