Category: Synthetix

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Australia DeFi Synthetix

ETH Layer 2 Synthetix Surges 100% Amid Curve Finance Collaboration

Australian Ethereum layer-2 scaling solution Synthetix has seen its native token SNX balloon 100 percent after linking up with liquidity provider Curve Finance.

The partnership has led to the creation of Synthetic Ether, Bitcoin and USD, providing investors with cheap conversions:

Synthetix Now Ranked #3

The knock-on effect since June 20 has pushed the scaling solution to the position of third-largest protocol. As Synthetix was one of the first protocols launched on Ethereum, investors are pleased to see this positive movement:

The collaboration with Curve Finance has resulted in curve pools for Synthetic Ether (sETH)/Ether (ETH), Synthetic US dollar (sUSD)/3CRV, and Synthetic Bitcoin (sBTC)/Bitcoin (BTC). This tech allows the platform to offer more derivatives tokens.

While these synthetic assets are Synthetix’s main product, it appears that new fundamentals have strengthened the project and played a significant role in the surge of SNX.

Kain Warwick, founder of Synthetix, believes the company’s recent success is down to its willingness to experiment with novel mechanisms to provide stability, and the community’s responsiveness under difficult circumstances.

Australian Web3 Witnesses Rapid Development

In February last year, Synthetix successfully raised A$12 million with the aid of a handful of venture capital (VC) firms. The funds weren’t sent directly to Synthetix, rather they were raised through the purchase of Synthetix’s native token, SNX. The fundraising supported the notion that a place was developing for VC money within DeFi.

Thanks to the emergence of DeFi, DAOs and NFTs, the Aussie Web3 scene has seen rapid development over the past few years, due in no small part to Synthetix, DAO Under, Immutable, Maple Finance and Sigma Prime, who have all helped foster interest from investors.

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Australia Blockchain Crypto News DAO DeFi Immutable X Maple NFTs Synthetix

Australian Web3 Ecosystem Is Growing Fast, Driven By Crypto and Blockchain Technology

The Australian Web3 ecosystem has grown immensely over the past couple of years and is driven by cryptocurrencies and blockchain technology.

The emergence of NFTs, DeFi, and decentralised autonomous organisations (DAOs) has expanded the space. The days of ICO token raises have been superseded by building meaningful communities. Notable communities/projects in the space include Immutable, Synthetix, Sigma Prime, Maple Finance, and DAOunder, all of which have helped garner increasing interest in the ecosystem.

Australia web3 economy. Source: crypblizz

The branding surrounding Web3 has made the space more inviting than the nuanced word ‘crypto’ would have suggested a few years ago.

Aussie Blockchain History in Brief

  • pre-bitcoin 1970 -2000s: cypherpunk movement;
  • 2009 – 2013: the birth of Bitcoin and underground knowledge of the space;
  • 2014 – 2016: Ethereum launches and early adopters spring up;
  • 2017 – 2018: ICO boom and an influx of capital and interest;
  • 2018 – 2020: ‘DeFi Summer’, where projects started to build the foundations for decentralised finance;
  • 2021: NFTs, DeFi and DAO boom interest; and
  • 2022: who knows?

The following categories summarise the activities within the Australian Web3 ecosystem:

Communities/DAOs

These form the backbone that brings people together, and with recent events, many communities have moved online to Discord. In-person events such as Blockchain Week show that people are willing to meet in real life again. By bringing it all together, people feel a sense of community and the ecosystem grows accordingly.

Non-Fungible Tokens (NFTs)/Gaming

NFTs took 2021 by storm and a lot of people are forking out vast amounts of money for expensive JPEGs. However, a lot of great Aussie projects such as Immutable, which was recently valued at US$3.5 billion, and Illuvium have also been making waves in the Web3 ecosystem.

Decentralised Finance (DeFi)

DeFi is such a vast category that it can be been broken down into the following:

  • Layer 1 blockchains: Fantom, Algorand, ThorChain;
  • Finance layer: Synthetix, Ren Protocol, Maple Finance, Zeta Markets and Drift;
  • Infrastructure: Rocket Pool, Chainflip, Sigma Prime; and
  • Identity: ArcX and BronID.

Venture Capital

Over the past two years, traditional Web2 funds have been spinning off an extra allocation into the space. Airtree, for example, launched a US$50 million Web3 fund, which is a very healthy sign for the growth of this sector.

Media

The right kind of media is essential in this growing space, with click-bait schemes popping up left, right and centre. Influencers who are voicing their opinions in this space can be invaluable.

Legal/Regulatory/Government

Bodies like Blockchain Australia are helping form relationships and policies within the ecosystem. Collaboration between these associations and regulatory bodies will accelerate the adoption process.

Exchanges and Retail Investors

Retail investors use these exchange platforms to enter the Web3 markets. BTC Markets, Independent Reserves, Coinjar and Coinstop are some of the first Australian native exchanges.

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Australia Crypto News DeFi Synthetix

Australia’s ‘Block Earner’ Raises $6.5 Million to Bring DeFi to the Masses

As part of its plan to bring DeFi to the masses, Sydney-based blockchain-powered fintech company Block Earner has made some key hires as it readies itself for launch later this month.

Among the key appointments are:

  • Apurva Chiranewala, a former eBay and Sendle executive, as general manager, tasked with overseeing global operations, growth, and strategic partnerships;
  • former Tyro Payments and Capify Australia marketing head Colin Williamson, as head of digital and growth;
  • Tawanda Mangere as head of risk and compliance; and
  • Baris Yilmaz as head of finance.

According to Chiranewala, “I have seen very few financial services companies that have the potential to positively impact human life quite like Block Earner.” He added that the company is a rare start-up with “capability, vision, and backing to shake up the financial industry in Australia, which is ripe for disruption.”

Making High Yields More Accessible

Block Earner, a Synthetix-backed platform best illustrated as a bridge between traditional finance and decentralised finance, has the goal of making high yields of DeFi more accessible to everyday Australians. The company wants to solve issues of adoption by channeling high-yield investments in DeFi into an easy-flowing, accessible process for anyone, regardless of how clued up they are in the crypto space.

In December 2021, Block Earner managed to raise US$6.4 million in a seed round of funding and claims its yields will generate 7 percent fixed annual yield or variable returns from 2-18 percent.

Potential earnings with Block Earner. Source: Block Earner

The funding round was led by American VC firm Framework Nentures, along with Coinbase, DeFi Alliance, Longhash Ventures, Synthetix founder Kain Warwick, Avalanche’s Emin Gün Sire and AAVE founder Stani Kulechov. Block Earner will generate returns using the stablecoin USDC and DeFi lending and borrowing protocols Aave and Compound.

No Lock-Ups to Contend With

Holders of a Block Earner Yield Account can choose between the aforementioned return rates, which are USD-based yield on funds deposited. Through the entire life of the holder’s account, users will have constant access to both their capital and yield, meaning they can withdraw at any time with no lock-up period to contend with.

Aussies Successfully Raise Capital

While Block Earner’s seed funding round generated US$6.5 million, others have raised even more impressive amounts of late. Australia’s Immutable X successfully raised US$200 million, pushing the company’s valuation up to US$2.5 billion. Also, Aussie NFT project ‘SolChicks’ managed to raise A$77 million is just six months.