Synthetix Releases Chain-by-Chain Breakdown
Synthetix Releases Chain-by-Chain Breakdown
馃敆 Synthetix's multi-chain mystery
Synthetix has published a comprehensive chain-by-chain breakdown of its ecosystem, responding to community demand. The report covers:
- Synthetix's presence on Base, Arbitrum, and Optimism
- Details on their proprietary SNAX Chain
- Insights into BFP (Base Fee Pool) mechanism
- Strategies for scaling cross-chain liquidity and DeFi
This breakdown provides a clear overview of Synthetix's multi-chain approach and how it's leveraging different networks to enhance its synthetic asset ecosystem.
For those interested in the technical aspects of cross-chain DeFi and liquidity scaling, this report offers valuable insights into Synthetix's infrastructure and future plans.
SNX Debt Jubilee Update and sUSD Staking Opportunity
**Important deadline approaching for SNX stakers:** - Debt jubilee resets and pauses in 10 days - Requirement: 10% of debt balance must be in sUSD 420 pool - Current staking rewards for sUSD exceed 100% APY Stakers who fail to meet the requirement will face debt position reset. This affects all debt positions not meeting the 10% threshold in the 420 pool. *Time-sensitive action required for affected stakers*
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
Synthetix Reboot Approved by Community Vote
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.