Altcoin Price Analysis: Maker, 0x, 1Inch and Synthetix
Josh Olszewicz, a popular cryptocurrency analyst ran technical analysis on the price action of four altcoins: Maker, 0x, 1Inch and Synthetix.
Maker (MKR)
Maker is a smart contract platform running on Ethereum that backs and stabilizes the value of the DAI stablecoin cryptocurrency. The Maker platform keeps the DAI cryptocurrency pegged 1:1 with the USD through a dynamic system of Collateralized Debt Positions, autonomous feedback mechanisms, and appropriately incentivized external actors. The Maker token (MKR) is an Ethereum ERC-20 token and has a fluctuating price when compared to DAI.
Ox (ZRX)
0x (ZRX) is an ERC-20 token designed to power various forms of decentralized exchange (DEX). The ZRX protocol was founded by an engineer and self-proclaimed U.C.S.D. Ph.D. dropout, Will Warren, and a former fixed-income trader, Amir Bandeali. Neither had significant technical work experience before starting the project. Bandeali previously worked for a leading Over-The-Counter cryptocurrency trading platform, DRW.
Notable project advisors include Joey Krug, co-CIO at Pantera Capital and founder of Augur, as well as three Coinbase alums; Fred Ehrsam, co-founder of Coinbase, Linda Xie, co-founder of Scalar Capital and Will Warren’s wife, and Olaf Carlson-Wee, founder of PolyChain Capital. The rise of the DEX is, in part, a response to the more than US$1.5 billion lost by centralized exchanges in the form of hacks, malfeasance, or incompetence over the past 11 years. As opposed to a centralized exchange, which requires assets to be deposited in exchange wallets, a DEX user maintains custody of their assets. This key difference removes the centralized honeypot for hackers.
1Inch (1INCH)
1inch is a decentralized exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for a user to find the best price for a swap, they need to look at every exchange — DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXs.
DEX aggregators work by sourcing liquidity from different DExs, meaning that they are able to offer users better token swap rates than they could find on any single DEX, in the shortest time possible.
1inch launched in August 2020 after a $2.8 million funding raise from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.
Synthetix (SNX)
Synthetix is a decentralized finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.
The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.
