Synthetix

Synthetix is deprecating spot synth exchanges (and atomic swaps) for non-USD synths like sETH, sBTC, and others on Ethereum Mainnet (L1) on April 15th. Holders of these synths must swap them before this date. After April 15th, any remaining non-USD spot synths can only be redeemed via the L1 redeemer contract at the Chainlink price for sUSD. The Spartan Council may apply a discount rate that dilutes the value of unswapped spot synths. This change aims to neutralize skew for stakers and facilitate hedging for SNX stakers, paving the way for Synthetix V3.

Synthetix, a decentralized platform for synthetic assets, shared its weekly recap. Key updates included Spartan Council and Community Curator updates, as well as summaries of proposals SIPs 369 & 2059, and SCCPs 2093, 2094, & 2095. A podcast episode was also released, providing context on the Synthetix community and its role in enabling synthetic asset creation and derivatives on the blockchain.

A new governance proposal, SIP-371, has been put forward to add sUSDe (Ethena Labs) LP collateral support to Synthetix V3 on Arbitrum, with a proposed LP cap of 50 million. This proposal will be presented in the Synthetix Discord tomorrow at 9:30 pm UTC. Synthetix is a decentralized platform that enables the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.

Synthetix, a decentralized synthetic asset platform, has been achieving significant volume milestones on the Base network. The platform's V3 deployment on Base has surpassed $325 million in total volume, with daily volumes regularly reaching $30-40 million. Synthetix's Kwenta trading interface also hit an all-time high 30-day average daily volume of over $200 million on Optimism. As Synthetix continues to expand on Base, it has already recorded a $10 million volume day, indicating an upward trend in adoption and growth.

Synthetix, a decentralized finance platform, has announced that the claiming period for TLX Liquidation Points will end this Friday at 12:00 PM UTC. TLX Liquidation Points are rewards for users who held their positions until liquidation, recognizing their conviction. Users are encouraged to claim their points and secure their spot on the leaderboard before the deadline.

The Synthetix Treasury has approved two proposals to launch Synthetix Perpetual Futures (Perps) on the Sui and Solana blockchains. The approved proposals, STP-17 and STP-18, will establish working groups tasked with bringing the Synthetix Perps platform to these new blockchain ecosystems. This move aims to expand the reach of Synthetix's decentralized synthetic asset platform and enable the creation of unique derivatives and exposure to real-world assets on additional blockchain networks.

Synthetix, a decentralized finance platform enabling the creation of synthetic assets, is celebrating the first anniversary of its Polynomial Trade feature. To mark the occasion, Synthetix will be distributing 2000 SNX tokens as fee rebates for users of its v3 platform on Base over the next seven days.

Synthetix, a decentralized platform for synthetic assets, has been awarded two grants from Optimism in Cycle 19. The first grant of 200,000 OP tokens aims to boost liquidity for the synthetic USD (sUSD) and support trading competitions for Perpetual Futures (Perps). The second grant of 400,000 OP tokens will fund the development of an orderbook Perpetual Futures DEX on the Synthetix platform, featuring advanced order types, an open-source relayer, and infrastructure to enforce trading rules.

Synthetix has deployed its V3 upgrade, enabling permissionless liquidity pools and markets. The Dencun upgrade has reduced gas costs, making perpetual contracts cheaper. Synthetix is also expanding to multiple chains to scale fees. Non-native collateral liquidity is being introduced for reliable liquidity. Early metrics show Synthetix recently had $20 million in daily trading volume on Base, even with constrained liquidity caps. The V3 upgrade includes new features like USDC collateral, native cross-margin, MEV-resistant liquidations, and NFT-based accounts. Governance will increase liquidity and open interest caps as liquidity grows. Integrations from Kwenta, Polynomial, and Infinex enhance the user experience. Future considerations include new collateral types, cross-chain deployments, an order book DEX on Optimism, and catering to L1 traders and Ethena.

Two Synthetix Community Curation Pool (SCCP) proposals, SCCP 313 and SCCP 314, are awaiting governance approval. If approved, these proposals would enable incentives for liquidity providers (LPs) of USDC and SNX trading pairs on the Base decentralized exchange. The incentives would be distributed according to schedules defined by the Synthetix Treasury Council or partners participating in the Spartan Council pool.