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Synthetix, the derivatives liquidity protocol, achieved a record daily trading volume of $490 million on March 17. The protocol also generated over $511,000 in fees on the same day.
Synthetix achieved record sales volume
Derivatives Liquidity Protocol, Synthetix reached $490 million in daily trading volume for the first time on March 17, according to Dune analytics.
In terms of trading, the majority took place on the Kwenta trading platform, which accounted for $479.8 million in trading volume. In addition, Synthetix generated more than $511,000 in fees as of March 17.
Worth noting that Synthetix will distribute over 8 million dollars of Optimism’s management symbols to its perpetual switch users as rewards.
The reward system will reward traders based on the fees paid, the volume generated and the amount staked on SNX, Synthetix’s governing token. As reported, users who stake 2,500 or more SNX can further increase their rewards with a maximum bonus of 15%.
The program starts the first week in April and lasts 20 weeks.
In the first week, 50,000 OP tokens will be distributed, followed by 100,000 OP in weeks two and three. The remaining weeks of the program will see 200,000 OPs per week.
The rewards will be issued from Synthetix’s treasury, which received 9 million OP from the Optimism Foundation in July 2022.
Synthetix has also deployed version 3 (v3) on the Ethereum mainnet following security audits on February 23rd.
According to the developers, Synthetix v3 offers developers a better architecture to develop faster, more complex and more efficient decentralized financial (DeFi) applications. In addition, V3 will provide simplified staking and differentiated debt pools, meaning network actors can contribute collateral to specific asset pools and receive fees without being exposed to all Spartan Council-backed assets.
Synthetix currently has a Total Volume Locked (TVL) of $457.14 million, which includes $303.82 million in Ethereum and $153.32 million in Optimism. Synthetix is trading at $2.88, up 0.08 in 24 hours.
What is Synthetix:
Synthetix is a decentralized liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to secure a portfolio of synthetic assets in exchange for rewards and market returns. This liquidity is used to underwrite synthetic assets and perpetually trade futures at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is fungible and exchangeable across markets, and traditional slippage is eliminated.
Learn more about Synthetix:
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