Makers launched the new update yesterday, making ‘shorting’ convenient for users while surging the digital asset’s price. The DeFi sector is continuously growing with new updates, projects, and new tokens’ creation. Earlier this week, DEX tokens saw an unexpected price surge that far outweighed tokens for centralized platforms.
Although there is no official analysis, experts suggested that Robinhood’s restriction on GameStop trading necessitated the new trading volumes decentralized platforms saw. DEX platforms allow customers to practice peer to peer trading without restrictions from intermediaries. Centralized platforms like Robinhood can stop or meddle into trading, as witnessed through the recent happening, which led to GMC shares drop before the app eased its restrictions.
Synthetix accommodates shorting on the platform
The DeFi platform, Synthetix, witnessed the arrival of the Bellatrix upgrade through the release. Users can now explore some new features resulting from the new addition. Clients can take on some On-Chain features because of the update. The platform is one of the blue chips utilized mainly by the blockchain space.
Syntheix’s ability includes supporting the creation, management, and trading of an asset class that mimics other investments. Some of the usually mimicked investments include futures, options, or everything combined on the ETH network. The Ethereum network currently faces some system glitches, especially for transaction fees due to many DeFi projects utilizing the Ethereum blockchain.
Fortunately, Bellatrix would allow Synthetix users to bet on the price drops of some assets. If the digital asset falls as the betters anticipated, they will get rewards for shorting. The platform’s official Twitter page shared the news by informing people of yesterday’s launch.
The page explained that the new mechanism comes with an incentive that allows people to take shorts against sETH and sBTC. Through the update, makers added several new features. The platform now has new crypto synths and also inverse synths for numerous tokens.
Users can open short against sETH and sBTC
Users will get rewards when they open shorts against the two assets called SNX rewards. Another feature is the support for restrictions of some synth exchanges during market closure so that they could still transfer them during that period.
The platform also plans to delist BCH from its venue linked to fork, which caused differing opinions on the space. While many suggested the delisting, another group raised the reconsideration. Unfortunately, synthetix would still delist BCH products because of the claims supporting the removal.
Some stakers would get rewards because the platform would pay around 8000 SNX each for some time regarding both sBTC and sETH shorts. The venue would utilize pro-rata to distribute the tokens. The present bull market surrounding sETH and sBTC makes it a significant risk to interested stakers.
After the platform broke the news, its token saw a notable surge, signaling new trading volumes coming due to the new Bellatrix update. The digital asset has a market cap of almost $3 billion while currently having millions of its tokens in circulation. The asset is the 25th largest globally in terms of market cap, with an impressive trading volume of over $500 million daily.
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