Synthetix overview prior to a new protocol release in September
Anyone remembers how Synthetix was born from Havven?
Basically the first successful case of pivoting to DeFi, back in 2018
SNX made x80 since that winter, topping at around 4.1 USD.
It's now #3 by Total Value Locked in DeFi:
SNX supply locked is impressive 76% because of huge annual staking reward of around 42%. Users staking SNX are able to mint a bunch of 'synths' from synthetic USD to synthetic gold. The thing is that claimed SNX rewards are escrowed for 1 year.
One of the latest news from Synthetix team is a testnet release of dHedge, a new decentralised asset management protocol. This protocol's native governance token is DHT, mainnet expected in September.
Synthetix all time high coincided with dHedge testnet release on 20th of July:
Imagine SNX price performance on the way to mainnet release!
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