Synthetix

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.

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.