SynLev Integrates Chainlink BTC/USD Price Feed to Power Newest Asset: 3XBTC/USD

Bitcoin and Beyond

This is SynLev’s second asset release trading live now at synlev.com/exchange, our first being 3XETH/USD, which has been trading successfully for over three weeks. The launch of a 3X leveraged BTC/USD pair marks a major milestone for us. First, Bitcoin is the most actively traded crypto asset and will widen our potential user base considerably. Secondly, we are now ready to begin frequently adding assets as requested by our community and as supported by Chainlink Price Feeds, which can be seen at feeds.chain.link. If you see a Price Feed that you’d be interested in having a leverage pair launched for, let us know!

The Importance of Oracles and Why SynLev Selected Chainlink

Chainlink oracles solve two inherent shortcomings of blockchains: connectivity to off-chain data and the security/reliability of that data to trigger high value contracts.

How Does it Work?

SynLev assets access price data from the Chainlink Price Feeds in order to calculate their leveraged asset prices. The assets are deployed in symmetrical pairs, one side of the pair acting as the “bull” token and the other side as the “bear” token. Both pairs react in an opposite and proportionate manner based on the underlying asset’s price movement: the bull token with the price and the bear token against it.

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About SynLev

SynLev is a group of synthetic leveraged asset pairs built and tokenized on Ethereum using Price Feed data from Chainlink oracles. SynLev assets function similarly to leveraged ETFs. The goal of SynLev is to provide decentralized, trustless, and non-KYC gated leveraged assets.

About Chainlink

Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Defi Synthetic Leveraged token ecosystem built on Ethereum and Chainlink oracles