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Synthetix, a decentralized finance (DeFi) protocol , has made a major move in the crypto space with a notable acquisition. Synthetix acquired TLX, the leverage token platform, through a token-for-token transaction. Synthetix announced that the acquisition gained approval on SIP-412 and TIP-14. This acquisition comes shortly after a similar procurement of Kwenta. Leveraged Tokens and Their Role in DeFi Synthetix clarified these moves are steps in the protocol’s strategy of evolving as a principal product issuer after designing a decentralized liquidity layer. For clarification, leveraged tokens refer to the tokenized form of a levered strategy that multiplies the results of the price movement of an underlying asset like Ethereum or Bitcoin. Leveraged tokens allow users to access leverage without trading on a perpetual futures platform. It also eliminates the need to manage margin requirements. Additionally, traders can easily mint their leveraged token, transfer it, and redeem it at their convenience. According to the paraent platform, TLX’s acquisition is the maiden end-customer, revenue-generating product developed on Synthetix. The protocol owns it and will be responsible for its operation. Synthetix to Unveil Incentive Program in 2025 Users should anticipate the “juicy leveraged token incentive” program in 2025. As per its update, this will happen as soon as a thorough audit of TLX products has been conducted. Synthetix says it plans to improve parameters and redeploy all smart contracts. Once done, it will relaunch TLX products on the same Base network. TLX, which is also the native token, will be incinerated and changed to Synthetix’s token to complete the acquisition and switch. To guarantee a quicker route to launching, Synthetix says it will utilize TLX’s existing codebase as a basis for its designs. That is, it will be used to design the DeFi protocol’s leveraged tokens in a bid to hit the market faster. Synthetix’s Growing Impact on DeFi Kain Warwick founded Synthetix in 2017. The platform allows users to trade synthetic assets, such as stocks, currencies, and commodities, on the Ethereum blockchain amid scaling potentials . According to data from DefiLlama, the protocol holds a total value locked (TVL) of $242 million. This represents significant growth and confidence on the part of investors in the future of Synthetix. The post Synthetix Expands DeFi Footprint with TLX Acquisition appeared first on TheCoinrise.com .
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SEC Begins Seeking Comments From Public on Bitwise’s New Crypto ETP
![The U.S. Securities and Exchange Commission (SEC) is asking the public’s opinion on crypto firm Bitwise’s new exchange-traded product (ETP). In a new filing, the regulatory agency says it’s seeking comments from the public on Bitwise’s new exchange-traded fund (ETF), which would hold a combination of Bitcoin ( BTC ) and Ethereum ( ETH ), to advance its application. “Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the [law].” In a thread on the social media platform X, Bitwise stated its goal with the dual ETP was to simultaneously give traders easy access to the two biggest digital assets by market cap. “NYSE Arca filed to list a Bitwise ETP that would hold both spot Bitcoin and Ether, weighted by market cap. The goal: give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format.” Spot market ETFs allow investors to expose themselves to specific assets, such as precious metals or crypto, without the need to actually purchase them. In the filing, the SEC notes that the new ETP “will operate in materially the same manner as the Spot Bitcoin ETPs and Spot Ether ETPs previously approved by the Commission.” Bitwise first announced its plan to launch a BTC and ETH ETF in November when it filed an S-1 registration statement with the SEC. BTC and ETH are trading for $100,786 and $3,890 at time of writing respectively. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE-2 The post SEC Begins Seeking Comments From Public on Bitwise’s New Crypto ETP appeared first on The Daily Hodl .](/image/675a1a9f1a26e.jpg)
The U.S. Securities and Exchange Commission (SEC) is asking the public’s opinion on crypto firm Bitwise’s new exchange-traded product (ETP). In a new filing, the regulatory agency says it’s seeking comments from the public on Bitwise’s new exchange-traded fund (ETF), which would hold a combination of Bitcoin ( BTC ) and Ethereum ( ETH ), to advance its application. “Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the [law].” In a thread on the social media platform X, Bitwise stated its goal with the dual ETP was to simultaneously give traders easy access to the two biggest digital assets by market cap. “NYSE Arca filed to list a Bitwise ETP that would hold both spot Bitcoin and Ether, weighted by market cap. The goal: give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format.” Spot market ETFs allow investors to expose themselves to specific assets, such as precious metals or crypto, without the need to actually purchase them. In the filing, the SEC notes that the new ETP “will operate in materially the same manner as the Spot Bitcoin ETPs and Spot Ether ETPs previously approved by the Commission.” Bitwise first announced its plan to launch a BTC and ETH ETF in November when it filed an S-1 registration statement with the SEC. BTC and ETH are trading for $100,786 and $3,890 at time of writing respectively. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE-2 The post SEC Begins Seeking Comments From Public on Bitwise’s New Crypto ETP appeared first on The Daily Hodl . The Coin Rise
Coinbase’s Planned Listing of PNUT Meme Coin Sparks Interest Amid Market Shifts
The recent price surge of the PNUT meme coin, a trendy cryptocurrency on the Solana blockchain, signals growing interest in meme coins amidst a volatile market. Traders and enthusiasts are The Coin Rise
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