One 's ELI5 on $SYN
Explain it like I'm 5, ser
Wtf is @synlev $SYN and why are you so bullish on it?
Synlev = Uniswap with leverage
More specifically, it's bringing leveraged ETFs or ETNs to crypto
More
Explain it like I'm 5, ser
Wtf is @synlev $SYN and why are you so bullish on it?
Synlev = Uniswap with leverage
More specifically, it's bringing leveraged ETFs or ETNs to crypto
More
Hmmm
Ok
Tongue pressed to the back of my teeth
I am mildly titillated, but I don't know what a leveraged ETF or ETN is because I am not in the top 10% of America that owns 92% of the public stocks
OK
ETF = exchange-traded fund
ETN = exchange-traded note
2/x
Ok
Tongue pressed to the back of my teeth
I am mildly titillated, but I don't know what a leveraged ETF or ETN is because I am not in the top 10% of America that owns 92% of the public stocks
OK
ETF = exchange-traded fund
ETN = exchange-traded note
2/x
Essentially, an ETF or ETN is a tradeable stock
Each share = a market
i.e, there are ETF shares that bet on the price of oil ($GUSH)
or the price of gold mining stocks ($JNUG)
They can get more exotic, too
$UVXY for ex. tracks the volatility of the stock market
3/x
Each share = a market
i.e, there are ETF shares that bet on the price of oil ($GUSH)
or the price of gold mining stocks ($JNUG)
They can get more exotic, too
$UVXY for ex. tracks the volatility of the stock market
3/x
The king of them all = ProShares UltraPro QQQ (stock ticker $TQQQ)
$TQQQ aims to return three times (3x) the return of the Nasdaq-100 Index for a single day, not for any other period
So, if the NASDAQ goes up 2% on a given day, your share of $TQQQ should go up 6%
4/x
$TQQQ aims to return three times (3x) the return of the Nasdaq-100 Index for a single day, not for any other period
So, if the NASDAQ goes up 2% on a given day, your share of $TQQQ should go up 6%
4/x
If the NASDAQ goes down 2% on a given day, your share $TQQQ should crater 6%
Simply put, they are ways to bet on a market by simply buying a share of stock
$SYN = the crypto version of a leveraged ETF/ETN issuer
5/x
Simply put, they are ways to bet on a market by simply buying a share of stock
$SYN = the crypto version of a leveraged ETF/ETN issuer
5/x
$SYN just launched on Wednesday
Their first product = 3x $ETH tokens
What?
You can buy Synlev's 3x ETH tokens just like buying any other tokens (or just like you'd buy a share of an ETF in your brokerage account)
6/x
Their first product = 3x $ETH tokens
What?
You can buy Synlev's 3x ETH tokens just like buying any other tokens (or just like you'd buy a share of an ETF in your brokerage account)
6/x
One of the tokens is bullish $ETH ($3xBULLETH)
One of the tokens is bearish $ETH ($3xBEARETH)
If $ETH goes up 2%, $3xBULLETH should go up 6%
If $ETH goes down 2%, $3xBULLETH should go down 6%
7/x
One of the tokens is bearish $ETH ($3xBEARETH)
If $ETH goes up 2%, $3xBULLETH should go up 6%
If $ETH goes down 2%, $3xBULLETH should go down 6%
7/x
The BEAR tokens behave the opposite of that:
If $ETH goes up 2%, $3xBEARETH should go down 6%
If $ETH goes down 2%, $3xBEARETH should go up 6%
This dude shows you exactly how to buy and sell bull and bear $ETH tokens:
https://twitter.com/crypto_gav/status/1329113252257804288?s=20
8/x
If $ETH goes up 2%, $3xBEARETH should go down 6%
If $ETH goes down 2%, $3xBEARETH should go up 6%
This dude shows you exactly how to buy and sell bull and bear $ETH tokens:
https://twitter.com/crypto_gav/status/1329113252257804288?s=20
8/x
Keep in mind these tokens are NOT designed to be long-term holds
They suffer from price decay just like leveraged ETFs, which means they're not long-term buy and holds
You hold them for a few hours or a day, maybe 2-3 days
9/x
They suffer from price decay just like leveraged ETFs, which means they're not long-term buy and holds
You hold them for a few hours or a day, maybe 2-3 days
9/x
That has me even more excited because $SYN holders earn 0.2% on all 3x token trades
Another 0.2% goes to anyone who stakes $ETH on the platform
10/x
Another 0.2% goes to anyone who stakes $ETH on the platform
10/x
Side note: Synlev is currently giving away $SYN to anyone who stakes $ETH on the platform right now... I do not want to print the yields because they're godly
Details: https://synlev.medium.com/synlev-post-launch-update-241b979a1c9d
11/x
Details: https://synlev.medium.com/synlev-post-launch-update-241b979a1c9d
11/x
So, what $SYN is doing is basically opening up the entire leveraged ETF/ETN industry on chain
Currently, leveraged ETFs and ETNs are all controlled by international banks and companies like Proshares and Direxion. They capture all the fees
12/x
Currently, leveraged ETFs and ETNs are all controlled by international banks and companies like Proshares and Direxion. They capture all the fees
12/x
If Synlev catches on, it could compete with them... only it won't be limited to M-F trading hours
& liquidity won't be limited to people with brokerage accounts and KYC documents
Best of all: fee income will migrate from Wall Street bankers to me + you
12/x
& liquidity won't be limited to people with brokerage accounts and KYC documents
Best of all: fee income will migrate from Wall Street bankers to me + you
12/x
$SYN is global from day 1. It is permissionless. It requires no KYC, and no rubberstamp from a tight-lipped bureaucrat
$SYN will not stop with 3x $ETH tokens
They will add additional 3x tokens
$BTC is likely next
13/x
$SYN will not stop with 3x $ETH tokens
They will add additional 3x tokens
$BTC is likely next
13/x
Then, they will add whatever the community wants so long as a $LINK oracle exists for that asset
Gold will likely be one of the next 3x assets
OK
What are you worried about with $SYN ser?
Well, I can't guarantee $SYN's 3x volumes will grow
14/x
Gold will likely be one of the next 3x assets
OK
What are you worried about with $SYN ser?
Well, I can't guarantee $SYN's 3x volumes will grow
14/x
The team will have to keep delivering + they must do it at a rabid f'ing metal-chewing pace bc 30 other teams are working on derivatives
(the others have such pretty whitepapers + roadmaps + they make sweet promises... but I see no contracts on mainnet yet... ONLY $SYN is live)
(the others have such pretty whitepapers + roadmaps + they make sweet promises... but I see no contracts on mainnet yet... ONLY $SYN is live)
People keep saying Synthetix $SNX will crush $SYN
First, I'm long $SNX, so if that happens, ok fine. But I think they coexist
$SYN has some advantages over $SNX in its tiny niche
16/x
First, I'm long $SNX, so if that happens, ok fine. But I think they coexist
$SYN has some advantages over $SNX in its tiny niche
16/x
First of all, it's on the main $ETH chain
$SNX is migrating to a layer 2 (L2)
I have no doubts $SNX will do great on L2 bc its speed will finally start to match centralized solutions...
but still, moving back and forth bw an L1 and an L2 = FRICTION
17/x
$SNX is migrating to a layer 2 (L2)
I have no doubts $SNX will do great on L2 bc its speed will finally start to match centralized solutions...
but still, moving back and forth bw an L1 and an L2 = FRICTION
17/x
FRICTION almost always sucks
Markets detest it
Apes detest it
In fact, I would say virtually all of crypto is a race to destroy all forms of friction
Nothing easier than 3x tokens
NOTHING
$SNX is also building something larger. $SYN is aiming at a niche. And I likey it
18/
Markets detest it
Apes detest it
In fact, I would say virtually all of crypto is a race to destroy all forms of friction
Nothing easier than 3x tokens
NOTHING
$SNX is also building something larger. $SYN is aiming at a niche. And I likey it
18/
+ consider this apes...
If @SynLevdefi hits $10 million in daily volume on its 3x tokens, $SYN should conservatively hit $2.10 or so...
that's nearly a 9x from here
https://twitter.com/redphonecrypto/status/1328150310255267840?s=20
19/x
If @SynLevdefi hits $10 million in daily volume on its 3x tokens, $SYN should conservatively hit $2.10 or so...
that's nearly a 9x from here
https://twitter.com/redphonecrypto/status/1328150310255267840?s=20
19/x
But look, $10 million in trading volume is a fucking joke
If $SYN taps out there, I will feel like an analytical failure
Few know it, but the chads at @coingecko have a page that tracks the volume of leveraged ETFs on centralized exchanges
20/x
If $SYN taps out there, I will feel like an analytical failure
Few know it, but the chads at @coingecko have a page that tracks the volume of leveraged ETFs on centralized exchanges
20/x
It is a work of art
Looking at it makes you mind begin to whir like that bro in A Beautiful Mind
21/x
Looking at it makes you mind begin to whir like that bro in A Beautiful Mind
21/x
Challenge:
If you can scroll all the way to the bottom of the Coingecko page without beginning to salivate over $SYN's future...
Then I will say your heart is cold and vampish and we cannot be frens
https://www.coingecko.com/en/etf
22/x
If you can scroll all the way to the bottom of the Coingecko page without beginning to salivate over $SYN's future...
Then I will say your heart is cold and vampish and we cannot be frens
https://www.coingecko.com/en/etf
22/x
What's next for $SYN?
See screenshot
I like to think of it as a perpetual money machine
Of course for it to win, people must provide liquidity, and actually start using $SYN's $3xBULLETH and $3xBEARETH tokens
23/x
See screenshot
I like to think of it as a perpetual money machine
Of course for it to win, people must provide liquidity, and actually start using $SYN's $3xBULLETH and $3xBEARETH tokens
23/x
So do your crypto ape duty and begin trading at http://synlev.com/exchange now ser
If you don't want to trade, provideth them liquidity
Help democratize the world of leveraged ETFs
We are here for alpha
but we are here for freedom, too
out
If you don't want to trade, provideth them liquidity
Help democratize the world of leveraged ETFs
We are here for alpha
but we are here for freedom, too
out