Synthetix.Exchange: a month in review
It’s been a huge month since we launched the third wave of new Synths, consisting of sETH, sBNB, iBTC, iETH, and iBNB. Although sBTC had already been live for some time, this added a major new functionality to Synthetix.Exchange. The launch of several new Synths tracking the prices of more cryptocurrencies, as well as the ability to essentially short them, has added substantial utility to Synthetix.Exchange, and here at Synthetix we’re all excited at the traction we’ve gained since the launch.
In the last 30 days, the exchange has seen nearly $7m sUSD worth of trading volume! This has seen over $20,000 sUSD generated in trading fees distributed to all SNX stakers from traders looking to take advantage of the exchange/s unique design, which enables infinite liquidity. Each week it’s been exciting to see the Synthetix community flooding into our Mintr dApp to collect their SNX Staking Rewards and their Synth Exchange Rewards.
Two of our Inverse Synths, iBTC and iETH, reached their lower limits as Bitcoin and Ether reached $7950 and $270 respectively. This meant that they were frozen or ‘liquidated,’ and their rates were stopped at this limit. As their rates were inverse to their underlying assets, iBTC and iETH were stopped at rates of $2650 and $90 respectively. For anyone still holding either of these Synths, they can still be traded back into sUSD on Synthetix.Exchange, or we are looking at implementing another solution, after which we can launch a new iBTC and iETH with new limits.
We’ll be looking to launch a few more cryptocurrency Synths — long and short — in the coming weeks. Remember, you can always keep up to date with the latest Synthetix.Exchange statistics here.