Synthetix Moons, Ampleforth Doubles, Compound Up – Trustnodes

Synthetix Moons, Ampleforth Doubles, Compound Up

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Synthetix moons, July 2020

Aave has jumped 14% today. Compound has gained 8.55%. 0x has joined the party with an increase of 6.74%. Ren is up 11.19%.

Scaling Loopring has seen 11.78% in green. Less known Switcheo is up 24%, this being a decentralized exchange (dex) and a decentralized OTC platform based in Singapore.

Akropolis too is lesser known and they’re up close to 30% with the project saying they “enable anybody to quickly set up, operate, and grow informal autonomous financial organizations (AFOs) (e.g. digital co-ops, guilds, mutuals).”

Top defi tokens, July 2020
Top defi tokens, July 2020

Synthetix is one of the other big winers today in this sea of green for the decentralized finance (defi) space.

They have probably benefited and somewhat considerably from the recent actions of the United States Securities and Exchanges Commission (SEC) which fined a harmless crypto wallet for allowing synthetics trading of stocks.

Practically of course it was fined for being centralized because the ethereum based Synthetix, for example, can perform the same function but through smart contract based code which can’t quite meaningfully be fined.

Hence it is mooning, as can be seen in the featured image, with Ampleforth having one of the most interesting chart we have seen:

Ampleforth price chart, July 2020
Ampleforth price chart, July 2020

The speed with which the market cap moved here shows what makes this project different from the rest.

They claim supply is adjusted based on demand with the aim presumably being to address volatility so that the price can still rise or fall, but not too quickly.

That’s the theory, in practice it looks like they just getting more tokens than a bigger number per token with it pretty much probably translating to the same thing, but potentially an interesting experiment nonetheless.

They’ve also began issuing new tokens to join this defi mining party, and so they’re up by 45%.

That means the defi bull is seemingly back after a brief respite with all these tokens looking frothy as ethereum now starts looking ahead at the testnet launch.

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