0/ A few weeks ago I had discusssion with @mrjasonchoi about Maker and Synthetix. I stated that it didn't make sense for Maker's market cap to be a 3x multiple of Synthetix given their project roadmaps and pace of innovation/execution.

1/ At that time, their circulating market cap/TVL ratios were similar - 1.2x for $SNX and 1.04x for $MKR, indicating the market was relatively rational in pricing the two assets.

2/ Notwithstanding that, there seems to be more going on with Synthetix and the scope of their ambitions are larger than that of Maker, with binary options, margin trading etc in the pipeline. This meant their TVL has the scope to grow more quickly.

3/ Our familliarity with the Synthetix team also gave us confidence about their ability to innovate on the go and to ship products more quickly.

4/ Our thesis has proven correct so far, but we are only part of the way there. I believe $SNX will eventually have a higher TVL and market cap than $MKR, driven by its aggressive product rollout.

5/ Some months ago, I also tweeted that it was unusual for such a high profile DeFi project to not be on any of the major exchanges. The only "known" exchanges at that time was KuCoin, Bilaxy and Coinone, all mid-sized Asian exchanges. Since then it has been added on Poloniex.

6/ This is starting to change as the major exchanges start to expand their listing of DeFi tokens. $SNX was one of the 18 assets targeted by Coinbase for its upcoming listings. It is also one of the frontrunners in FTX's DeFi listing pipeline.

7/ Despite its strong performance YTD, we are still long term bulls on $SNX and we believe the next 12 months will validate our view.