The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years.
According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019.
The best performing #DeFi project of the past two years is $SNX. It's up 5000% since April 2019 Edcon Sydney. After seeing @synthetix_io presentation I told members this was a top 2 $ETH project & I was buying. We took some profit in Dec but kept HODLing for the long term. ?????? pic.twitter.com/TdImu7GsVY
— Alex Saunders ????????? (@AlexSaundersAU) June 26, 2020
SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase.
Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading.
The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices.
Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.
Featured Image Credit: Photo via Pixabay.com
