PancakeSwap has partnered with BetFury to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025.

Daily Top Performer — Phala Network (PHA)

The S&P 500 rose 1.1%, marking its third straight gain and the start of the Santa Claus rally. Growth and megacap tech stocks led, driven by optimism in AI and long-term tech trends, despite elevated Treasury yields. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.18%, with Bitcoin and Ether rising by 4.52% and 1.90%, respectively in the past 24 hours.

Today's top performer is PHA, which surged 63.4% after the announcement of Phala Network's 2024 achievements and 2025 roadmap, featuring decentralized GPU AI advancements and strategic partnerships.

The Phala Network (PHA), founded in 2018, is a decentralized cloud computing platform that uses excess computing power from everyday devices. It operates with Gatekeeper and Miner nodes, offering secure and scalable cloud services. Phala also launched Khala (PHA) on the Kusama network in 2021. 

 include co-building a decentralized GPU network, enhancing AI model training, and partnerships with projects like SentientAGI and MorpheusAIs. The Phala Treasury allocated 37% to infrastructure, 20% to community, and 43% to marketing. Social media efforts generated millions of impressions and engagements, while the network participated in six events and established 15 partnerships. Phala 2.0, launching in 2025, will integrate GPU TEE technology and Ethereum Layer 2 scalability for AI and Web3 applications.

Check Out the Latest Prices, Charts, and Data of 

 to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025. Participants can earn rewards by trading BFG tokens on the PancakeSwap Web interface or Telegram Swap-Bot. The competition includes daily lucky draws with $10,000 USDT, a leaderboard with $30,000 in BFG tokens for top traders, and $10,000 USDT for traders using the Telegram Swap-Bot. To qualify, participants must meet specific trading volume requirements, with rewards distributed in USDT and BFG tokens.

Yesterday, Bitcoin Spot ETF flows remained unchanged for GBTC, while non-GBTC ETFs experienced outflows of $149.7 million, bringing total outflows to $149.7 million.

: Astherus lets you farm while qualifying for Lista DAO Season 2, while Superform involves depositing ETH on Base via Moonwell WETH Morpho vault. Mitosis allows Linea airdrop qualification by holding funds, and Symbiotic rewards large token deposits on Ethereum mainnet. Mind Network offers bigger airdrop allocations for farming vFHE by depositing eETH. Solayer requires depositing and delegating SOL or derivatives to rank higher, and Drift's second airdrop involves liquid staking SOL to earn and lend dSOL.

Beginner

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PancakeSwap and BetFury Launch $50,000 Trading Competition with BFG Token Rewards

In this tutorial, we’ll explore how you can complete a series of tasks in Orochi Network for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Orochi Network tasks for Bybit Web3 Airdrop Arcade. 

Task 2: Quote Orochi Network's Post and Tag 3 Friends

: Navigate to Orochi Network’s pinned post on X.

: Quote the tweet with your thoughts, and tag 3 friends.

 button at the top right corner of the page.

: The Orochi ID window will pop up. You may choose to sign up for an Orochi ID using your Google account, GitHub or email address.

: Congratulations! You’ve successfully created your Orochi ID. 

Task 4: Join the Contribute to Earn Program

: Connect your Wallet, Google account and Discord to be eligible.

: Once you’ve successfully connected all accounts, you’ll have completed this task.

 all of the four tasks above for your chance to 

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How to Complete Orochi Network Tasks for Bybit Web3 Airdrop Arcade

MegaETH is an EVM-compatible blockchain with real-time Web 2.0–level performance. Learn more about MegaETH.

 has long been a formidable challenge for the blockchain industry. Most established chains maintain decentralization and security, but struggle with limited scalability while high-performance 

 (L1) blockchains often compromise decentralization to achieve high throughput. 

What if we could push throughput to unprecedented levels without compromising security or decentralization? 

Enter MegaETH — a project backed by industry leaders such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and Dragonfly Capital. With the first real-time 

 (EVM)–compatible chain —i.e., one that can process transactions as soon as they arrive, and then publish the resulting state changes — MegaETH aims to redefine blockchain performance. In this article, we delve into the scaling limitations of current blockchains and examine how MegaETH aims to solve them. Let's dive in!

The blockchain trilemma has posed a significant challenge for 

 developers for years. As Ethereum co-founder Vitalik Buterin explains, distributed ledger networks can only achieve two out of three critical qualities (security, decentralization and scalability) by using simple techniques. 

As a result, most high-performance chains, such as Solana, Avalanche and BNB Chain, often compromise on decentralization or security to achieve scalability.

To address the scalability challenges of L1 networks, developers have introduced 

 (L2) solutions, which operate on top of blockchains such as Ethereum. These L2 chains achieve 

 (TPS) while leveraging the security and decentralization of their underlying L1s. However, according to MegaETH, both high-performance L1 and L2 networks fall short of meeting the demands of Web 2.0–scale applications, particularly in terms of 

As shown in the table above, the blockchain with the highest scalability, opBNB, achieves a gas rate of 100 MGas/s, equivalent to 650 Uniswap swaps or 3,700 

 transfers per second. In comparison, modern databases can 

 over 1 million TPC-C TPS. While Arbitrum One, the fastest chain listed, offers a block time of 0.25 seconds, this remains insufficient for applications requiring rapid feedback or high update rates. 

These limitations in both scalability and speed make current high-performance L1s and L2s ill-suited for Web 2.0 applications with significant computational demands.

 is an EVM-compatible blockchain with real-time Web 2.0–level performance. With the goal of bridging the gap between distributed ledger networks and traditional cloud computing servers, the project aims to push the performance of Ethereum-based L2s to hardware limits. As the first real-time blockchain, MegaETH can stream transactions at 100,000 TPS with transaction fees under $0.01, and provide millisecond-level responsiveness without sacrificing security or decentralization.

MegaLabs, the organization behind MegaETH, was founded in early 2023 by Shuyao Kong and Yilong Li. Holding an MBA from Harvard Business School, Kong has a background in business development within the blockchain industry. Prior to co-founding MegaLabs, she was the global head of business development at ConsenSys, where she continues to serve as an advisor.

As the Chief Executive Officer (CEO) of MegaLabs, Li has a PhD in computer science from Stanford University. An experienced software developer, he previously worked at Runtime Verification Inc., a firm specializing in software analysis tools and the application of formal methods to improve computing systems.

Together, Kong and Li founded MegaLabs in early 2023 to leverage their business development and computer science expertise to build MegaETH as the first real-time blockchain.

 $20 million of funding in a single seed round at a 9-figure valuation. The round was led by Dragonfly Capital, with other notable venture capitalists including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, Tangent Ventures and Credibly Neutral. In addition to VCs, MegaETH is backed by high-profile angel investors, such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and EigenLayer creator Sreeram Kannan.

 on crypto trader Cobie’s decentralized fundraising platform, Echo. The round was fully funded within minutes and oversubscribed, showing significant investor demand.

MegaETH achieves over 100,000 TPS with less than 1 ms latency and block time, as well as transaction fees under $0.01, via two core features: a heterogenous blockchain architecture and a hyper-optimized EVM execution environment.

MegaETH's heterogeneous blockchain architecture enables network nodes with different hardware configurations to specialize in specific tasks to boost performance.

There are three types of nodes: sequencers, full nodes and provers. With cutting-edge hardware, a small set of sequencers conduct performance-critical tasks such as transaction execution. Simultaneously, a massively decentralized network of full nodes performs security-critical duties such as block validation. Provers have the lowest hardware requirements, and focus on providing L2 proofs to full nodes.

Hyper-Optimized EVM Execution Environment

MegaETH provides a hyper-optimized EVM execution environment to push latency, throughput and resource efficiency to hardware limits. Consequently, the real-time blockchain can process large volumes of transactions as soon as they arrive, and publish the resulting state changes in a few milliseconds.

To enable real-time EVM execution, MegaETH co-designed a low-latency, streaming-based block-building algorithm with a concurrency control protocol supporting transaction prioritization.

MegaETH's real-time blockchain scales without sacrificing decentralization and security through the following key components and features.

 is an extension of the MegaETH core team. It consists of a group of 10x builders hand-picked by MegaETH developers. According to the project, MegaMafia participants have "an internal compass guiding them toward crypto's world domination."

MegaETH defines three common qualities for MegaMafia members:

MegaETH is setting a new standard for blockchain scalability, addressing long-standing limitations without compromising decentralization or security. By combining innovative architectural decisions with technologies like real-time EVM execution, in-memory computing and smart contract JIT compilation, this real-time L1 chain delivers unmatched performance tailored for Web 2.0–scale applications.

Supported by high-profile investors, such as Vitalik Buterin and Joseph Lubin, MegaETH is poised to bridge the gap between blockchain and traditional computing, unlocking new possibilities for decentralized applications. The project is on track to launch its testnet in early 2025, with the mainnet rollout soon thereafter.

Advanced

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MegaETH: A Real-Time Blockchain for Web 2.0–Scale DApps

Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it.

Daily Top Performer — Convex Finance (CVX)

The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.

Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.

Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has 

 adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.

, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.

Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.

, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.

Grayscale Introduces Horizen Trust for ZEN Investment Access

Altcoins

Crypto

The Synthetix protocol enables users to bet on the value of both crypto and real-life assets. Find out how and where you can get your hands on SNX tokens. The Synthetix protocol enables users to bet on the value of both crypto and real-life assets. Find out how and where you can get your hands on SNX tokens.

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The rapid growth of the crypto space has introduced plenty of exciting protocols. One that stands out is Synthetix. Its design enables users to bet on the value of both crypto and real-life assets.

This article will explain the Synthetix protocol and answer the question of whether the Synthetix Network token (SNX) is a good crypto investment. Let’s start by explaining Synthetix and how it works.

Synthetix is a derivatives liquidity protocol that is built on the 

network, which enables anyone to trade derivatives in the 

 space. It can issue different synthetic assets from both the physical and digital worlds. These synthetic assets are known as 

, and anything that has value can become a synth. This includes fiat currencies such as the dollar, cryptocurrencies like Ether or Bitcoin, and precious metals including gold and silver.

’s answer to futures, as its users can essentially bet on the value of different synths. Everything is realized through 

. The whole system is quite complex, but we’ll break it down for you in the next section.

Synthetix relies on two separate tokens to function. These are SNX and synths. (We’ll go into more detail about these in the following section.) The system combines fees, inflation, collateral, and staking to operate. The thing that makes this protocol special is how it collects the prices of all the assets it can issue.

’s decentralized oracles, which are more accurate and impossible to manipulate. With accurate current prices, all the synthetic assets have a correspondingly correct value.

On the governance side, the protocol was first governed by the 

. Though this was a not-for-profit organization, it was necessary to decentralize the control of the protocol even further. Enter 

The whole governance occurs through two artifacts known as SIP and SCCP. SIP stands for Synthetix Improvement Proposals, and SNX holders use it to make protocol improvement proposals. SCCP stands for Synthetix Configuration Change Proposals, which shows all the proposed changes for the protocol.

When someone creates a proposal, the Spartan Council, which is the main governing DAO consisting of 8 members, discusses SIPs through interviews. After evaluating all the implications of a proposal, they either accept it or deny it.

One of the most significant milestones in Synthetix’s development was the shift to 

. It meant significantly lower gas prices much and better scalability, allowing the protocol to move forward faster and keep growing with new features.

What Is the Synthetix Network Token (SNX)?

 token that powers the Synthetix platform. It’s an 

 token, meaning that it operates thanks to smart contracts. The platform’s complexity is a testament to the power of the Ethereum network.

Just what is Ethereum, exactly? Unlike Bitcoin, Ethereum’s network goes a step further, allowing developers to create dApps and smart contracts that run on its network. With the right approach and creativity, it’s possible to develop systems which support various functions.

On the other hand, the ERC-20 token is an asset on the Ethereum network. What Bitcoin is to the whole world, ERC-20 tokens are to the Ethereum network. In short, people can exchange them and use them for different purposes.

SNX plays a vital role in the Synthetix platform. SNX tokens are used as collateral when you want to create synths, which are synthetic assets that you can trade with other protocol users. In this way, you don’t actually hold the underlying asset, but rather trade with what it’s worth.

This dynamic makes the whole platform quite similar to traditional 

. You don’t own the actual asset; instead, you bet on its value by trading it with others. 

Therefore, SNX and synths are two separate things. To obtain a synth — which can be a synthetic BTC, dollar, gold, Tesla stocks, or any other synthetic asset — you have to stake SNX on the platform. 

By doing so, you create collateral and back the synth you’ve created. It’s important to note that the collateralization ratio is 600%. This means that for 100 sUSD, you need to deposit SNX tokens worth six times more. The governance manages the collateralization ratio.

SNX tokens are also considered governance tokens, meaning that token holders influence the decisions of the whole protocol. This is a great way to keep the protocol decentralized — essentially all holders have a say in making crucial decisions.

SNX holders can create proposals and those with SNX have the voting rights and can make decisions.

Staking the Synthetix Network token (SNX) is a simple process. Once you have the tokens, you can use them to make synths. Other dApps also play an important role in this process.

 with which you stake SNX. Its dApp allows you to make a synth sUSD which you can trade on 

). If you don’t want to trade your synth sUSD, you still get a reward for staking SNX in the system.

That’s because you’re helping to manage the system. The reward comes from the current monetary policy, and the exchange rewards when people trade synths.

The entire process is straightforward. However, to get a better picture of the complete system, it’s best to detail the whole Synthetix ecosystem.

The Synthetix ecosystem is a big one, as there are already several projects relying on the protocol to power their platforms. The biggest ones are 

 makes it easy for its users to swap from one cryptocurrency to another. The platform is the perfect addition to the DeFi ecosystem. It integrates with Synthetix to get the correct pricing of different pairs on its platforms.

This integration provides the best pricing and low fees, making Curve’s platform an ideal swapping option for eager traders.

Lyra is the first completely decentralized options protocol. It enables European options trading, and its platform integrates with Synthetix to make the trading process seamless. It also ensures low fees and quick transactions.

Those seeking binary options platforms will find Thales offers a broad range of trading options via its protocol. Traders can rely on sUSD, which Synthetix provides. As the seed investor of the whole protocol, there’s a high degree of support for this project from Synthetix’s side. 

The platform also uses Chainlink as its price feed, ensuring that assets’ prices are always correct and immune to any significant fluctuations.

Kwenta is a decentralized trading platform that’s completely powered by Synthetix. It leverages the protocol and enables traders to exchange real and derivative assets. Once you start using the platform, you can trade sUSD for other synthetic assets.

The platform keeps up with the latest changes, and is already running on the Layer 2 Optimism scaling protocol we mentioned earlier. This trading platform is critical for the success of Synthetix, as this is where users can trade a wide range of synths. People can also trade Synthetix’s perpetual futures. The protocol promises the best futures prices in any asset class, which means that on-chain permissionless futures allow traders to get prices for any market. They can trade futures on commodities, cryptocurrencies or fiat currencies in one place.

Furthermore, it’s the place where people can trade Synthetix’s perpetual futures. The protocol promises the best futures prices in any asset class. That means that on-chain permissionless futures allow traders to get prices for any market. They can trade futures on commodities, cryptocurrencies or fiat currencies in one place.

 aggregator, meaning that its users can benefit from the best ERC-20 token swaps. The platform’s USP is that it has supported synth trading since 

. Users on ParaSwap can trade real assets, such as Ethereum, for sUSD. Furthermore, the platform allows users to swap one synth for another.

 in the DeFi space, and the availability of synths on the platform was a massive step for the synth market.

Hedge funds are a very popular investment opportunity in the real world. This platform is the crypto space equivalent. It allows users to invest in various synthetic assets on Ethereum. In addition, dHEDGE presents some of the best investment pools in the crypto space.

With a clear track record, users can quickly pick the best investment opportunity and leave their investments to grow over time. Once investors start using the platform, they can opt for a broad range of synth asset pools.

Before investing, the user can see everything about the pool, including its history and who’s managing it. In addition, dHEDGE allows users to make informed decisions, lowering their investment risks.

 that lists the best trading protocol opportunities. It attracts thousands of investors, bringing more people to the synth ecosystem. Being a part of Yearn Finance is a big step for the entire Synthetix platform.

Aelin is an upcoming fund sourcing protocol. It will coordinate permissionless deals by using the Synthetix governance principles. The DAO will launch after Aelin’s forthcoming ICO.

Judging from the current state of DeFi, it looks like SNX is an excellent long-term investment. The platform pioneers synthetic trading options, and without too much challenging competition, it’s ready to grow big — quickly.

Another indicator of the token’s health is the vast ecosystem of platforms supporting its synths. As synths continue establishing a presence on various DEXs, the value of the SNX token will keep growing.

Even though the crypto space is unpredictable, SNX is likely to become a good long-term investment. The token is one building block of a handy platform that has yet to grow.

How Do I Buy Synthetix Network tokens (SNX)?

You can purchase SNX in a couple of ways. Each of them is straightforward, so it comes down to personal preference. One of the ways you can acquire SNX is by first obtaining Ethereum, which you can purchase on various online exchanges. Once you have ETH, it’s time to head over to Kwenta. 

There, you can use your ETH, exchanging it for sUSD, which is the by-product of SNX. You can then use sUSD to purchase other synths on the platform and trade them.

On the other hand, you can visit an exchange that has an ETH/SNX exchange pair listed and exchange your Ethereum for SNX tokens.

Getting SNX is a simple process, If you’re eager to try trading synthetic assets, you can easily do so by first acquiring SNX. Click the button below to find out about the current Synthetix Network token price and get going!

The Bottom Line on Synthetic Network tokens (SNX)

SNX is a promising token that powers a very versatile platform. Minting synths is a great way to securely bet on the value of real-world assets, as well as digital assets. You get a chance to make a profit without actually owning any of the underlying assets.

Given that Synthetix is part of an ecosystem which is continuing to grow, investing in SNX seems like a good opportunity. If you want to get your hands on SNX tokens and start minting and trading synths, 

 and make your investment. Simply use USDT to purchase as much SNX as you’d like and you’re ready to go.

Synthetix Network Token: What Is SNX in Crypto?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards