SynLev Integrates the Chainlink YFI/USD Price Feed to Power Newest Asset: 3XYFI/USD
Yearning For More Trading Pairs
3XYFI/USD is now SynLev’s third asset release, our first being 3XETH/USD followed by 3XBTC/USD, both of which are powered by Chainlink oracles and have been trading successfully for over three weeks. We have learned a lot over the past few months with regards to implementation of oracle- driven synthetic leveraged assets. We have also made some much needed protocol upgrades to further reward SynLev liquidity providers and improve trading for all SynLev users.
As such, we are ready to introduce our third trading pair 3XYFI/USD. For this asset we will not be offering early LP rewards. iInstead, initial liquidity will be provided by the dev team from the token sales fund. To kickstart trading, we will be running a 3XYFI/USD trading competition with a 70,000 SYN prize pool starting Jan 14. For more details check here.
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 the Price Feeds update during network congestion, all of which users can independently verify.
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, followed by the 3X BTC/USD BULL/BEAR tokens. Now a third 3X YFI/USD BULL/BEAR token pair also powered by Chainlink, with price data supplied via the YFI/USD Price Feed. We plan to continue launching more assets supported by Chainlink in the future based directly on demand from 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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.