November 27, 2024
The next put up accommodates a recap of reports, initiatives, and vital updates from the Spartan Council and Core Contributors from final week.
👉TLDR
- Meme Competitors: Create a Synthetix-related meme and put up it in #memes within the Synthetix Discord for an opportunity to win! 1st place: 100M $PEPE, 2nd place: 50M $PEPE. Voting tallied by emoji reactions.
- New Perps markets on Kwenta: $CAT, $DEGEN, $PNUT, and $SLERF meme tokens now stay on Kwenta and out there to commerce on Base and Arbitrum chains.
- TLX Acquisition Proposal: Governance proposal has been drafted for Synthetix to amass TLX and launch “Synthetix Vaults” as the most recent product line. See under for extra particulars.
- $USDC to $sUSD Wrapper on Optimism: Key modifications — deploying a USDC wrapper with a $70M cap, phasing out the USDe wrapper, and 0 charges.
- Synthetix.io Subdomains: As a part of enhancing consumer expertise, you’ll be able to go to your favourite Synthetix pages on the synthetix.io area. Navigate to staking.synthetix.io/ for V2 and liquidity.synthetix.io/ for V3.
- Coinbase 50: $SNX has made it into the Coinbase 50 Index!
- Fenway Weblog Submit: Fenway posted a weblog final week reflecting on a few of the progress made since Synthetix Referendum 2 (SR-2) and discussing what’s to come back, see under for key takeaways.
Spartan Council and SIP updates
Pleased Thanksgiving to our Spartans within the US! 🦃 Whereas the 12 months could also be winding down, Synthetix is ramping up greater than ever. We’ve obtained plenty of juicy updates for you guys this week, so let’s dive in.
Beginning out with a high-level strategic replace: it was confirmed final week that a lot of the ETH within the Treasury is now being staked, and the proceeds shall be used to the advantage of the protocol and ecosystem. Among the ETH was used to spice up wstETH liquidity supporting multi-collateral Perps. There’s additionally a meme problem presently lively in an effort to spice up group engagement, we’ll get into the main points later on this weblog.
All in all, the brand new Synthetix crew has been centered on the Kwenta acquisition and the roadmap consolidation over the previous few weeks, however common conferences and SIP shows shall be resuming someday in December and comms shall be coming shortly on the Kwenta transition. Now let’s get right into a extra detailed replace!
Meme Competitors
Beginning off sturdy, Synthetix is bringing again DeFi summer season vibes identical to it promised — with a meme competitors! Anybody can enter: simply create a meme associated to Synthetix and put up it within the #memes channel within the Synthetix Discord earlier than December 2nd. Voting shall be tallied based mostly on Discord reactions to your put up, and last voting will happen on December third with Discord emojis. Prizes shall be as follows:
- 🥇1st place: 100 million $PEPE
- 🥈2nd place: 50 million $PEPE
- Plus, Synthetix Guardians have 100 $SNX to bless their favourite meme with some additional love.
So get artistic, Spartans! Subjects may be something Synthetix-related, however listed below are some concepts courtesy of the Synthetix X account: Multi-collateral cross-margin V3 Perps, Synthetix launch on Solana, Perps on Arbitrum, BFP, SNAX chain, Kwenta + Synthetix = unstoppable, upcoming launches & alpha. The world is your oyster!
Dwell on Kwenta: $CAT, $DEGEN, $PNUT, and $SLERF
And talking of memes, 4 new Perps markets at the moment are stay on Kwenta and out there to commerce on Base and Arbitrum chains. $CAT relies on Simon’s Cat, $DEGEN is a meme-inspired reward token for Farcaster customers that fuels a singular tipping system, $PNUT relies on Peanut the Squirrel, and $SLERF is a memecoin with a doxed dev crew, united group, and assist from a number of crypto influencers. Discover these new markets alongside 80+ others, all with portfolio margin and multicollateral deposits on Synthetix V3 through Kwenta!
TLX Acquisition Proposal
A governance proposal has been drafted for Synthetix to amass TLX and launch “Synthetix Vaults” as the most recent product line. TLX is a leveraged token protocol powered solely by the Synthetix v2x perps platform on Optimism. That is an thrilling first step in the direction of producing native vaults that leverage the composability of Synthetix and provides customers frictionless entry to high-quality structured merchandise.
Ought to the acquisition be permitted by each communities, Synthetix plans to launch all kinds of vaults over the approaching months to develop the core platform with modern new monetary merchandise — beginning with leverage token vaults and increasing in the direction of yield-generating methods (i.e., foundation commerce seize, funding charge arbitrage) and different actively managed methods. There shall be a governance name at this time to debate the proposed acquisition of TLX, so tune in!
$USDC to $sUSD Wrapper on Optimism
Synthetix has launched a $USDC to $sUSD wrapper on Optimism with a $70M cap and 0 charges for simpler methods to transform to sUSD. This improve contains two key modifications: deploying a USDC wrapper with a $70 million cap and phasing out the USDe wrapper (cap diminished to zero) as soon as main integrators implement assist for the brand new USDC wrapper.
Synthetix.io Subdomains
Now you can go to your favourite Synthetix pages on the synthetix.io area! Navigate to staking.synthetix.io/ for V2 and liquidity.synthetix.io/ for V3. Hyperlinks have additionally been up to date within the docs, and a few modifications could take time to propagate. Eth.limo variations will stay as backups, and maintain an eye fixed out for additional enhancements on the right way to navigate throughout the Synthetix ecosystem and merchandise.
Coinbase 50
$SNX has made it into the Coinbase 50 Index! This index (COIN50) tracks the efficiency of the 50 largest and most liquid digital property by market cap. It applies a basic and market eligibility standards display screen to make sure investability. 50 tokens have been chosen with consideration of token economics, blockchain structure, safety, and broad protection of the crypto market. And Synthetix was certainly one of them!
Fenway Weblog Submit
Lastly, Fenway posted a weblog final week reflecting on a few of the progress made since Synthetix Referendum 2 (SR-2). Within the put up he expresses each optimism and urgency concerning the path Synthetix is heading in, emphasizing a renewed sense of accountability, innovation, and group engagement. Let’s focus on the important thing takeaways from this put up:
Strategic Adjustments and Actions
- Kwenta Acquisition: A key early milestone was buying Kwenta, which now means Synthetix has management over its front-end, permitting for improved consumer expertise and model visibility.
- Extra Product Launches: The acquisition of Kwenta is only one of many modifications underway. There are extra product launches within the pipeline, although the main points are principally stored underneath wraps for now.
- Partnerships & Integrations: Synthetix is specializing in rising its partnerships, and there could also be further acquisitions or integrations down the road (TLX 👀). The purpose is to be extra proactive about bringing new services and products to the platform.
Give attention to Group and Advertising and marketing
- The Synthetix group — traditionally referred to as passionate, modern, and inventive — is being reinvigorated. The SC and CCs see this as a energy to leverage within the coming months, because the Spartan spirit is crucial to driving the protocol ahead.
- Elevated emphasis on product advertising: The front-end revamp, beginning with Kwenta, shall be an important component on this. The group is anticipated to assist generate content material and hype round Synthetix as soon as once more.
Roadmap for 2025
- SNX Token: The SNX token shall be positioned on the middle of Synthetix once more, with a token redesign proposal anticipated to floor in 2024. This redesign goals to enhance the utility and incentives round SNX.
- Snaxchain: Snaxchain is stay and can play a crucial position within the evolution of Synthetix’s perpetual markets. There’s a extra basic change to the perp markets being developed, although it’s taking time to excellent.
- Synth Teleporters: This characteristic, which was initially part of Synthetix’s 2025 imaginative and prescient, stays in consideration and should play a task in snaxchain’s operationalization.
- Synthetix V3: The group ought to count on additional updates on perp V3 options, particularly round decentralized and centralized buying and selling experiences.
- New Markets: Plans embody increasing to Solana, SUI, and Base along with launching V3 perps on Ethereum mainnet in 2025.
- Fixing the Person Expertise Hole: Anticipate continued iteration on merchandise and options to shut the hole between centralized and decentralized markets.
Treasury Technique
- The Synthetix Treasury, price over $25M in non-SNX property, will not be passively managed. Strategic treasury administration will develop into extra lively, with objectives of:
- Strategic Asset Allocation: Buying promising tokens (like VELO or AERO) to assist Synthetix’s progress.
- Optimizing Present Holdings: For instance, staking ETH to generate further income for the treasury.
- Empowering Merchandise: Utilizing the treasury to offer incentives that drive dealer adoption of the platform.
- The main target is not only on incremental enhancements to current merchandise however on reimagining and reinventing the decentralized derivatives market. With renewed group engagement, a strategic roadmap for 2025, and a revamped organizational construction, Synthetix is positioning itself to as soon as once more be a pacesetter within the DeFi area.
Fenway believes that success lies in sustaining momentum by delivering modern merchandise, rebuilding the model, optimizing the Treasury, and most significantly, leveraging the group’s vitality and creativity to drive the protocol ahead.
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SIP/SCCP standing tracker:
SIP-412: Purchase TLX and Launch Synthetix Vaults, Standing: draft
