The Synthetic protocol, represented by its native token $SNX, has experienced a notable decline of 41% over the past month. However, there’s a glimmer of optimism as the price of $SNX saw a modest 2% increase today.
In a move that reflects confidence in the project’s long-term potential, Framework Ventures, a notable investor in Synthetix, deposited an additional 2 million SNX tokens to Coinbase Prime, totaling $5.84 million at a price of $2.924 per token.
Framework Ventures 0xa5f, the largest institutional SNX-holding wallet, deposited 2M $SNX ($5.85M) to #Coinbase at $2.92 ~7hrs ago.
Notably, @hiFramework was an investor and received most of their SNX from @synthetix_io. In recent moves, the VC has deposited 6M $SNX ($23.8M) to… pic.twitter.com/m1n2WxDYgu
— Spot On Chain (@spotonchain) April 26, 2024
Framework Ventures’ involvement in Synthetix dates back to their initial investment, which has since evolved into significant holdings.
Since October 29, 2021, they have vested 24 million SNX tokens across both the Ethereum and Optimism chains. This strategic investment underscores their belief in the future of decentralized liquidity provisioning and the Synthetic protocol’s role within it.
Framework Venture’s Commitment To SNX Revealed
Over the past months, Framework Ventures has demonstrated its commitment to Synthetix by consistently adding to its holdings. Notably, they have deposited 9.9 million SNX to Coinbase at an average price of $3.642 since July 30, 2022. Despite market fluctuations, Framework Ventures has remained steadfast in its support of Synthetix, even during periods of price decline.
Currently, Framework Ventures maintains a significant stake in Synthetix, holding 17.3 million SNX tokens, equivalent to 5.27% of the total supply. This makes them the largest institutional holder of SNX tokens, further solidifying their position as a key player in the decentralized finance landscape.
The continued investment by Framework Ventures highlights their confidence in the Synthetic protocol’s ability to innovate and drive growth within the DeFi sector. As they continue to bolster their position in Synthetix, it serves as a vote of confidence in the project’s long-term viability and potential for further development and adoption.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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