<p><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDgvMDE5MTgwNmMtZWI2Mi03ZGRmLTllODgtNDI1YWQwOWM3ODM1.jpg"></p><p>Synthetix faces fierce competition on the DeFi-oriented layer 2. </p>