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Synthetix and the Long Tail of the DeFi Summer Thesis There is a particular kind of cryptocurrency chart that ought to be taught in business schools, not for what it tells us about price action but for what it reveals about the half-life of narratives.
Synthetix, whose native token SNX now changes hands somewhere around thirty-three cents, is one of those charts.
Five years ago, when decentralized finance was still being narrated as a wholesale replacement for the brokerage industry, this same token traded above twenty-eight dollars.
The descent in the years since has not been the dramatic collapse of a scam or the slow death of an abandoned project. Synthetic assets still mint and burn.
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