Synthetix

The Red Wars Event #3 by Synthetix has ended, and reward details will be shared on Discord. Event #4 with a reward pool of $78,870 USD has been announced. Follow the instructions to participate.

The 7-day total volume for Synthetix Perps as of February 6th was $289 million with an average daily volume of $41.4 million. The lifetime Perps volume reached $44.57 billion, and lifetime fees amounted to $34.90 million. Data collected from January 29th to February 5th showed a decrease in volume compared to the previous weeks.

dHedgeOrg is a non-custodial asset management protocol highlighted by SNX Ambassadors. It allows users to retain control of their assets while enabling others to manage the capital. SNX stakers are encouraged to learn about their debt hedging vault with dHedgeOrg.

Synthetix V3 markets, which have been eagerly awaited, are set to be released to the public. Market caps are increasing in expectation of new traders. The transition from V2 to V3 is apparent as one winds down while the other ramps up. Excitement is building as this release marks just the beginning for Synthetix.

Key milestones from the 2024 draft roadmap include scaling base volume to $20 million/day, deciding on a new chain for deploying V3 and Perps, converting governance fully on-chain, releasing L1 Perps, and starting the migration of SNX from V2X.

Partners of Synthetix, including Kwenta_io, PolynomialFi, and infinex_app, are actively working on integrations for the upcoming Andromeda Release. Beta access is available by signing up for a chance to test Perps V3.

Users can now migrate their staked SNX and associated USD debt from ETH Mainnet to Optimism without burning sUSD debt. Weekly fee distribution remains the same regardless of staking choice.

The Synthetix community has approved the addition of two new perpetual futures markets on Synthetix Perps: $ORDI and $JITO. These markets offer deep liquidity, low fees, and top-tier risk management for LP's.

Synthetix is working towards bridging the gap between centralized exchanges (CEX) and decentralized perps trading volume. While 1 CEX does $50 billion in daily trading volume, DEX Perps, in total, only does $2 billion. Synthetix is focused on innovating, improving onboarding, and matching CEX features to bring more traders and capital onchain. Andromeda is playing a pivotal role in onboarding users to Synthetix's ecosystem of protocols.

Staking $SNX on Optimism and Ethereum allows you to contribute to the liquidity layer of Synthetix Perps, which has processed over $40 billion in trading volume and distributed $30+ million in fees to stakers. To stake, follow the steps: 1) Stake your SNX by minting sUSD, 2) Claim your rewards, 3) Hedge your debt, 4) Be aware of liquidation risks, and 5) Be mindful of cooldowns.