SNXweave Weekly Recap 156

SNXweave -

October 30, 2024

The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.

👉TLDR

  • Last week’s meeting has been rescheduled to this week and will be happening today
  • Multi-Collateral Perps for Arbitrum is now live with 81 new markets for trading on Kwenta! And Kwenta’s points program is also live.
  • USDx is live on 1inch with routing through CurveFinance for fast, low-cost swapping with deep liquidity to and from nearly any asset on Arbitrum.
  • Get the most out of your ETH with Toros Finance — they’re making it easy and offering additional USDC rewards for a limited time only.
  • SCCP-2139, to create a USDe wrapper on Optimism with 0 fees and 10 million capacity, has been implemented and the wrapper has been set up. The Wrapper Address can be found here.
  • A proposal for an acquisition of Kwenta by Synthetix has been published to both DAOs by Fenway. If accepted, Synthetix will acquire Kwenta, our leading DEX by volume.

Spartan Council and SIP updates

The new Spartan Council had originally planned to have their first public meeting last week, but they’ve just been shipping too hard and missed the call. The meeting has been rescheduled to this week and will be happening today, so be sure to tune in to hear a comprehensive update on how the transition has progressed and what the new council has been up to during the first month of the new referendum.

And in exciting news, Multi-Collateral Perps for Arbitrum is now live with 81 new markets for trading on Kwenta! You are no longer limited on collateral choice, and traders and LPs can take advantage of limited-time incentives: for 1 month, 20% of trading fees (typically earned by the Treasury) will be distributed proportionally among active liquidity providers in Arbitrum network pools. Also keep an eye out for trading fee discounts — for two weeks, taker fees are reduced to 5 bps on all markets. And you can now trade while maintaining your exposure to:

  • Wrapped Bitcoin (tBTC)
  • Ethereum (ETH)
  • Ethena USD (USDe)
  • USDx (Arbitrum-native Synthetix stablecoin)

Kwenta’s points program is also live. You can earn points for trading any Perp contract during the active period, and depositors of USDe in Synthetix LP will earn ethena_labs Sats. So head over to Kwenta to trade multi-collateral perps!

Next, USDx is live on 1inch with routing through CurveFinance for fast, low-cost swapping with deep liquidity to and from nearly any asset on Arbitrum. Users providing liquidity to the USDx/USDe on Curve will benefit from 1inch’s trade routing, with the majority of USDx swap volume accruing fees to LPs. Traders will now have one less step to convert their USDx-denominated winnings to assets of their choice.

This addition will make USDx easier to acquire, swap, and transact with, and is just one more step on a long list of DeFi integrations for our Arbitrum-native, overcollateralized stablecoin. So bookmark or download 1inch for all your USDx swapping needs!

Also — make sure you’re getting the most out of your ETH! Toros Finance makes it easy and is offering additional USDC rewards for a limited time only.

Next, SCCP-2139, to create a USDe wrapper on Optimism with 0 fees and 10 million capacity, has been implemented and the wrapper has been set up. The Wrapper Address can be found here.

Lastly, in BIG news, a proposal for an acquisition of Kwenta by Synthetix has been published to both DAOs by Fenway. If accepted, Synthetix will acquire Kwenta, our leading DEX by volume.

SIP-411 and KIP-138 present an opportunity for Synthetix and Kwenta to align visions, strategies, and roadmaps with the unified purpose of delivering the best decentralized derivative trading venue to the market. The motive behind this acquisition is to improve Synthetix branding and market positioning, align strategic motivations, and merge the communities.

Should the transaction be approved, Synthetix will mint up to 9,050,375 new SNX tokens to fund the acquisition. This token mint represents an inflation of 2.8% to the total token supply over the following year. Both the Spartan Council (SIP-411) and the Kwenta Council (KIP-138) need to approve this acquisition in a vote in order for the transaction to take place, so stay tuned for results.

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SIP/SCCP status tracker:

SCCP-2139: Create USDe Wrapper, Status: vote pending

SIP-411: Acquire Kwenta and Relaunch Synthetix Exchange, Status: draft

KIP-138: Synthetix Acquisition Proposal