Decentralized synthetic asset protocol Synthetix (SNX) announced its plan to move forward with the V3 rollout, which will involve the migration of SNX and sUSD. The process will begin with the migration of SNX from the Ethereum mainnet to V3 in June, followed by the V3 deployment on Optimism.
V3 transition will enable the generation and distribution of real yield from trading fees to liquidity providers. Additionally, it will introduce a buyback and burn mechanism, which uses transaction fees to purchase and burn SNX tokens.
The transition to V3 will introduce significant changes, including the ability to accelerate real yield by replacing inflationary SNX rewards with real yield derived from trading fees and a buyback or burn mechanism to reduce the SNX supply. Additionally, sUSD will be collateralized with the stablecoin backed by assets such as SNX, ETH, USDC, and yield-generating collateral, enhancing scalability. Furthermore, V3 will simplify liquidity provision with a delta-neutral design for Synthetix Perps and Spot Markets, making participation more accessible.
Starting next week, several supportive initiatives will be implemented. This encompasses sUSD rewards on Velodrome, offering an additional 10,000 OP tokens per week for sUSD or USDC liquidity. Additionally, there will be extra 20,000 SNX incentives for sUSD liquidity pools on Curve.
Transitioning to Synthetix V3: Scaling sUSD & Migrating SNXSynthetix is undergoing a pivotal phase of the V3 rollout, introducing a new foundation and architecture for the protocol. This transition also marks a significant step towards enhancing the scalability and… pic.twitter.com/X6UwdDPdKA
— Synthetix (@synthetix_io) May 17, 2024
Synthetix Launches Infinex To Unify Decentralized Finance Applications Into Single Interface
Synthetix is a decentralized finance (DeFi) platform offering liquidity for various permissionless derivatives, including perpetual futures, options, and parimutuel markets, available across Ethereum Virtual Machine (EVM) compatible chains.
Recently, Synthetix co-founder Kain Warwick launched Infinex, a front-end platform designed to unify decentralized finance applications into a single user-friendly interface. Infinex will be able to operate alongside Synthetix, which currently has nearly $500 million in locked deposits and will initially support six blockchains, encompassing Ethereum, Solana, Polygon, Arbitrum, Optimism, and Base.
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