Synthetix

The DER Protocol has launched its synthetic asset platform, introducing a new financial primitive to the blockchain space. This protocol enables: - Creation of synthetic assets - Unique derivatives offerings - Exposure to real-world assets on-chain Key features: 1. Decentralized infrastructure 2. Enhanced liquidity for various asset classes 3. Reduced barriers to entry for global investors **Potential impact**: DER could revolutionize how traders access and interact with traditional and crypto markets, potentially bridging the gap between TradFi and DeFi. *Note*: As with all new protocols, users should exercise caution and conduct thorough research before participating.

The Synthetix governance referendum has concluded, ushering in a new Spartan Council. Key updates include: - Main website, governance site, and documents portal being updated with new council information - Treasury and Ambassador Council assets and wallets in process of transfer - Public weekly calls set to resume next week - Team focused on long-term roadmap execution The coming weeks promise significant developments: - Major improvements - New launches - Integrations - Important announcements *Stay tuned for these exciting updates in the Synthetix ecosystem.*

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 Synthetix Reboot referendum has achieved quorum, marking a significant milestone in the governance process. This vote follows a series of important events: - A referendum proposing changes to the DAO structure was introduced on September 25th - New council members were elected on September 17th - Voting for council members took place from September 11th to 16th - The election process introduced SNAXchain, Synthetix's new app chain **Current status:** - Quorum reached on October 4th - Voting remains open for community participation **Next steps:** - Review current results - Cast your vote if you haven't already Visit the governance portal to participate in shaping Synthetix's future.

Synthetix has introduced a new channel for community members to share SNX ecosystem-related content. This space welcomes various formats including: - Tweets - Articles - Videos - Memes - Graphics The initiative aims to boost content reach through community engagement. Synthetix encourages all 'Spartans' to actively support shared content by: 1. Liking 2. Commenting 3. Retweeting Access the new channel here: [Discord Link](https://discord.com/channels/413890591840272394/1288964108011704362)

Pyth Network has launched Oracle Integrity Staking (OIS), a significant upgrade to enhance DeFi ecosystem security: - OIS introduces staking rewards and slashing mechanisms - Incentivizes accurate data provision and consistent uptime - Covers all 500+ Pyth real-time price feeds Benefits for Synthetix ecosystem: - High-quality, reliable data streams for integrators - Improved user experience through rewards and penalties Key features: - Stakers can help protect the DeFi ecosystem - Inaccurate data or downtime results in token slashing Learn more: [Pyth Network Blog](https://www.pyth.network/blog/oracle-integrity-staking-incentivizing-safer-price-feeds-for-a-more-secure-defi) **Note**: Be cautious of unauthorized links or accounts claiming to be Synthetix or Pyth.

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.

Toros Finance has launched sUSDcy, a new product that aims to enhance Synthetix V3 USDC liquidity in a composable DeFi ecosystem. Users can hold sUSDcy and let it auto-compound, deposit it into Aerodrome's sUSDcy/USDC or sUSDcy/SNX pools to earn a portion of the auto-compounding rewards and AERO emissions, or soon use Ajnafi to borrow USDC with sUSDcy as collateral. The sUSDcy/USDC and sUSDcy/SNX pools on Aerodrome have recently been approved for AERO emissions.

This week, Synthetix deployments on Optimism, Base, and Ethereum networks burned a total of $86,763,000 in sUSD and 5,800 SNX tokens in fees. The burned fees are distributed to liquidity providers and SNX holders across all chains.

The Synthetix community is nearing the end of the voting period for the Synthetix Council Elections. Voting will close on May 5th at 23:19 UTC. Community members are encouraged to cast their votes through the V3 Gov Dapp before the deadline. Additional information and candidate details can be found in the official blog post.