Chainwave Public Portfolio Purchases & Stakes in Synthetic Leverage Platform [Video]
Leveraged Traders Pay Big for Frictionless Leveraged Trading
Hello all,
Last week, I launched the Chainwave Public Portfolio along with the soft launch of this newsletter to mostly my closer blockchain-friendly associates.
The activity of this wallet is used as an educational medium for people like you who are looking to try to understand the DeFi space.
To start this week off, I’m sharing our first set of activity. More detailed explanations for each step are available later in this article
1 SWAP: The first play is swapping 0.2 ETH for the new project SynLev.
1 STAKE: I then staked all 143 $SYN into the SynLev’s team staking contract in order to generate passive revenue from our digital asset.
See the publicly reviewable, on-chain history of this portfolio’s activity :
https://app.zerion.io/0x76ba1bae4ca324d966750f449a2548df6ada8347/history
What is SynLev?
SynLev is shorthand for Synthetic Leverage.
SynLev.com is a decentralized finance product. It is a Decentralized Exchange (DEX) , an asset exchange which runs entirely on the worldwide Ethereum blockchain.
The current code that is live can never be turned off, modified, or tampered with in any way.
Leveraged Traders Pay Big for Frictionless Trading
Users of the SynLev exchange can go ‘leveraged’ long or short on blockchain projects using the concept of Leveraged Tokens.
If you’d like to learn more about their exact operation, I suggest you refer to their documentation
https://medium.com/@synlev/how-synlev-works-walking-through-the-beta-version-8d9f0154df74
You can see a dashboard of this project’s public statistics here:
https://explore.duneanalytics.com/dashboard/synlev-dashboard
What’s Interesting About The $SYN Token
I’m not a “active trader”, but I know how rabid traders are about leverage.
I know that any platform that reduces friction for traders will be valuable.
SynLev is a brand new, almost frictionless leveraged exchange that is generating revenue. The platform has already generated over $230,000USD for its token holders in the first three weeks of operation.
I’m not here to do a formal, full financial analysis on these activities.
I’m just sharing my own personal rationale for this pick.
You must always do you own research.
Some Things I Like about SynLev
Product Market Fit / Need - ETH/USD pair started Instantly after launch.
Already generating real positive cashflow to staking token holders with only one of thousands of potential trading pairs.
Roadmap for adding any and every token pair
Reduces friction for traders - KYC, security, logins, potential access to more esoteric assets to trade
Platform is pure blockchain play - all code is publicly viewable for those with the technical chops.
Low Market Cap - growth
VERY early in project life.. so much room for growth
Some Staking / Exchange Info from Dec 14:
Risks
Code not fully audited
Anon founders
Negative Macro blockchain effects affect price heavily
Low market cap = easy manipulation by whales
These are very risky.
Buying SynLev
On Wed, Dec 9 , I swapped 0.2 Eth for 143.104 ($115.14) of SynLev’s $SYN token.
Here I put together a quick video showing how to swap for this asset.
Note: If you’re super new and don’t even have ETH to swap, see how we do that here: https://chainwave.substack.com/p/take-a-bite-of-the-apple-buy-steve
If you have some ETH in a metamask wallet, then you can follow along:
(Pardon my video and recording skills! - these will improve greatly over time)
There are plenty of tutorials on youtube as well or reach out to me if you’re having problems and I’m happy to help.
How To Generate Passive Income With SynLev
The SynLev protocol allows us to earn passive income from:
Providing market liquidity as a Liquidity Provider on Uniswap (requires SynLEV + an additional asset)
Staking tokens in their smart contract and earning a portion of 50% of the trading fees from the platform. Requires only $SYN
Regarding the first option, are going to save liquidity providing for some later demonstrations in our portfolio. We’d need a little more capital in the account to have LPing work and frankly it is a little harder to explain.
Now, staking here sounds interesting. 50% of ALL trading fees go to SynLev stakers.
I’ve decided to stake all of our purchased tokens. Here is a video outlining that process.
We’ve got it all purchased and staked. Now we will be patient observers of SynLev’s progress over the coming months.
Summary
In this article, I covered
Chainwave Public Portfolio Move
What is SynLev
Pros/Cons
How to Swap for SYN
Staking SYN
If this helped you understand the process at all , please share with a friend below, or subscribe to the free tier for informative free posts.
If you want to be the first of the general public read these in your email inbox.
In future posts, paid subs get some goodies and more advanced analysis, and access to our VIP chat server. I’ll be posting information to paid subs first.
Sincerely,
Ben
Please let me know if you have questions. Interested in talking about this project