SNXweave Weekly Review 161 | New crypto news

December 11, 2024

The following post contains a summary of news, projects, and important updates from the Spartan Council and key contributors over the past week.

👉TLDR

Decembrrrr Base LP Incentives: Synthetix is rolling out a four-week program to increase liquidity for the offenders’ busy trading season (See program details below).
Last week, 87,000 KWENTA tokens were burned by the Synthetix Treasury, which will collect all uncirculated inventory of KWENTA.
New Perps markets: MORPHO, AERO and CHILLGUY.
Synthetix made the cut as one of only five assets in the Grayscale DeFi Fund.
Synthetix has officially acquired TLX (See details of the takeover below).
Burt announced Revival of the 300 group.

Spartan Council and SIP updates

start strong, Decembrrrr Base LP Incentives are here! Synthetix introduces four week program to increase liquidity for the busy culprit trading season. LPs can unpack new SNX and USDC rewards every week while earning increased trading fees. Two key changes are being implemented to improve the LP experience and increase the attractiveness of passive stablecoins to enter the Synthetix ecosystem:

Other fees: The sales share of V3 trading increases from the current 40% to 60%. This represents a 50% increase and ensures that liquidity providers are better compensated.
Juicier yields: Synthetix adds stataUSDC as a suitable asset for liquidity provision. StataUSDC is a static, non-rebase version of Aave’s aUSDC token. LPs providing stataUSDC will also receive an additional yield from Aave V3 loan interest, currently 12.65%.

The program launched yesterday and will run for four weeks, ending on January 7, 2025 at 6 a.m. UTC. It includes weekly rewards of 20,000 SNX and 25,000 USDC with total incentives of 80,000 SNX and 100,000 USDC. Eligible assets include USDC and stataUSDC. Rewards accrue with every block and can be claimed at any time via the Synthetix Liquidity app. Get ready to earn and participate by depositing USDC or stataUSDC at liquidity.synthetix.io!

Next, 87,000 KWENTA tokens were burned last week from Synthetix Treasury. This means that all of KWENTA’s non-circulating offering has officially been discontinued, paving the way for Kwenta and Synthetix to become a unified community. The swap interface is nearing completion and will allow KWENTA to be redeemed for SNX. And the updated Synthetix exchange is just around the corner, with fresh design, new features and a focus on providing an unmatched trading experience for offenders.

And speaking of Kwenta, New Perps markets are now online – go over to Account to act MORPHO, AEROAnd CHILLGUY. MORPHO is building a permissionless financial infrastructure as a public good, allowing anyone to earn yield and borrow assets. AERO powers decentralized trading on Aerodrome, the next-generation AMM that serves as a central liquidity hub for the Base ecosystem. And CHILLGUY is the memecoin that exudes “just relax.” It’s based on Solana and is perfect for those who value culture, fun and viral community growth.

More exciting news: Synthetix made the cut as one of only five assets in the Grayscale DeFi Fund! Synthetix is ahead on several fronts these days – too lead the charge for the highest-grossing projects on Optimism.

Next up, ICYMI, Synthetix has officially acquired leading leveraged token platform, TLX! The acquisition of TLX will be the first revenue-generating consumer product built on, owned and operated by Synthetix from Synthetix.

Adding leveraged tokens is the first step in allowing the protocol to build and offer a wide range of vault products. This acquisition now initiates the second phase of Synthetix’s new strategy to accelerate the protocol’s evolution from a decentralized liquidity provider to a major product issuer. You can find the article about the takeover here Herebut the most important findings are:

Leveraged tokens: Synthetix will use TLX’s codebase to launch its own leveraged tokens, allowing users to access leverage without using perpetual futures and making the tokens easier to trade and redeem.
Sales and growth: Leveraged tokens will generate income for SNX holders and support Synthetix’s growth by attracting new users and liquidity. And the passionate TLX community will be integrated into Synthetix.
Token conversion: TLX holders can burn TLX for SNX at a ratio of 18 TLX = 1 SNX, but the conversion is subject to a lock-up and lock-up period.
Incentives: A leveraged token incentive program will be launched in 2025 and over the next few months 700,000 sUSD will be distributed to TLX holders based on their SNX holdings.
Next Steps: Synthetix is optimizing TLX products and planning further releases, including other structured finance products, to diversify its offering. All in all, this is a significant milestone in Synthetix’s strategy to expand its product range and provide more value to SNX token holders!

Finally, yesterday Burt announced that Revival of the 300 group!Tasks for The 300 include active retweeting, comment raids and replies, displaying SNX-related identities in your usernames and profile pictures, and other social media activity. If you’re already a member of The 300, be sure to like Burt’s message on the Synthetix Discord to stay in the group.