SNXweave Weekly Recap 159

November 27, 2024

The next submit accommodates a recap of reports, tasks, and necessary updates from the Spartan Council and Core Contributors from final week.

👉TLDR

Meme Competitors: Create a Synthetix-related meme and submit it in #memes within the Synthetix Discord for an opportunity to win! 1st place: 100M $PEPE, 2nd place: 50M $PEPE. Voting tallied by emoji reactions.New Perps markets on Kwenta: $CAT, $DEGEN, $PNUT, and $SLERF meme tokens now stay on Kwenta and obtainable to commerce on Base and Arbitrum chains.TLX Acquisition Proposal: Governance proposal has been drafted for Synthetix to amass TLX and launch “Synthetix Vaults” as the most recent product line. See beneath for extra particulars.$USDC to $sUSD Wrapper on Optimism: Key modifications — deploying a USDC wrapper with a $70M cap, phasing out the USDe wrapper, and nil charges.Synthetix.io Subdomains: As a part of bettering person expertise, you’ll be able to go to your favourite Synthetix pages on the synthetix.io area. Navigate to staking.synthetix.io/ for V2 and liquidity.synthetix.io/ for V3.Coinbase 50: $SNX has made it into the Coinbase 50 Index!Fenway Weblog Submit: Fenway posted a weblog final week reflecting on a few of the progress made since Synthetix Referendum 2 (SR-2) and discussing what’s to come back, see beneath for key takeaways.

Spartan Council and SIP updates

Comfortable Thanksgiving to our Spartans within the US! 🦃 Whereas the yr could also be winding down, Synthetix is ramping up greater than ever. We’ve bought quite a lot of juicy updates for you guys this week, so let’s dive in.

Beginning out with a high-level strategic replace: it was confirmed final week that a lot of the ETH within the Treasury is now being staked, and the proceeds can be used to the good thing about the protocol and ecosystem. A number of the ETH was used to spice up wstETH liquidity supporting multi-collateral Perps. There’s additionally a meme problem presently energetic in an effort to spice up group engagement, we’ll get into the small print later on this weblog.

All in all, the brand new Synthetix group has been targeted on the Kwenta acquisition and the roadmap consolidation over the previous few weeks, however common conferences and SIP shows can be resuming someday in December and comms can be coming shortly on the Kwenta transition. Now let’s get right into a extra detailed replace!

Meme Competitors

Beginning off sturdy, Synthetix is bringing again DeFi summer time vibes identical to it promised — with a meme competitors! Anybody can enter: simply create a meme associated to Synthetix and submit it within the #memes channel within the Synthetix Discord earlier than December 2nd. Voting can be tallied primarily based on Discord reactions to your submit, and remaining voting will happen on December third with Discord emojis. Prizes can be as follows:

🥇1st place: 100 million $PEPE🥈2nd place: 50 million $PEPEPlus, Synthetix Guardians have 100 $SNX to bless their favourite meme with some further love.

So get inventive, Spartans! Subjects will be something Synthetix-related, however listed here are some concepts courtesy of the Synthetix X account: Multi-collateral cross-margin V3 Perps, Synthetix launch on Solana, Perps on Arbitrum, BFP, SNAX chain, Kwenta + Synthetix = unstoppable, upcoming launches & alpha. The world is your oyster!

Reside on Kwenta: $CAT, $DEGEN, $PNUT, and $SLERF

And talking of memes, 4 new Perps markets are actually stay on Kwenta and obtainable to commerce on Base and Arbitrum chains. $CAT relies on Simon’s Cat, $DEGEN is a meme-inspired reward token for Farcaster customers that fuels a novel tipping system, $PNUT relies on Peanut the Squirrel, and $SLERF is a memecoin with a doxed dev group, united group, and assist from a number of crypto influencers. Discover these new markets alongside 80+ others, all with portfolio margin and multicollateral deposits on Synthetix V3 through Kwenta!

TLX Acquisition Proposal

A governance proposal has been drafted for Synthetix to amass TLX and launch “Synthetix Vaults” as the most recent product line. TLX is a leveraged token protocol powered solely by the Synthetix v2x perps platform on Optimism. That is an thrilling first step in direction of producing native vaults that leverage the composability of Synthetix and provides customers frictionless entry to high-quality structured merchandise.

Ought to the acquisition be accepted by each communities, Synthetix plans to launch all kinds of vaults over the approaching months to develop the core platform with revolutionary new monetary merchandise — beginning with leverage token vaults and increasing in direction of yield-generating methods (i.e., foundation commerce seize, funding fee arbitrage) and different actively managed methods. There can be a governance name right now to debate the proposed acquisition of TLX, so tune in!

$USDC to $sUSD Wrapper on Optimism

Synthetix has launched a $USDC to $sUSD wrapper on Optimism with a $70M cap and nil charges for simpler methods to transform to sUSD. This improve consists of two key modifications: deploying a USDC wrapper with a $70 million cap and phasing out the USDe wrapper (cap decreased to zero) as soon as main integrators implement assist for the brand new USDC wrapper.

Synthetix.io Subdomains

Now you can go to your favourite Synthetix pages on the synthetix.io area! Navigate to staking.synthetix.io/ for V2 and liquidity.synthetix.io/ for V3. Hyperlinks have additionally been up to date within the docs, and a few modifications could take time to propagate. Eth.limo variations will stay as backups, and hold a watch out for additional enhancements on tips on how to navigate throughout the Synthetix ecosystem and merchandise.

Coinbase 50

$SNX has made it into the Coinbase 50 Index! This index (COIN50) tracks the efficiency of the 50 largest and most liquid digital property by market cap. It applies a basic and market eligibility standards display to make sure investability. 50 tokens had been chosen with consideration of token economics, blockchain structure, safety, and broad protection of the crypto market. And Synthetix was one among them!

Fenway Weblog Submit

Lastly, Fenway posted a weblog final week reflecting on a few of the progress made since Synthetix Referendum 2 (SR-2). Within the submit he expresses each optimism and urgency concerning the course Synthetix is heading in, emphasizing a renewed sense of accountability, innovation, and group engagement. Let’s talk about the important thing takeaways from this submit:

Strategic Modifications and Actions

Kwenta Acquisition: A key early milestone was buying Kwenta, which now means Synthetix has management over its front-end, permitting for improved person expertise and model visibility.Extra Product Launches: The acquisition of Kwenta is only one of many modifications underway. There are extra product launches within the pipeline, although the small print are principally stored underneath wraps for now.Partnerships & Integrations: Synthetix is specializing in rising its partnerships, and there could also be further acquisitions or integrations down the road (TLX 👀). The purpose is to be extra proactive about bringing new services to the platform.

Concentrate on Neighborhood and Advertising

The Synthetix group — traditionally often called passionate, revolutionary, and artistic — is being reinvigorated. The SC and CCs see this as a energy to leverage within the coming months, because the Spartan spirit is important to driving the protocol ahead.Elevated emphasis on product advertising and marketing: The front-end revamp, beginning with Kwenta, can be an important ingredient on this. The group is predicted to assist generate content material and hype round Synthetix as soon as once more.

Roadmap for 2025

SNX Token: The SNX token can be positioned on the middle of Synthetix once more, with a token redesign proposal anticipated to floor in 2024. This redesign goals to enhance the utility and incentives round SNX.Snaxchain: Snaxchain is stay and can play a vital function within the evolution of Synthetix’s perpetual markets. There’s a extra basic change to the perp markets being developed, although it’s taking time to excellent.Synth Teleporters: This function, which was initially part of Synthetix’s 2025 imaginative and prescient, stays in consideration and should still play a job in snaxchain’s operationalization.Synthetix V3: The group ought to anticipate additional updates on perp V3 options, particularly round decentralized and centralized buying and selling experiences.New Markets: Plans embody increasing to Solana, SUI, and Base along with launching V3 perps on Ethereum mainnet in 2025.Fixing the Consumer Expertise Hole: Count on continued iteration on merchandise and options to shut the hole between centralized and decentralized markets.

Treasury Technique

The Synthetix Treasury, price over $25M in non-SNX property, will not be passively managed. Strategic treasury administration will grow to be extra energetic, with targets of: Strategic Asset Allocation: Buying promising tokens (like VELO or AERO) to assist Synthetix’s development.Optimizing Present Holdings: For instance, staking ETH to generate further income for the treasury.Empowering Merchandise: Utilizing the treasury to supply incentives that drive dealer adoption of the platform.The main focus isn’t just on incremental enhancements to current merchandise however on reimagining and reinventing the decentralized derivatives market. With renewed group engagement, a strategic roadmap for 2025, and a revamped organizational construction, Synthetix is positioning itself to as soon as once more be a pacesetter within the DeFi house.

Fenway believes that success lies in sustaining momentum by delivering revolutionary merchandise, rebuilding the model, optimizing the Treasury, and most significantly, leveraging the group’s power and creativity to drive the protocol ahead.