Decentralized finance (DeFi) protocol Synthetix (SNX) has recently attained $1 billion in total value locked (TVL), showing that the DeFi market has an ever-increasing investor base.
Synthetix is now the most recent addition to the $1 billion DeFi TVL club, where Aave and Curve Finance recently joined in as well. At the time of writing, Synthetix has a TVL of $882.9 million, according to DeFiPulse.
Synthetix was launched in late 2017, wherein it was originally named Havven (HAV). It describes itself as the “derivatives liquidity protocol providing the backbone for derivatives trading on DeFi.” It provides support and enables near-frictionless conversion among different classes of synthetic assets (Synths) with no liquidity issues in decentralized exchanges (DEX).
One of the unique features of the protocol is its ability to enable users to trade in various traditional markets like binary options, futures, and many more. It does not cater to typical cryptocurrencies and ERC20 tokens, despite being created via Ethereum smart contracts.
Meanwhile, the DeFi market continues its months-long rally, having a current combined TVL of $7.88 billion. It almost touched the $9 billion territory a couple of days ago, which provoked wide media coverage.
DeFi has 20k users they said@zapper_fi MAUs @ 292k for August
Few understand ⚡️ pic.twitter.com/LMSybjRfin
— Seb Audet (@sebaudet26) August 29, 2020
Many also pointed out that the DeFi market skyrocketed in terms of August users, debunking any notion that only crypto whales are in the market.