Distributed Routing Protocol Syntropy Completes $4 Million Investment Round
Key Points:
- Syntropy has completed a $4 million funding round.
- The seed round was led by Alpha Transform Group, Alphemy Capital, Denali Digital, Saxon Ventures, and FirstBlock Capital, among others.
- The fund’s goal is to create a game-changing Web3 product.
Syntropy, a distributed routing protocol, announces the conclusion of a $4 million fundraising round led by Alpha Transform Group, Alphemy Capital, Denali Digital, Saxon Ventures, and FirstBlock Capital.
Syntropy Announces New Web3 Products at Aptos Hack Amsterdam. The protocol is changing the public internet into a safe and user-centric internet by including a unifying layer with built-in encryption and optimal speed that automatically allows anything linked to it.
The fund’s only purpose is to develop a game-changing Web3 product. It hopes to change that by working with important industry leaders to accomplish a common goal: to make Web3 mainstream for both developers and users.
The program targeted media monitoring for the goal of transparency and accountability in its previous $5 million funding round.
Syntropy aims to make significant development in the next year due to the support of its investors and the cash raised for the project. In line with this, it will develop a new website. It will also include a strategy describing the company’s future growth goals and objectives.
Syntropy is an open initiative that provides next-generation Internet connection technologies. It is intended to address concerns that currently exist in the Internet architecture, such as security, privacy, governance, performance, dependability, and inefficient resource consumption.
Additionally, Syntropy strives to address many of the inefficiencies and impracticalities that exist in today’s internet. As a result, it bridges the gap between Web2 and Web3, allowing for the smooth flow of data and applications while also promoting new business models and technological developments.
Moreover, Syntropy enables users to create encrypted connections without the need for complicated configurations or virtual private networks (VPNs). This simplifies the development, scalability, and monitoring of applications. Moreover, the network lowers latency to give the greatest possible performance for easily securing and distributing applications. It employs the consensus process known as Nomination Proof-of-Stake (NPoS). Validators may be nominated to participate in consensus using this approach.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Bitcoin Diamond Hands Remain Strong As Supply Hits New ATH
On-chain data shows the Bitcoin diamond hands continue to hold strong as their supply has now hit a new all-time high.
Bitcoin Long-Term Holder Supply Has Risen To A New ATH
According to the latest weekly report from Glassnode, the long-term holders now carry 14.46 million BTC. The “long-term holders” (LTHs) here refer to one of the two main cohorts into which the Bitcoin market is generally divided.
This group includes all investors holding their coins since at least 155 days ago without moving or selling them on the network. The other side of the sector comprises the “short-term holders” (STHs), natural investors carrying their coins since they are less than this threshold amount.
Statistically speaking, the longer an investor holds onto their coins, the less likely they become to sell at any point. Due to this reason, LTHs make up the part of the market with a stronger conviction. This cohort is also sometimes called the “diamond hands” of the market because of this fact.
The LTHs comprise an important market part, so their behavior can be worth looking at. One indicator that helps track their movements is the “LTH supply,” which measures the total amount of Bitcoin currently being held in the wallets of these investors.
Now, here is a chart that shows the trend in this BTC indicator over the last few years:
As displayed in the above graph, the Bitcoin LTH supply declined during the first half of 2021, when the bull run occurred. This means that the profit-taking situation of the rally had managed to tempt even these diamond hands into selling back then.
Following the rally, however, these investors started showing a trend of accumulation again and have since added a net amount of coins to their wallets. The uptrend was initially sharp, but the metric mostly moved sideways between the highs of the bull run in the second half of 2021 and the start of the bear market.
During the bear market, these holders took to slow but constant accumulation, only selling a bit during specific events like the FTX crash in November 2022.
Then, in the first few months of the rally that started this year, the growth in their supply again slowed down to a crawl, but there wasn’t any notable period of decline. This would imply that while some investors may have been selling, new STHs would have also been maturing into this group to balance these sellers out.
In the last few weeks, though, the Bitcoin LTHs have once more shown a rapid accumulation trend and have taken their supply to a new all-time high of 14.46 million BTC. This suggests that these diamond hands haven’t faltered from the recent struggle in the price.
The 155-day threshold would put the source of these newly matured LTHs at the lows that followed the FTX crash, meaning that these investors would currently be some of the most profitable hands in the market.
BTC Price
At the time of writing, Bitcoin is trading around $27,300, up 1% in the last week.
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