Synthetix

Synthetix, a decentralized finance protocol, has been actively burning trading fees across multiple blockchain networks, including Optimism, Base, and Ethereum mainnet. The latest update from April 18th reports a collective burn of $565,000 in sUSD and 6,400 SNX tokens. The breakdown shows Optimism leading with 446,209 sUSD burned, followed by Ethereum L1 with 119,049 sUSD, and Base with 6,384 SNX. Previous weeks also saw significant fee burns, with Base gaining traction due to liquidity incentives and the introduction of new perpetual markets. The burned fees are distributed to liquidity providers and SNX token holders across all chains.

Synthetix has announced the launch of Synthetix Perps, a composable on-chain leverage system powering an ecosystem of protocols that bring traders on-chain. The ecosystem includes protocols like Kwenta, Polynomial, Infinex, Rage Trade, and dHedge on the Ethereum base layer and Optimism, as well as TLX on Optimism and Ethena Labs on Ethereum L1. More protocols are expected to join the ecosystem soon, enabling the creation of synthetic assets, unique derivatives, and exposure to real-world assets on the blockchain.

Synthetix has announced an increase in the open interest caps for Ethereum (ETH) and Bitcoin (BTC) perpetual contracts on the Base trading platform. The new caps have been raised to $10 million for each cryptocurrency. Traders can access these perpetual contracts through Kwenta.io, which offers public access, or through Polynomial.fi, which is currently in private beta testing.

Synthetix, a decentralized platform for synthetic assets, has released its weekly trading data for perpetual contracts from April 1 to April 8th. The total trading volume during this period was $526.6 million, with $445 million on Optimism and $81.6 million on Ethereum Base layer. The average daily volume stood at $75.2 million, with $63.6 million on Optimism and $11.7 million on Base. Synthetix's lifetime trading volume has reached $53.42 billion, with $52.98 billion on Optimism and $411 million on Base. The platform has generated $40.67 million in lifetime fees, with $40.49 million from Optimism and $171,000 from Base.

Synthetix governance is considering proposals for 15 new perpetual markets on the Base blockchain. The Spartan Council will soon decide on adding these markets and setting parameters. To support new and existing markets, governance has increased liquidity provider caps to 21.92 million tokens earlier today. The Synthetix community is actively suggesting fresh perpetual market ideas as the protocol expands its offerings on Base.

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.