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Mirror takes on Synthetix, Funding Depressed, Aave Dominates Lending

Jun 28, 2021 · 3 min read

By Jeremy Ong, and Ashwath Balakrishnan

Market Update

Markets opened strongly after testing range lows amidst weekend weakness, albeit with lower volumes. Hash rate exodus continues as the China mining & derivatives clampdown continues. ETH showing long awaited strength against BTC after weeks of weakness.

Mirror Eclipses Synthetix In Terms of Trades Per User

Mirror protocol eclipses Synthetix as the top DeFi synthetic assets platform with more than 3,000 daily active users (DAUs) compared to 60-70 DAUs on Synthetix. User stickiness of Mirror Protocol is also astounding, each user does an average 4-5 trades per day, compared to only 1.2-1.3 on Synthetix.

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