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.
It is our policy at SynLev that we exclusively utilize the Chainlink Network in order to access essential information outside the blockchain such as price data without sacrificing on security and decentralization. Chainlink Price Feeds utilize the most secure oracle nodes, the highest quality data, decentralized aggregation, and provide on-chan transparency and strong crypto-economics to ensure Price Feeds update during network congestion of which users can independently verify.
“SynLev’s foundation is reliant on properly functioning oracles. Chainlink’s proven price oracles ensure our synthetic asset pairs are stable and reliable, allowing our users to utilize decentralized leveraged financial products with strong assurances that they will function as intended.” -Carl a.k.a. Icarus, Founder of SynLev.
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.
SynLev’s first asset was 3X ETH/USD BULL/BEAR tokens, with price data supplied by the Chainlink ETH/USD Price Feed. Followed now by the 3X BTC/USD BULL/BEAR tokens. We plan to continue launching more assets based on the Chainlink Price Feeds based on demand by the Synlev community.
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.
Join the official SynLev Telegram group chat to participate in the discussion and follow us on Twitter for the latest updates. You can also bookmark our official SynLev website to stay up to date.
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.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter.
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