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Synthetix, Maker, Compound All Soar As Bitcoin Stabilizes

  • On January 11, Bitcoin saw a steep correction as it dropped to around $30,500. But DeFi tokens, including Synthetix, Maker, and Compound outperformed the majority of the market with the primary reasons for it being strong fundamentals and improving market sentiment.
  • The market sentiment around DeFi has been generally positive and the release of highly anticipated roadmaps, such as that of Synthetix, further amplified the positivity around the DeFi market.
  • On January 12 Synthetic announced that it is transitioning to Optimistic Ethereum, a layer two scaling solution that allows users to transact and process smart contracts without encountering the scalability challenges that plague the Etheruem network.
  • When the Ethereum blockchain network becomes clogged, traders are forced to pay over $100 to $200 to process complex transactions. On layer two networks like Optimistic Ethereum, it is possible to offset these scaling issues.
  • The U.S. Comptroller of the Currency released an op-ed in the Financial Times discussing the potential to grant DeFi protocols banking charters. DeFi giants Synthetix, Maker, and Compound rallied strongly as the price of Bitcoin recovered.
  • Read the full story here

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