Australia’s DeFi Boom: Growing excitement as new projects launch
Australia is experiencing a DeFi boom, with leading derivatives project Synthetix joined by buzzy newcomers Thorchain, Ren and mSTABLE.
Australia is experiencing a decentralized finance (DeFi) boom, playing host to some of the most talked-about projects in the space.
They include longtime DeFi leader Synthetix (SNX), along with the up-and-coming Thorchain (RUNE) along with the just-launched Ren (REN) and mSTABLE (META).
RUNE has increased 167% in the past 30 days, REN is up 36% (mostly in the past week), and SNX is up 35% — and 2,600% since its lows prior to launching last year.
“I think the fact that Australia is punching way above its weight in DeFi is probably not well appreciated,” said Henrik Andersson, the Chief Investment Officer from Apollo Capital. The Swedish-born investor spent a decade trading equities on Wall Street for Handelsbanken before moving into crypto and emigrating to Melbourne, Australia.
“You can be a bit blind sometimes and you don’t see what’s going on in your own backyard, but many of these projects are among the top in the world.”
Derived from synths
The country’s most successful DeFi project to date is Synthetix, which hopes to become a decentralized version of derivatives exchange BitMEX. It was the second-largest DeFi project according to DeFi Pulse until earlier this week — when it was overtaken by Compound following the launch of its COMP token. Synthetix is now at number three with $162.7 million in USD value locked.
It enables the trading of synthetic assets, or ‘synths’ — tokens tied to the price of everything from gold to stocks or tea in China. There are also synth derivatives such as ‘inverse BTC’ which goes up in value when the BTC price goes down.
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