Search results for "SNX"
Saturday
2025/06/14
13:32ChainCatcher

Synthetix plans to shut down its Base network L2 deployment and refocus on the Ethereum Mainnet.

ChainCatcher news, the decentralized finance platform Synthetix announced that it will gradually suspend all Layer-2 deployments on the Base network on July 7, 2025, refocusing on the Ethereum Mainnet, and will disable Base trading and close the LP vault. The plan will be implemented in phases. Synthetix stated that the decision to gradually phase out its L2 deployment stems from ongoing infrastructure instability and liquidity fragmentation.
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13:32ChainCatcher

Synthetix plans to shut down its Base network L2 deployment and refocus on the Ethereum Mainnet.

ChainCatcher news, the Decentralized Finance platform Synthetix announced that it will gradually discontinue all Layer-2 deployments on the Base network on July 7, 2025, refocusing on the Ethereum Mainnet, and will deactivate Base trading and close the LP vault. The plan will be implemented in phases. Synthetix stated that the decision to gradually phase out its L2 deployment stems from ongoing infrastructure instability and liquidity fragmentation.
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06:00DailyNews

Synthetix: Will gradually end all L2 deployments, planning to launch sUSD and sUSDe early deposit vault after Mainnet goes live.

Golden Finance reported that the synthetic asset protocol Synthetix officially announced that due to the unstable Rollup infrastructure, Synthetix often faces downtime. As part of the transition to the Synthetix Mainnet, all L2 deployments will gradually cease, and new deposits in the LP vaults are currently disabled. On July 7, leveraged tokens, as well as perpetual and LP vaults, are expected to be fully deprecated. Traders and liquidity providers (LPs) are advised to migrate their assets to the Ethereum on-chain. After the launch of the Synthetix Mainnet, early deposit vaults for sUSD and sUSDe will be introduced, along with incentive programs for points and gated trading competitions.
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Sunday
2025/06/01
10:31ChainCatcher

Synthetix Founder: Currently designing a new client project

Synthetix founder kain.avax revealed on the X platform that a new client project has been built using Cursor, with Claude Opus submitting a 10,000-line code PR, and the project is now operational. At the same time, after the sUSD decoupling, the SCCP-409 proposal has been approved to increase the sUSD stake for debt relief participants to 20%, promoting the restoration of sUSD's peg.
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10:28DailyNews

Synthetix Founder: Designing a new client project

Synthetix founder Kain.avax has built a new project development environment on the X platform, introducing servers/databases to make the project stronger. Claude Opus submitted a Pull Request with 10,000 lines of code, and Kain.avax successfully rebuilt the project in 40 minutes, bringing it close to operational status. Proposal SCCP-409 has been passed to provide additional support for Synthetix's stablecoin sUSD, with debt forgiveness participants needing to increase sUSD stake to 20% to help restore sUSD's peg.
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Friday
2025/05/30
05:44DailyNews

Synthetix: The sUSD staking requirement for debt forgiveness participants has been increased to 20% to drive the sUSD back to its peg.

Synthetix strengthens the sUSD peg through the SCCP-409 proposal, raising the sUSD staking requirement for debt relief participants to 20%, prompting sUSD to recover to $1.00. Please note the change in staking requirements; those who do not meet them will have their debt relief suspended. Additionally, treasury buybacks, liquidity incentives, and Infinex activities will be implemented to support this initiative.
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05:39DailyNews

Synthetix will restore the sUSD peg to 1 USD, which will increase the collateral requirement for the 420 pool.

Odaily News Synthetix announced that its stablecoin sUSD will restore to the target of 1 USD, and starting from June 2 at 23:59 UTC, SNX debt collateralizers will be required to increase the collateral ratio of sUSD in pool 420 from 10% to 20%, otherwise, the debt exemption will be suspended. Previously, due to user dumping, sUSD once fell to 0.70 USD. The official stated that restoring the peg will help advance the SIP-420 proposal and the subsequent v4 contract deployment on the Ethereum Mainnet.
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Thursday
2025/05/22
04:38GateNewsBot

Community opposition causes Synthetix to terminate the $27 million acquisition of Derive.

According to Gate News bot and a report by Cointelegraph, the Decentralized Finance platform Synthetix announced the cancellation of its acquisition plan for the encryption options platform Derive. The plan initially involved 27 million dollars, proposing a 1:27 ratio for the exchange of SNX and DRV tokens. Members of the Derive community have questioned the acquisition, with key concerns including the token conversion ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's actual revenue exceeds that of Synthetix, and that the protocol does not limit the dilution value of Synthetix's additional tokens. Ben Celermajer, head of strategy at Synthetix, said that while some community members supported the deal, the two parties had decided to terminate the acquisition to facilitate collaboration due to the lack of expected support.
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04:15GateNewsBot

Synthetix terminates the acquisition plan for Derive of 27 million USD.

According to Gate News bot and reported by Cointelegraph, the Decentralized Finance platform Synthetix announced the termination of its acquisition plan for the encryption Options platform Derive. The planned transaction amount for the acquisition was $27 million. The termination was due to questions raised by members of the Derive community about the acquisition plan, including issues with the token exchange ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's revenue is higher than that of Synthetix, and that there is a lack of provisions in the protocol that restrict Synthetix from issuing additional tokens. Synthetix's strategic director Ben Celermajer confirmed that although some community members supported the transaction, the parties have reached a consensus to terminate the acquisition plan due to the lack of expected community support.
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Tuesday
2023/05/23
07:07Sprz.
5 Cryptocurrencies Expected to Make Big Moves in the Coming Days $Kava$ According to the data, the token is up 50% in the past two weeks. The increased utility and scalability of the newly launched mainnet will definitely help KAVA's future performance. Currently, the coin’s $0.8465 support level is key for a bigger upside. The current price action of the coin suggests that a drop in value may occur in the coming days. Defending this price point will be crucial to target the $1.4 resistance level in the coming days. $SNX$ The token is currently up an impressive 15% in a market where major cryptocurrencies are depreciating. New options market maker Lyra will also integrate Synthetix perpetuals in its Newport upgrade, which will bring more attention to Synthetix. For investors, holding $2.334 is important for future price action. However, SNX’s correlation with Bitcoin may cause problems in the short term. Nonetheless, $2.334 should hold up against any bearishness in the medium to long term. $TRX$ Tron's HackaTron Season 4 recently concluded with winners that will help grow DeFi and cryptocurrencies as a whole. It has lifted TRX out of the market's current decline. The token’s value has risen 11 percent since last week, the data showed. The coin’s current trajectory makes it a prime target for bears. After rising for almost a month, investors should brace for a dip to $0.06544 in the short term. Nonetheless, the bulls should be able to target $0.08092 in the long-term once the bearish sentiment in the market cools down. $CFX$ The token has rallied nearly 30% over the past two weeks, making it one of the market's top gainers for equity tokens. Currently the bulls are attempting to recover $0.3128. A return to this level would provide solid support for CFX to close above $0.4215 in the days and months ahead. However, investors and traders should monitor Bitcoin's future price action, as the two assets have historically been correlated. $LTC$ LTC is up nearly 17% since last week. Bitcoin's move towards a tight trading range is affecting LTC's future performance. Currently, the asset is holding above $89.32, which could open the way for higher gains. In the long run, investors and traders should be able to target $100 to secure more upside. (Data source: Christian Encila)
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