@Today 15 February 2021 more from that month

Synthetix Raises $12 Million from 3 VCs, Focus on V3 and China The three VCs are Paradigm, Coinbase Ventures, and IOSG. They purchased SNX tokens directly from the protocols Decentralized Autonomous Organization (DAO). Accordingly, they will, whenever called upon, provide liquidity and participate in governance. Technically, DeFi protocols are community-led with open-source code. However, the rapid growth of the sphere and the near-perpendicular rise of DeFi valuations have attracted venture capitals promising capital injection to high potential financial dApps. Synthetix plays a critical role in open finance, providing synthetic assets ranging from commodities, fiat currencies, cryptocurrencies, and even stocks. Consequently, traders get exposure to traditional assets while swapping assets trustlessly. Synthetix DAO holds over $1 Billion Their unique governance, a divergence away from corporate structures, means token holders determine the protocol’s trajectory through a popular vote. Reflecting the demand of DeFi and the diverse crypto community’s interest, the Synthetix DAO is one of the most active. Recently, it surpassed the $1 billion holdings, generating more fees than it spends. This means the DAO is not short of cash and has more than it needs.