Synthetix
A new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
A new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
Synthetix delivered the primary outcomes of SIP-423, which deprecates its native sUSD stablecoin — the founding mission of the original 2017 Havven project. The change, approved on June 19, mints new SNX at a 4:1 ratio with sUSD (236,464,356 SNX minted, bringing supply from 344,939,867.56 to 581,404,223.56 SNX), with a 1-year lock followed by 1-year vesting.
Synthetix has launched a referral program for its perpetuals DEX. Referrers earn 25% of all fees from every user they bring in, while referred traders get a 5% discount on every trade.
After years on layer 2s, Synthetix launched its perpetual futures exchange on Ethereum mainnet using a hybrid offchain order book with onchain settlement — the first perps DEX on Ethereum L1.
Synthetix deployed Perps V3 on Coinbase's Base chain, the first product to launch with the completion of the Synthetix V3 system upgrade.
Investment firm and market maker DWF Labs announced a $20 million investment, purchasing $15 million of SNX and committing further token purchases as part of the partnership.
Synthetix V3, a modular, upgradable re-architecture of the protocol, was successfully deployed on Ethereum Mainnet and Optimism following security audits by OpenZeppelin, Iosiro and Macro.
Synthetix launched its Perpetual Futures Beta on Optimism, introducing up to 10x-leveraged perpetual futures (initially ETH, LINK and BTC) with Kwenta as the first trading front end.
A human error in Chainlink's oracle caused sXAG to be mispriced, the second major oracle-driven outage of the protocol, prompting a circuit-breaker proposal (SIP-65).
A rogue API caused Synthetix's Korean Won (sKRW) price to be misreported roughly 1,000x too high; a trading bot exploited the error for a ~$1 billion paper profit, which was later rolled back.
Synthetix deployed the first wave of synthetic assets (sEUR, sAUD, sJPY, sKRW, sXAU) on Ethereum mainnet, joining sUSD which had been live since June 2018.
Havven announced it was transforming into Synthetix, renaming its HAV token to SNX and its 'nomins' to Synths, as the project pivoted from a single stablecoin to a synthetic asset platform.
Kain Warwick's stablecoin project Havven raised approximately $30 million across a token sale that closed in late February 2018, reportedly the largest ICO in Australia at the time.
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