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/🔟🧵
Infinex Extends sUSD Deposit Rewards Program with Weekly OP Token Distribution
Infinex has extended its sUSD deposit rewards program running from July 4th to August 15th, 2025. Key features: - Weekly distribution of 12,000 OP tokens to eligible sUSD depositors - Weekly raffle with 5 winners: * 1st & 2nd: Infinex Patron NFTs * 3rd: 1 ETH * 4th: 2,000 SNX * 5th: 1,000 SNX Minimum deposit: 1,000 sUSD Each 1,000 sUSD deposited = 1 raffle entry [Start earning on Infinex](https://infinex.xyz/)
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