SNXweave Weekly Recap 163
January 8, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- KWENTA to SNX swap interface is live
- TLX to SNX swap interface is live
- Synthetix Exchange relaunch
- New Perps markets: PENGU, VIRTUAL, FARTCOIN, and KMNO
- Gasless 1-click-trading released to Base
- Synthetix website fresh look
Spartan Council and SIP updates
Happy New Year, Spartans! While everyone was away for the holidays, Synthetix was shipping and celebrating its own list of projects and improvements. We’ve got a pretty big update for you guys today — we’ll be recapping what the protocol has been up to the last couple of weeks, so let’s get into it.
In case you missed it, Synthetix officially acquired Kwenta back in November in a token-for-token transaction. In the contract, it was decided that 1 KWENTA will convert to 17 SNX with a 3-month lock period (that started November 12th) and 9-month linear vesting. The swap interface for migrating KWENTA tokens to SNX went live at the end of December, unlocking opportunities for KWENTA holders to participate in the Synthetix system and DAO, where SNX tokens can be staked and used to help govern the protocol. Check out the Kwenta post with full instructions on how to migrate your KWENTA to SNX. Synthetix also acquired TLX, so you can also now start migrating your TLX to SNX with the new TLX to SNX swap interface.
Speaking of Kwenta, as we all know by now the trading platform has been rebranded to the “Synthetix Exchange” and it had its big launch a couple of weeks ago! The flagship frontend for decentralized Perps was relaunched with a killer UI, deep liquidity, low fees, and a fresh look. The new site also features new collateral types on Base like:
- Coinbase wrapped BTC: $cbBTC
- Coinbase wrapped staked ETH: $cbETH
- Lido wrapped staked ETH: $wstETH
- Wrapped ETH: $wETH
You can use wrapped BTC and staked ETH directly as margin, hedge positions, and diversify. This multi-collateral support along with the revamped UI has unlocked new advanced strategies for traders and liquidity providers such as delta-neutral positioning, funding-free delta, and custom payoffs. Try it out at exchange.synthetix.io! You can also check out the recently added Perps markets that are now live on the Exchange: 🐧 $PENGU, 🤖 $VIRTUAL, 💨 $FARTCOIN, and ⚙️ $KMNO Perps are available for trading along with 90+ Perps markets!
Next up, gasless 1-click trading has been brought to Base! This removes the requirement to sign a transaction for every action and allows you to place long or short, open or close market orders with a single click, letting you skip the hassle of signing multiple transactions. All trades that are placed using gasless 1-click trading use a paymaster funded by Synthetix to cover gas fees, eliminating the cost for users.
To use this feature on Synthetix Exchange all you have to do is click the lightning bolt to start a gasless 1-click trading session, select a duration for your session to remain active, and enjoy no confirmations and free gas during that time! For your security, certain actions still require wallet confirmations, including: deposits, withdrawals, advanced orders, and any orders initiated from a new device or browser profile.
Lastly, in exciting news, the Synthetix website got a fresh new look, featuring an expanded product lineup and easier navigation. Having everything in one place makes it easier to access and trade Perps markets on Synthetix Exchange, access liquidity opportunities through Earn, explore leveraged tokens for popular assets, view upgraded stats for better decision-making, visit the Synthetix Governance page or protocol docs, and more. Dive into trading, earning, leverage, governance, and stats with Synthetix!
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