Digital currencies with decentralized finance, DeFi, despite their dangers, continue to achieve remarkable and exciting heights.

Recently, the SYN cryptocurrency of the Ethereum-based decentralized finance project “SynLev” has risen by almost 1,000% in a span of two weeks.

What is the SynLev project?

While decentralized trading platforms such as Uniswap and SushiSwap have gained a lot of traction and are almost competitive with their centralized exchange counterparts.

There are also some decentralized finance protocols and projects that offer an add-on and opportunity for users to get financial services in a decentralized manner such as the SynLev project.

Launched just weeks ago, SynLev gives users the opportunity to obtain Ethereum in the form of short sale or long contracts in a decentralized manner.

Read:Bitcoin is now the fifth largest currency in the world by total market capitalization

This is achieved by using an Ethereum pool to create a synthetic leverage of about 2 to 4 times.

The method is similar to the models used in centralized trading platforms such as FTX, which allow users to obtain leverage without margin levels or liquidation.

SynLev is a unique Ethereum-based concept that offers synthetic leverage without the need for KYC.

SynLev Leverage is currently powered by Chainlink Oracle.

The SynLev project has gained a lot of momentum within the crypto arena, with it being mentioned by several prominent investors and analysts, among them Mr. Santiago R. Santos, the co-founder of the Decentralized Finance Fund “Parafi Capital.” He referred to the SynLev project and wrote about it as follows :

A new protocol records an impressive $10 million turnover in 24 hours and shows no signs of slowing down.

The pace of capital inflows and rotations in DeFi is incredible.

In a decentralized system such as decentralized finance, capital finds its way into the market more efficiently and quickly.

there [new protocol] The +10M recording is impressive at 24 hours and shows no signs of slowing down. The pace of capital inflows and rotations in DeFi is incredible. In a near-frictionless system like DeFi, capital finds its way into the market more efficiently and quickly

Read:After expediting the upgrade date…the price of the Ethereum coin reaches the level of $2000

– Santiago ar Santos (santiagoroel) November 27, 2020

SYN 1,000% cryptocurrency price in a week:

Due to the “yield farming” program and increasing public awareness of its mechanism, the SYN cryptocurrency, the original token of the SynLev protocol, performed very well.

according to “Queen GekkoThe digital currency SYN is up almost 1,000 percent this month, moving from $0.07 to $0.80 and then back down to 0.60 at the time of writing.

Free airdrop of $30,000:

What makes the “SynLev” project unique is the launch of its SYN cryptocurrency through free distribution, with a value of $30,000.

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Last August, the “SynLev” project team did a free wiredrop distribution of its cryptocurrency SYN, providing 10% of the community’s crypto supply in the form of Airdop. Users received SYN 1,000 for 1 LINK and SYN 5,000 for 1 Ethereum, with 50,000 to be distributed. SYN max per address.

Few participated in the pickup of the distributed coins.

Today, whoever was able to collect 50,000 SYN distributed, it means that he got 30,000 dollars for free, given that the price of the digital currency SYN is estimated at 0.60 dollars at the present time.

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