What's Driving Token Prices? November 23, 2022

SYN (-8.4%) - Layer 2 scaling solution and bridge, Synapse, established a bridge to Canto—a Cosmos-based DeFi-focused L1. This marks Synapse’s 18th bridge connection and first connection to a Cosmos-based chain, which should bring more liquidity and assets to the Canto ecosystem. Synapse currently ranks 8th in bridge volume, with monthly volume sitting at $230.92M, while Canto has $65.83M in TVL.
LINK (+9.3%) - Decentralized oracle provider Chainlink announced December 6th as the official launch date of staking. The staking component on Chainlink’s network has been long anticipated, as it means that data providers on the network must secure their data with staked LINK—which could face slashing if that data proves to be bad. The project also released details on pool design, alerting mechanism, auto-delegation, staking rewards, and the reputation system.
CRV (+20%) - Stablecoin DEX Curve released its stablecoin whitepaper yesterday. Curve’s stablecoin product, called LLAMA (Lending-Liquidating AMM Algorithm), looks to solve the issue between decentralized lending and trading protocols. Since lending protocols can be manipulated if a user borrows using an illiquid asset, protocols can get stuck with bad debt. To combat this, LLAMA would create a liquidity provider position (LP token) for any user that wanted to borrow. Then, as the position became undercollateralized, the LP position would automatically buy/sell the two assets to rebalance the debt.

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