News

Framework Ventures Boosts Stake In Synthetic Protocol Amid Price Decline

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’ 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.

Related Post

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: maximusnd/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

100% Bonus Offer from BlockDAG, INJ Dominates DeFi & ADA Price Stumbles

Whales Make a Splash After BlockDAG's 100% Bonus Offer Goes Live - INJ Ecosystem Boosts…

6 hours ago

Plus Wallet: Top Crypto Wallet for Massive Rewards

Plus Wallet—Where Effortless Crypto Management and Rewards Align Perfectly In the world of cryptocurrency management,…

7 hours ago

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

15 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

15 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

15 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

16 hours ago