Our first asset launched on the SynLev Exchange (a 3X ETH/USD BULL & BEAR pair) 48 hours ago and we are happy to report that the exchange has been running without any major issues. In the first 48 hours we have seen 313.16 ETH ($158,145) trading volume resulting in 1.25 ETH ($631.25) in fees for liquidity providers and future SYN stakers. Total liquidity on the platform is over 750 ETH. In that time the number of SYN token holders have doubled to over 900. And we have seen significant growth on all of our social media platforms. We are very happy with the launch and look forward to future growth. Here we want to update everyone on the events of the past week and what will come in the near future.
Upcoming
While we have launched trading we still have quite a lot developments that will be rolled out in the coming weeks. In no particular order this is what you can expect from SynLev in the near future:
- Better listing and integration of BULL/BEAR asset tokens (listing on coingecko, trustwallet, Uniswap token lists, etc…)
- Enabling of SYN staking
- The listing of the SynLev Exchange in DeFi lists and aggregators.
- More controls over buy and sells on the SynLev Exchange (timeouts & slippage)
- In depth charts and analytics of both SynLev assets and SynLev Exchange activity.
- More asset pairs (BTC/USD is the most likely next but see Chainlink Price Feeds for possible additions).
LP Rewards
As many of our users know we are offering LP rewards to aid in bootstrapping liquidity both on the SynLev Exchange and Uniswap. SYN/ETH Uniswap rewards were scheduled to end Nov 17 and have been extended to end on Dec 1. The exchange LP reward program ends on Nov 23 and we have decided to extend it an additional 21 days. Everyone who has participated in adding liquidity will receive their SYN rewards after Nov 23 once rewards are calculated and verified. A new reward period will then immediately begin on Nov 23 and continue for the next 21 days and reward a total of 500,000 SYN to liquidity providers.
Token Sale & Token Economics
Our post-launch token sale has been a heavily discussed issue. And I have been listening to all of the issues being raised. For this reason we reduced the initial 25 million SYN 3 round token sale to a single 10 million SYN round sale, burning the excess tokens. At the time of writing we plan on continuing with the 10 million token sale with full details to be released and commence 2 weeks from launch (Dec 2). Sold tokens would be sold at a slight discount and vested in the SYN staking contract to minimize the effects of releasing un-circulated tokens while still allowing buyers to earn SYN staking rewards. The goal of this token sale is to raise funds for critical needs of the project such as a formal contract audit, advertising, operating costs, and expansion.
The token sale takes place 2 weeks after launch to properly gauge the value of SYN tokens and to determine the necessity of the sale and the needs of the project. Multiple factors will effect the specifics of the token sale such as SynLev Exchange volume, SYN price, our operating costs etc… As such we will continue to take community feedback regarding the token sale but will be unable to provide specific details until we have more information on potential projected revenue and the needs of the project.
Our goal is always to take actions that will lead to the success of the project and our responsibility to SYN token holders. Initial capital funds for the project would be a huge boost to SynLev’s growth. And this growth will ultimately drive token price.
We will also be adjusting out token allocation. At the last burn event 5 million SYN were reallocated to LP rewards. As a shift to incentivize liquidity providers on the SynLev Exchange we are renaming the “Business Development” fund to “Business Development & LP rewards” now comprising of a total of 20 million SYN to both bootstrap and reward liquidity as well as any activity that furthers the business interests of SynLev.
Proxy Contracts
As discussed previously all of our proxy contracts now implement time delays so any proposed contracts upgrades can be made available for public scrutiny. Now that the project has launched successfully a 48 hour time delay has been instituted on updating all proxy contracts (excluding SYN staking proxy). With the goal of increasing this time delay to the order of weeks in the near future as the contract becomes more times tested with real world use.
Live SynLev Exchange Trades
While we’re working on better analytics and charting for the dApp one of our community members has made a telegram channel that reports trades live as they occur at t.me/synlevtrades. Great work!
As always a huge thanks to the community and everyone who has worked on the project. I am personally very thankful for you support, criticism, and general help getting the project off the ground. Follow us on twitter @SynLevDefi and join our telegram group t.me/synlev for the latest updates.
