Earlier this month we highlighted how Frax was killing the staked ETH wars, along with everything else they touch. 8.4% is pretty tough to beat, right?
But before we get into sfrxETH… what’s this? A new challenger?!
Synthetix ETH is not a participant in the staked ETH wars, as they are a synthetic token and not an LSD. Yet if you’re just looking for ETH yield, you probably don’t care. So who or what is driving this yield?
Crypto boomers may recall as far back as two months ago, when Synthetix requested a parameter change for their pools..
if you are trading on Huobi in the year of 2023 our lord instead of just using DeFi, which is now at feature parity with CeFi (if not better)
I don't know what to tell you
4:48 PM · Jan 6, 2023
3 Reposts · 25 Likes
Naturally, as users wise up to tools like aggregators, we’re seeing trading volume flowing to the best source. Increasingly, this is Synthetix.
In a good thread, Curve highlighted the effect of rising prices on the sETH pool utilization. Lately, Synthetix’s “atomic swaps” have become a highly efficient option for on-chain trading.
The result of the market’s recent frenzy is that, at times over the past week, Synthetix has often ranked among the highest fee generating protocols for users.
What’s really wild is Synthetix is just getting going. The Synthetix roadmap is extremely ambitious, and they have a tendency of executing. Here are some of the items in store for the year:
How might you capitalize on Synthetix? One way would be to look for Curve pools where you might consider serving as LP. Transactions routed through Synthetix are routed automatically through Synthetix’s various Curve pools:
Should you speculate on the $SNX token? We don’t offer financial advice and we’re not active traders, so use your own judgements.
But, perhaps it’s the last to move on exposure to flywheel assets? Over the past few weeks, we’ve seen a number of distressed DeFi assets pumping hard relative to $ETH, including big moves by $FXS, $CVX, $CRV, $CLEV, $CTR.
The latter for instance, jumped hard:
Given the surge in flywheel assets, we’re a bit surprised the move by $SNX has been relatively tepid by comparison.
Is $SNX due for a pump as well? We couldn’t possibly say. Perhaps people aren’t aware of Synthetix’s role in the Curve ecosystem? Or maybe something different is behind all this? Not sure!
Some more background, our June article on Synthetix:
