Synthetix has reached the $1 billion in value locked milestone, following other DeFi protocols like Compound and Aave. Synthetix ( SNX ) has been one of the many DeFi tokens that has made substantial gains in 2020, having hit its all-time high of $7.32 on August 15 and rallied more than 400% year-to-date. SNX/USDT daily chart. Source: TradingViewMost of the hype around the 2020 altcoin season has been focused around lending, liquidity, and yield farming within crypto. However, Synthetix has been able to make strides in the DeFi sector by offering crypto investors an inlet to the world of traditional finance. Synthetix is also the fourth biggest DeFi protocol by total value locked according to data from DappRadar. Synthetix is a decentralized exchange (DEX) built on the Ethereum blockchain through a series of smart contracts. However, Synthetix does not offer trading between crypto assets (typically ERC-20 tokens) like tokens and stablecoins , but rather between synthetic assets or “Synths.”Synths are tokenized representations of other assets. They track the price of other tokens that are traditional assets investors know well.  Commodities and stocks can be traded directly on the Synthetix exchange. Examples include fiat currencies (sUSD,sEUR), cryptocurrencies (sETH, sBTC) and commodities like gold (sXAU). Another unique feature of Synthetix is the ability to create and trade Synth tokens that track the price of assets inversely (iUSD, iETH, iXAU, etc). This makes Synths one of the only ways to short an asset in a purely decentralized manner. These Synth tokens are created by using another asset as collateral. However, instead of using the underlying asset (like USDT or wBTC ) or relying on an established asset like Ether (MakerDAO’s DAI ), the protocol’s native SNX token is used. This means that in order to create new Synths, users must stake SNX tokens at a 750% collateralization ratio through the platform’s Mintr smart contract. While locking up $750 to access $100 of sUSD may seem counter-productive, users can also acquire Synths through another decentralized exchange or by borrowing it. Those staking SNX are incentivized to do so through the staking rewards which come from new tokens issued in the protocol’s inflationary monetary policy. Not only do users receive staking rewards, SNX stakers receive Synth exchange rewards generated by the exchange’s fees. As such, members of the community are incentivised to provide liquidity to Synths and to lock their SNX tokens. This creates scarcity and may be a major factor in the rapidly growing market cap as well as the growing value locked figure. While the Decentralized Finance sector has taken crypto by storm in 2020 , there are a few key projects that are taking the lead and pushing the space forward. Notably, lending and credit platforms along with yield farming have been in the spotlight, especially following the release of the Compound protocol and token. However, this new subset of DeFi is becoming more popular with projects like UniSwap and its upcoming fork, SushiSwap, which allow for decentralized trading of ERC-20 tokens and rewards liquidity providers. There’s also dYdX, a fully decentralized platform which allows users to trade assets with margin. As DeFi continues to make its parth to mainstream appeal, the need for solid infrastructure and interoperability between protocols and traditional finance becomes paramount. The growing allure of DeFi is not just in the interest to be earned from staking assets but also from the sector’s potential to provide investors with decentralized access to crypto and legacy assets .

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/synthetix-snx-surpasses-1b-tvl-as-defi-investor-interest-grows

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Ethereum’s recent uptrend has allowed it to take a firm position within the $170 region, which marks a massive climb from ETH’s 2020 lows that currently sit at roughly $127. This massive climb has come about against a backdrop of immense bullishness throughout the aggregated crypto markets. One prominent analyst who predicted ETH’s ongoing climb while it was trading within the $130 region is now setting his sights on another massive rally that ultimately leads it to move towards $335. He believes that this rally could be fueled by a combination of further Bitcoin bullishness and residual strength from a recently broken descending triangle. Ethereum is currently outperforming Bitcoin and is leading the altcoin markets higher, which comes after it was able to post a surge from its daily lows of $167. Since the start of 2020, Ethereum – like most other major altcoins – has put significant distance between its current prices and its recent lows within the $120 region. It is also important to note that this recent rally has significantly bolstered the cryptocurrency’s technical strength, as it marked a decisive breakout from a bullish descending wedge pattern that it was trading within since the summer months of 2019. Satoshi Flipper – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes Ethereum could now be positioned for an extension of its upwards momentum that leads it to surge another 90%, which would lead its USD price to $335. It is important to note that Satoshi Flipper does not believe that this rally will happen independent of Bitcoin and the aggregated crypto market, as he further goes on to note that Bitcoin’s potential bullishness throughout 2020 will fan the flames underlying ETH’s next parabolic rally. If Bitcoin breaches the resistance at $9,000 that bulls are currently contesting, it could open the gates for major altcoins like Ethereum to see parabolic upwards movements.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/01/18/ethereum-to-post-colossal-100-rally-as-market-wide-bullishness-grows/

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Ethereum to Post Colossal 100% Rally as Market-Wide Bullishness Grows: https://www.youtube.com/watch?v=S-iloEd5siI

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Defying Crypto Winter, Swiss Crypto Valley Grows to 750 Companies – Bitcoin News
A new survey shows that the cluster of companies working with cryptocurrencies and related technologies in the Swiss Crypto Valley has expanded, despite the onset of what has been dubbed as “crypto winter.” The valley now covers a larger territory in the Alpine confederation and has spilled over int…
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OkEx Rolls Out Seven Crypto Derivatives. DX.Exchange to Offer Tokenized Stocks of Nasdaq-Listed Companies. Institutional Crypto Adoption Grows, But Will Big Banks Make a Splash in 2019?
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