Key Dates and Details: sETH, sBNB, Inverse Synths, and SNX Staking Rewards
We are excited to announce more details and timing on our new Synths and SNX Staking Rewards.
sETH, sBNB, and Inverse Synths
Firstly, we’ll be adding synthetic ETH (sETH) and synthetic BNB (sBNB) on April 24. These additions will give Synthetix.Exchange users exposure to these assets on our fast and easy trading platform—with infinite liquidity!
We will also launch Inverse Synths, an exciting new type of synthetic asset. Basically, Inverse Synths allow you to short an asset as the price of each iSynth moves inversely to its actual price. They’ll have a starting value, and if drops in value from there, the value of the Inverse Synth appreciates proportionately. Alternatively, if it increases in value from its starting value, the Inverse Synth will depreciate proportionately. There’ll be liquidation prices set at fixed margins above and below the starting value.
The first Inverse Synths are iBTC, iETH, and iBNB. The first starting value of iBTC is $5300 USD, with liquidation prices of $2650 USD and $7950 USD. If you hold iBTC until BTC reaches $7950 USD, you’ll be liquidated. If you hold iBTC until BTC reaches $2650 USD, your position will be closed and you can take profit in sUSD. The starting value of iBNB will be $25, and the starting value of iETH will be $180.
SNX Staking Rewards
As we have already communicated, there has been a delay in implementing the claims process for SNX staking rewards. Our core engineering team has been working tirelessly to integrate this new part of the system, and we now have a launch date of May 1. The way the claims will work is that the first 6 weeks will be aggregated into a single claim period, then the rewards for week 7 will be available to claim in the second period. Both periods will be available to claim on the 1st of May through mintr.synthetix.io. Thank you to all SNX stakers for your patience.