Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021
This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX -3.85% Synthetix / USD SNXUSD $ 12.31
-$0.47-3.85% Volume 151.04 m Change -$0.47 Open $12.31 Circulating 114.84 m Market Cap 1.41 b 2 d DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700 1 w DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL 2 w Jack Dorsey is Building a KYC-Complaint DEX for Bitcoin with a Decentralized Identity Solution .
Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a
“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”
The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.
A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.
The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.
In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.
”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”
2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.
“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.