November 27, 2024
The next submit accommodates a recap of reports, tasks, and essential updates from the Spartan Council and Core Contributors from final week.
👉TLDR
- Meme Competitors: Create a Synthetix-related meme and submit 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 reside on Kwenta and accessible 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 latest product line. See beneath 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 nil charges.
- Synthetix.io Subdomains: As a part of bettering person expertise, you may 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 Put up: Fenway posted a weblog final week reflecting on a number of the progress made since Synthetix Referendum 2 (SR-2) and discussing what’s to come back, see beneath for key takeaways.
Spartan Council and SIP updates
Completely happy Thanksgiving to our Spartans within the US! 🦃 Whereas the yr could also be winding down, Synthetix is ramping up greater than ever. We’ve received a number 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 will probably be used to the good thing about the protocol and ecosystem. Among the ETH was used to spice up wstETH liquidity supporting multi-collateral Perps. There’s additionally a meme problem at present lively in an effort to spice up group engagement, we’ll get into the small print 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 displays will probably be resuming someday in December and comms will probably be coming shortly on the Kwenta transition. Now let’s get right into a extra detailed replace!
Meme Competitors
Beginning off robust, Synthetix is bringing again DeFi summer time vibes identical to it promised — with a meme competition! Anybody can enter: simply create a meme associated to Synthetix and submit it within the #memes channel within the Synthetix Discord earlier than December 2nd. Voting will probably be tallied based mostly on Discord reactions to your submit, and remaining voting will happen on December third with Discord emojis. Prizes will probably 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 inventive, Spartans! Matters could 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 are actually reside on Kwenta and accessible 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 latest product line. TLX is a leveraged token protocol powered completely by the Synthetix v2x perps platform on Optimism. That is an thrilling first step in 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 accredited by each communities, Synthetix plans to launch all kinds of vaults over the approaching months to develop the core platform with progressive new monetary merchandise — beginning with leverage token vaults and increasing in direction of yield-generating methods (i.e., foundation commerce seize, funding charge arbitrage) and different actively managed methods. There will probably be a governance name right this moment to debate the proposed acquisition of TLX, so tune in!
$USDC to $sUSD Wrapper on Optimism
Synthetix has introduced a $USDC to $sUSD wrapper on Optimism with a $70M cap and nil 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 might take time to propagate. Eth.limo variations will stay as backups, and maintain a watch out for additional enhancements on methods 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 elementary and market eligibility standards display 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 one in every of them!
Fenway Weblog Put up
Lastly, Fenway posted a blog final week reflecting on a number of the progress made since Synthetix Referendum 2 (SR-2). Within the submit he expresses each optimism and urgency in regards to the course Synthetix is heading in, emphasizing a renewed sense of accountability, innovation, and group engagement. Let’s talk about the important thing takeaways from this submit:
Strategic Modifications and Actions
- Kwenta Acquisition: A key early milestone was buying Kwenta, which now means Synthetix has management over its front-end, permitting for improved person 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 small print are largely stored below 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.
Concentrate on Neighborhood and Advertising and marketing
- The Synthetix group — traditionally often called passionate, progressive, and inventive — is being reinvigorated. The SC and CCs see this as a power to leverage within the coming months, because the Spartan spirit is crucial to driving the protocol ahead.
- Elevated emphasis on product advertising and marketing: The front-end revamp, beginning with Kwenta, will probably be a vital aspect 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 will probably 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 reside and can play a important position within the evolution of Synthetix’s perpetual markets. There’s a extra elementary change to the perp markets being developed, although it’s taking time to excellent.
- Synth Teleporters: This function, which was initially part of Synthetix’s 2025 imaginative and prescient, stays in consideration and should still play a job 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 Consumer Expertise Hole: Anticipate continued iteration on merchandise and options to shut the hole between centralized and decentralized markets.
Treasury Technique
- The Synthetix Treasury, value over $25M in non-SNX property, will not be passively managed. Strategic treasury administration will change into extra lively, with targets 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 focus 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 frontrunner within the DeFi house.
Fenway believes that success lies in sustaining momentum by delivering progressive merchandise, rebuilding the model, optimizing the Treasury, and most significantly, leveraging the group’s power 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
