What does it take for a crypto project to perform during the bitcoin bear market? Synthetix $SNX may have the answer.
Sharing his thoughts on the development, Synthetix founder Kain Warwick a.k.a kain.eth
a blog post that highlighted the difficulty of DeFi protocols to absorb Bitcoin’s volatility if the price drops even further: “This is critical to understand, Synthetix is an over-collateralised crypto-backed suite of stablecoins, it CAN implode.” However, he attributed Synthetix’s recent success to the responsiveness of the community to difficult circumstances and a willingness to experiment with novel mechanisms to provide stability.
On May 31, the entrepreneur revealed that SNX tokens contribute to 99% of his overall liquid portfolio.On the flipside, on-chain metrics revealed the intentions of shorting the SNX token across numerous exchanges. @napgener from Crypto Twitter disclosed that 15 million SNX tokens maintain a short position on popular exchanges including Binance, FTX, ByBit and OKX.
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