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Derive tokenholders were worried about the exchange rate and the overall benefit to the platform, with one user claiming Derive generates more revenue than Synthetix. Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community feedback. A Synthetix spokesperson told Cointelegraph on May 22 that its…
A Synthetix spokesperson told Cointelegraph on April 18 that sUSD’s volatility was driven by “structural shifts” after the SIP-420 launch. Synthetix founder Kain Warwick has threatened SNX stakers with “the stick” if they don’t take up a newly launched staking mechanism to help fix the protocol’s ongoing sUSD (SUSD) depeg. Warwick said in an April…
” Synthetix looks to turn off the SNX money printer once and for all “ The founder of decentralized finance (DeFi) protocol Synthetix, Kain Warwick, has submitted a proposal that would turn off very high yield returns for SNX stakers and cap the total SNX token supply at 300 million. The Synthetix protocol allows traders…
” RUNE Pumps 18% as THORChain deactivates non-native tokens “ Cross-chain exchange and proof-of-bond network THORChain has finally activated the killswitch that will progressively wind down support of the BEP-2 and ERC-20-based variants of the RUNE token. BNB.RUNE, and ETH.RUNE, also known as IOU Tokens, are being swapped out for the upgraded and completely native…
” DeFi’s downturn deepens, but protocols with revenue and fee sharing could thrive “ At the moment, liquidity is hard to come by, but crypto traders and protocols still need inflow and revenue to remain functional. As the crypto winter drags on, savvy crypto investors have realized that one of the reliable sources of passive…
” Synthetix racks up over $1M in daily fees as SNX token value surges 100% “ Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors’ willingness to hold tokens…
” Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop announcement “ Layer-2 (L2) solutions for the Ethereum (ETH) network have grown in prominence over the last year because of the need for scalable networks that offer low-fee transactions and led to numerous projects that built cross-chain bridges with competing blockchain networks. …
” Sushi and Synthetix get the boot in Grayscale DeFi fund rebalancing “ Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance. Grayscale removed tokens from crypto-derivatives decentralized exchange Synthetix…
” Synthetix commence debt pool merger to enhance liquidity and staking capabilities “ Decentralized finance, or DeFi, protocol Synthetix (SNX) has announced that the deployment of their Debt Pool Synthesis feature will occur on Thursday 9pm through 11pm UTC, expected to impact staking participants in two distinctive categories: SNX inflationary staking rewards and Debt Hedging….