Synthetix

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.

Arbitrum delegates have overwhelmingly approved a 2 million ARB grant for Synthetix's long-term incentive plan (LTIP). This paves the way for scaling up Synthetix V3 and Perpetual Futures V3 on the Arbitrum network, with incentives planned for traders and stakers. The Synthetix team expressed gratitude to the delegates and CoinflipCanada for making this possible.

aUSDc, the Aave USDC lending market, has been approved as a collateral asset for Synthetix V3 on the Base platform. While the vault to accept aUSDc deposits is not live yet, it will be available soon. This integration brings together Aave's lending markets and Synthetix's perpetual trading, enabling users to earn returns from both protocols and support composable DeFi on Base. Key benefits include earning lending returns from Aave, earning perpetual trading fees from Synthetix, earning any incentives from Aave and Synthetix, and boosting liquidity for scaling Perpetuals V3 on Base.

Synthetix has announced the launch of Synthetix Perps on Base, a new platform that supports over 30 crypto assets with deep liquidity, low fees, and advanced risk management tools for liquidity providers. This innovative offering enables the creation of synthetic assets, providing users with unique derivatives and exposure to real-world assets on the blockchain.

Synthetix has announced that users holding non-USD spot synths on the Ethereum Mainnet (L1) should swap these to sUSD or other assets using 1inch or DefiLlama as soon as possible. Beginning Monday, the Spartan Council will utilize a discount rate for the synth redeemer, and the longer users wait to redeem their non-USD synths, the more the discount ratio will be applied. This change aims to neutralize skew for stakers, make hedging easier for SNX stakers, introduce liquidity for sUSD, and ramp up activities on Synthetix V3. Users holding non-USD synths or SNX on other chains do not need to take any action.

Synthetix, a decentralized platform for synthetic assets, has released trading data for its perpetual contracts from April 15 to April 22. The total trading volume during this period was $311.8 million, with $209 million on Optimism and $102.8 million on the Ethereum base layer. The average daily volume was $44.5 million, with $29.9 million on Optimism and $14.7 million on the base layer. The lifetime trading volume on Synthetix has reached $54.2 billion, with $53.6 billion on Optimism and $615.2 million on the base layer. The platform has generated $41.3 million in lifetime fees, with $41.1 million from Optimism and $258,800 from the base layer.