Last night, I used the Nansen tool to see what the top whales in the market were holding. Surprisingly, out of the 10 whales I searched, there were 6 whales holding SNX. So what does Synthetix currently have to convince whales to buy?
1/ New x2 from the bottom
2/ Working on Optimisc VN has not paid attention
3/ The TVL lock of the system is still low (only a few tens of millions of dollars each)
4/ Must stake SNX to receive sUSD.
5/ Layer2 is becoming faster and cheaper >> Perp develops, because onchain transactions on layer1 have very low costs, layer2 makes those costs 10-50 times cheaper.
Conclusion: SNX is a long-standing protocol, held by many whales and mentioned a lot by OG, doing PvP trading (1 winner will be 1 loser), real yield, stake SNX to get stablecoins to play on the ecosystem, earn 100 % fee, but the risk is that Cap is quite large, sUSD is fully collateralized with SNX so the risk of collapse like Luna is there, currently the ecosystem has 4 projects Lyra, Thales, Kwenta, Fx.
DYOR!
