Synthetix Fee Burn Updates
Synthetix Fee Burn Updates
馃敟 Massive Fee Burn Frenzy
Synthetix, a decentralized finance protocol, has been actively burning trading fees across multiple blockchain networks, including Optimism, Base, and Ethereum mainnet. The latest update from April 18th reports a collective burn of $565,000 in sUSD and 6,400 SNX tokens. The breakdown shows Optimism leading with 446,209 sUSD burned, followed by Ethereum L1 with 119,049 sUSD, and Base with 6,384 SNX. Previous weeks also saw significant fee burns, with Base gaining traction due to liquidity incentives and the introduction of new perpetual markets. The burned fees are distributed to liquidity providers and SNX token holders across all chains.
This week, $983k worth of sUSD was burned in trading fees! On Optimism, Synthetix Perps accounted for 93% of these fees, while the remaining 7% occurred on the Ethereum mainnet. 100% of sUSD fees are distributed to $SNX stakers every week!
Synthetix Consolidates on Ethereum Mainnet with New Curve Pool
Synthetix continues its strategic shift to Ethereum Mainnet by cleaning up legacy systems and launching a new Curve pool (sUSDe/sUSD). The protocol has: - Deprecated the legacy Curve 4pool - Migrated liquidity to the new sUSDe pool - Plans to scale up mainnet operations This consolidation precedes the upcoming CLOB Perp launch on Ethereum Mainnet later this year. The new pool aligns with Synthetix's future vision for their Ethereum Mainnet Perp marketplace. View the new pool at [Curve Finance](https://www.curve.finance/dex/ethereum/pools/factory-stable-ng-371/deposit/)
Synthetix Sunsets Leveraged Tokens on Optimism - Important Deadlines Ahead
Synthetix is discontinuing leveraged tokens on Optimism, with key dates for token holders to note: - Minting new tokens: Disabled as of Aug 4 - Final redemption window: Aug 4-11 - Automatic liquidation: Aug 11 **Action Required:** - Redeem tokens before Aug 11 for immediate access to funds - If no action taken, positions will be automatically liquidated - Post-liquidation airdrops will be distributed based on final balances *Note: No action required for Optimism perps traders at this time.* This move aligns with Synthetix's broader strategy of consolidating operations, following their earlier announcement of L2 deprecation on Base and Arbitrum.
Synthetix Liquidations Resume - 420 Pool Migration Update
Synthetix is re-enabling liquidations for existing stakers following the 420 Pool migration launch. Key updates: - Stakers with c-ratio below 160% are now at risk of liquidation - The 420 Pool offers complete debt forgiveness for migrators - Over 100m SNX already deposited in first day - New features include: * No liquidation risk * Protocol-managed sUSD liquidity * SNX-backed yield generation * Partnership with Ethena Labs for USDe minting Non-stakers will soon be able to participate with new incentives. A cross-chain Swap & Stake feature is coming to support deposits from multiple EVM chains. [Migrate to 420 Pool](https://420.synthetix.io/) [Read Documentation](https://docs.synthetix.io/welcome-to-synthetix-user-docs/snx-staking/deposit-snx-to-the-420-pool)
Synthetix Launches Redesigned Website with Enhanced Features
Synthetix has unveiled a comprehensive website redesign that consolidates its product ecosystem into a single hub at synthetix.io. Key updates include: - Access to 90+ Perps markets - Expanded liquidity opportunities - New leveraged tokens for 10+ assets The enhanced stats page now displays: - Real-time APRs and fees data - Liquidity rewards metrics - Perps volume analytics - SNX token performance The governance structure aligns with Vision 2025, featuring the Spartan Council with 6-month election terms and a 4/7 approval threshold. Visit synthetix.io to explore the new interface.
Synthetix Launches Multi-collateral Perps with tBTC Support
Synthetix has launched Multi-collateral Perpetuals on Kwenta (Arbitrum network) with tBTC as the primary Bitcoin collateral option. Key features: - 81 new perpetual markets added - 4 collateral options including tBTC, ETH, USDe, and USDx - tBTC integration offers 1:1 BTC backing with permissionless minting - No KYC required for Bitcoin bridging Limited-time incentives: - Reduced taker fees (5 bps) for 2 weeks - 20% of trading fees distributed to LPs for 1 month - Kwenta points program active for traders Trading now live at kwenta.io