SNX Clawing back
This is a one-hour chart. As you can see, Synthetix was taking a beating along with much of the altcoin market only to fall off a cliff a day ago. I'd refer to this as a black Friday sale on SNX! If you missed out at that price, you likely missed out forever. Now, Synthetix Network Tokens begin their long climb out of this hole on the heels of a multitude of SIPs (Phase One V2x updates delivered since August!!!):
Mirfak; SIP-174 - Deprecated Synth Redemption, SIP-142 - Deprecating EtherCollateral loans, SIP-170 - Inflation Diversion for L2 Incentives
Wezen; SIP-169 - Deprecate low volume synths, SIP-158 - Deprecate iSynths
Sargas; SIP-135 - L2 Shorting
Kaus; SIP-187 - Fix Partial Synth Updates In Debt Cache
Avior; SIP-182 - Wrappr Factory
Alkaid; SIP-120 - TWAP Exchange Function, SIP-189 - Add LUSD/sUSD Wrappr on L2
Governance Changes; SIP-155 - Deprecating the synthetixDAO, SIP-157 - ambassadorDAO Mandate, SIP-159 - Formalize Thales Governance, SIP-160 - Updated SIP Workflow, SIP-167 - L2 Bridged Governance, SIP-168 - Governance Participation Program, SIP-177 - Formalize Kwenta TreasuryDAO, SIP-178 - Formalize Kwenta Interim Council, SIP-179 - Kwenta Independence
Here are a few quotes from Kain Warwick (Synthetix founder) taken directly from the Synthetix blog dated 25 November 2021, titled "Debt Pool Synthesis."
-"...additional engineers that have joined the CC's have enabled us to maintain a delivery cadence that has been consistently high for over six months now."
-"Chainlink is developing two novel oracles for the Debt Synthesis, the first oracle will read the size of the debt pool on each network and then combine these values so that both networks are in sync with respect to the combined debt pool size.|The second oracle will read the total supply of the debt shares contract described above and push the combined total supply of debt shares on both networks onto each chain."
-" Though the CC's are working as hard as possible to close out each SIP and get them audited before we wind up 2021. With liquidations being enabled on L2 this week there is likely to be a push to migrate more inflation and lower the c-ratio on L2 to get some additional Synth liquidity onto the Optimism network."
-"Given that the V3GM is also scheduled to be deployed for V2x governance early next year there are still a lot of changes slated for the current network. However, the V3 squad is making amazing progress on the architecture and has started development on the V3GM already so as always there are multiple simultaneous threads in play for the CC's. The last five weeks of the year are going to be incredibly busy."
There was a lot to digest in his latest blog update, so it is well worth the read if you believe in the incredible potential of this platform and token, as I do. So, look at the 1-hour chart attached and mark my words here as preparation for what may come. I believe there is only upside from where we were yesterday. No, I don't predict. But I am prepared to HODL. All you can do is prepare. I bought in at $9.88 per token, but I also know if I don't sell now, I haven't locked in my losses. Good things are coming. Again, note yesterday's bottoming. Mark it on your calendar. If you bought in then or soon after, I believe you will feel like a hero by early next year. I think I will continue to add to my position (see my other posts). Good luck!
Mirfak; SIP-174 - Deprecated Synth Redemption, SIP-142 - Deprecating EtherCollateral loans, SIP-170 - Inflation Diversion for L2 Incentives
Wezen; SIP-169 - Deprecate low volume synths, SIP-158 - Deprecate iSynths
Sargas; SIP-135 - L2 Shorting
Kaus; SIP-187 - Fix Partial Synth Updates In Debt Cache
Avior; SIP-182 - Wrappr Factory
Alkaid; SIP-120 - TWAP Exchange Function, SIP-189 - Add LUSD/sUSD Wrappr on L2
Governance Changes; SIP-155 - Deprecating the synthetixDAO, SIP-157 - ambassadorDAO Mandate, SIP-159 - Formalize Thales Governance, SIP-160 - Updated SIP Workflow, SIP-167 - L2 Bridged Governance, SIP-168 - Governance Participation Program, SIP-177 - Formalize Kwenta TreasuryDAO, SIP-178 - Formalize Kwenta Interim Council, SIP-179 - Kwenta Independence
Here are a few quotes from Kain Warwick (Synthetix founder) taken directly from the Synthetix blog dated 25 November 2021, titled "Debt Pool Synthesis."
-"...additional engineers that have joined the CC's have enabled us to maintain a delivery cadence that has been consistently high for over six months now."
-"Chainlink is developing two novel oracles for the Debt Synthesis, the first oracle will read the size of the debt pool on each network and then combine these values so that both networks are in sync with respect to the combined debt pool size.|The second oracle will read the total supply of the debt shares contract described above and push the combined total supply of debt shares on both networks onto each chain."
-" Though the CC's are working as hard as possible to close out each SIP and get them audited before we wind up 2021. With liquidations being enabled on L2 this week there is likely to be a push to migrate more inflation and lower the c-ratio on L2 to get some additional Synth liquidity onto the Optimism network."
-"Given that the V3GM is also scheduled to be deployed for V2x governance early next year there are still a lot of changes slated for the current network. However, the V3 squad is making amazing progress on the architecture and has started development on the V3GM already so as always there are multiple simultaneous threads in play for the CC's. The last five weeks of the year are going to be incredibly busy."
There was a lot to digest in his latest blog update, so it is well worth the read if you believe in the incredible potential of this platform and token, as I do. So, look at the 1-hour chart attached and mark my words here as preparation for what may come. I believe there is only upside from where we were yesterday. No, I don't predict. But I am prepared to HODL. All you can do is prepare. I bought in at $9.88 per token, but I also know if I don't sell now, I haven't locked in my losses. Good things are coming. Again, note yesterday's bottoming. Mark it on your calendar. If you bought in then or soon after, I believe you will feel like a hero by early next year. I think I will continue to add to my position (see my other posts). Good luck!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.