Synthetix

Synthetix is transitioning from V2x to V3, which offers a collateral-agnostic system and enhanced risk management for LPs. The Andromeda Release on @base introduces buyback and burn mechanisms. V2x will continue to play a significant role while V3 scales up. The transition to V3 focuses on governance-led market and pool diversity.

Users now have the ability to bridge $SNX to @base using the Base Bridge. This is important for setting up SNX buyback and burn for Perps V3 ramp-up. Liquidity in the aerodrome pools is currently limited.

From December 25th to January 1st, Synthetix Perps recorded a 7-day total volume of $633 million, with an average daily volume of $90.4 million. The platform's lifetime Perps volume reached $41.54 billion, generating $31.99 million in fees.

The upcoming deployment of Synthetix Perps V3 to the Ethereum mainnet is a significant step that will attract protocols like Ethena Labs and bring exposure to perps on ETH mainnet. This deployment aims to cater to a broad spectrum of users, including whales and market makers, and it offers features such as native cross-margining, expanded collateral margin options, MEV-resistant liquidation process, and improved order settlements.

Starting today, stakers will no longer receive new inflationary rewards as per SIP-2043. However, users may still notice claimable SNX rewards from the previous week. This marks the end of SNX token inflation.

The Synthetix Council Elections have started. Positions in all councils - Spartan, Treasury, Ambassador, and Grants - are open for election.

The staking sites are currently in working condition and users are encouraged to utilize them. However, wallet-connect and ledger-connect features are still currently disabled.

Ledger has been temporarily disabled in Synthetix frontends. Users are advised to avoid using DeFi dApps, especially if they are Ledger users. Further updates will be provided when available.

The inflation of SNX tokens has been halted. Weekly fee burns for LPs will continue on Optimism and ETH mainnet. A new fee share and buyback and burn model will be tested on Base with the upcoming Andromeda release.

The latest Synthetix Perps Data Report shows a 7-Day Total Volume of $1.49 billion and an Average Daily Volume of $213 million. The Lifetime Perps Volume is now at $39.07 billion, with Lifetime Fees totaling $30.18 million.