Synthetix Reboot Approved by Community Vote
Synthetix Reboot Approved by Community Vote
🚀 Synthetix's bold move
Synthetix's SR-2 proposal has passed with 99.94% approval, initiating a significant reboot of the protocol. Key changes include:
- SNX token redesign
- Operationalized SNAX Chain
- Restarting Synth Teleporters development
- Increased focus on business development and marketing
- Perps V3 expansion and V2X deprecation
- V3 Perp multichain proliferation
Governance will shift to a single 7-member Spartan Council, replacing the previous three-council structure. New core working groups will be formed, and a foundation will be established to handle legal and operational matters.
These changes aim to make Synthetix more efficient, aligned, and focused for both short and long-term goals.
The people have spoken – Synthetix will reboot 🔄 SR-2 has passed with a near-unanimous 99.94% of the vote, over 104 million SNX What does SR-2 entail? And what changes will we see? Tl;dr: We are bringing back DeFi Summer vibes 🏝 1️⃣/🔟🧵
Ethereum Mainnet Launch Approaching
The long-anticipated Ethereum Mainnet deployment is drawing closer, with significant implications for DeFi users and developers. - Project teams are finalizing preparations for migration from sidechains - Users should begin planning their transition strategies - Mainnet integration will enable enhanced security and scalability *Key Considerations:* - Review current sidechain positions - Monitor official announcements for specific migration dates - Prepare for potential network adjustments during transition Stay informed about upcoming developments to ensure a smooth transition to Mainnet.
Synthetix Mainnet Bug Fix Update
Synthetix has deployed a critical mainnet update addressing previously reported issues from the June 4th launch. The fix resolves stability concerns that emerged during the initial rollout. Key updates: - System stability improvements - Enhanced protocol security measures - Performance optimizations The development team confirmed all systems are now operating as intended. Users can resume normal protocol interactions.
Synthetix Launches New Mainnet Exchange with SNX Rewards Program
Synthetix unveils a new onchain exchange combining Ethereum L1 security with CEX-like performance. Key features: - Ethereum mainnet custody & settlement - High-performance offchain matching - Institutional-grade APIs - No bridge/sequencer risk A points program launches with SNX rewards for deposits, trading, and referrals. 500 exclusive invite codes will be distributed to early depositors and 420 pool stakers. Join the community: - Discord: [Chat](https://discord.gg/synthetix) - Telegram: [Updates](https://t.me/+v80TVt0BJN80Y2Yx)
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.