SNX is now supported by the Base Bridge, permitting SNX tokens to be bridged from Ethereum to Base. This can assist to assist the upcoming Andromeda Launch and Buyback and burn mechanism.
Introduction
SNX is now supported by the Base Bridge, permitting SNX tokens to be bridged from Ethereum to Base. This can assist to assist the upcoming Andromeda Launch and its Buyback and burn mechanism.
Bridging SNX to Base
The SNX Base Bridge facilitates the switch of SNX tokens to Base. Customers concerned with offering liquidity for the SNX/USDC pair on Base will contribute to the buyback and burn mechanism.
Nevertheless, it is necessary to notice that SNX staking is not going to be obtainable on Base, so customers seeking to stake their SNX tokens shouldn’t use this bridge for that objective.
To bridge your SNX tokens, go to the Official Base Bridge or Bungee, a bridge aggregator with SNX tokens on Ethereum. In the event you’re an SNX staker, please guarantee your SNX is transferrable by visiting the staking dapp earlier than making an attempt to bridge.
Buyback and Burn Mechanism
The buyback and burn mechanism is an important factor of the Andromeda Launch. Permitted through SIP-345, 40% of the charges generated from Perps V3 on Base are designated for the buyback and subsequent burning of SNX tokens. This course of, which goals to cut back the SNX token provide, is detailed within the Andromeda buyback and burn weblog put up.
Liquidity on Base
Aerodrome, a fork of the Velodrome DEX on Optimism, will play a vital position in enhancing SNX liquidity on Base. This liquidity effort will assist each the buyback and burn course of and people concerned with buying and holding SNX tokens.
The Synthetix Treasury Council is using its veAERO holdings to direct emissions towards the Aerodrome SNX/USDC pool. Check with the Treasury Council channel on the SNX Discord for up-to-date efforts as to Synthetix liquidity on Base.
Staking on Base with USDC
The Synthetix protocol is introducing a brand new collateral choice on Base, using USDC because the collateral sort for staking and perps margin. This experimental strategy, accepted by SIP-348, is designed to check the influence of a brand new collateral sort and perp margin on this new chain. Observe that SNX stays the staking token on Optimism and Ethereum.
It is necessary to recollect to not bridge SNX to Base with the expectation of staking on Base, as this has not but been accepted.
Any Questions?
In the event you’ve obtained any feedback or questions, be part of the dialog on Discord.
