SNXweave Weekly Recap 162

SNXweave -

December 18, 2024

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

👉TLDR

  • LP update: Additional LP incentives are live; currently paying about 80% in SNX and stablecoins — these incentives will run for 4 weeks before being reassessed.
  • Staker update: L1 SNX stakers can migrate to V3 to mint at 500% c-ratio; nothing yet for L2 stakers to do on Optimism. Tokenomics announcement for stakers coming EOY.
  • TLX acquisition passed: CCs are getting a better feel for the codebase & cleaning things up to prepare for a Base deployment. There are plans for a V2 leverage token launch in early 2025. Both of these launches (Base and Optimism) will be accompanied by some initial incentive programs.
  • Kwenta acquisition contract work is complete: Trade Perps on Synthetix Exchange, formerly Kwenta.
  • $SOL/ETH Perps now available on Base and Arbitrum
  • Mobile Synthetix Perps: Thanks to Mass, the protocol’s newest integrator, you can now trade 90+ Perps markets with up to 25x leverage and deep liquidity ALL from the Mass app, seamlessly on your iOS or Android device. (see below for details and setup instructions)
  • Trade on Mass before December 20th and you could be one of 200 users randomly selected to win 25 OP tokens!

Spartan Council and SIP updates

Starting out with a liquidity provider update, additional LP incentives are live and are currently paying about 80% in SNX and stablecoins — these incentives will run for 4 weeks before being reassessed. With SCCP-373 implemented, fee share to LPs has also been increased from 40% to 60% of the fees generated on V3, which is more in line with what the market is offering to LPs in terms of fee share. Synthetix Treasury also intends to channel some integrator fees to add to V3 LPs’ revenue. Head to liquidity.synthetix.io to provide liquidity and claim your rewards!

And for a quick staker update, while there is nothing yet for L2 stakers to do on Optimism, SNX stakers on L1 can migrate to V3 to mint at 500% c-ratio. A tokenomics announcement is expected to be published for stakers by the end of the year.

Next, the TLX acquisition passed through governance just over a week ago and the Core Contributors are currently getting a better feel for the codebase as they clean things up in preparation for a Base deployment. There are also plans for a V2 leverage token launch in early 2025. Both of these launches (Base and Optimism) will be accompanied by some initial incentive programs.

The Kwenta acquisition contract work is also complete — so head over to the Synthetix Exchange, formerly Kwenta, and trade new markets like $SOL/ETH Perps, now available on Base and Arbitrum. Whether you’re an ETH maxi or SOL degen, you can now trade these markets against each other with leverage.

And in exciting news, Synthetix Perps are now mobile thanks to Mass, the protocol’s newest integrator! Mass is the all-in-one DeFi app for iOS & Android, designed to simplify decentralized trading and asset management. This partnership makes Synthetix Perps V3 more accessible than ever, giving users:

  • On/Off-Ramping (fiat ↔️ crypto)
  • Spot & Perps Trading (up to 25x leverage)
  • Gasless transactions
  • Full self-custody

You can now trade 90+ Perps markets with up to 25x leverage and deep liquidity ALL from the Mass app, seamlessly on your iOS or Android device.

Setup is simple:

  • First, create an account: Use your Google or Apple ID, or opt for advanced options like embedded or third-party wallets.
  • Next, fund your wallet: Load assets on any supported network or use the “Top Up” feature for credit, debit, or bank transfer options. For the fastest access to Synthetix Perps, deposit USDC on Base.
  • Lastly, start trading! Dive into spot trading across nine DEXes or explore leverage opportunities with Synthetix Perps.

Trade on Mass before December 20th and you could be one of 200 users randomly selected to win 25 OP tokens! And be on the lookout for a trading competition coming in January with 25,000 SNX & 25,000 OP in prizes. If you want to learn more about the Mass x Synthetix partnership, including upcoming rewards and incentives, check out the article that Synthetix published here.

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SIP/SCCP status tracker:

SCCP-373: Update Trading Fees Distribution, Status: implemented

SIP-412: Acquire TLX and Launch Synthetix Vaults, Status: approved