Synth Exchanges are Live on L2!

After much anticipation, synth exchanges are now live on the Optimistic Ξthereum L2! Head on over to Kwenta now to give it a try! In this initial testing phase, exchanges will be enabled for sUSD, sBTC, sETH, and sLINK. This release is part of a continual phased rollout of the Synthetix protocol on OΞ. From … Read more

Come join us on July 28 for the next Synthetix community governance call!

The next Synthetix community governance call is scheduled for July 28 at noon UTC, and we’d love for you to join us! The current agenda for this month’s meeting (subject to change) is as follows: Welcome Spartan Council updates Ops, hiring, partnerships L2 exchanges updates L2 rollout going forward Futures update s sDAO deprecation updates … Read more

June UX/UI Designer Challenge Results

The UX/UI Designer Challenge announced in early June has been successfully completed and finalised! As promised, the selected Top 10 candidates have already been contacted and will be rewarded with 200 SNX, while 2 of them will be joining Synthetix and Kwenta as full-time core contributors and will get an additional 800 SNX for their … Read more

OΞ Gas Update & WETH Distribution

Up until now, gas fees on L2 have been subsidized by Optimism. Starting this week though, users will have to pay gas fees to transact on L2 (~50-100x cheaper than L1 depending on the transaction type). In the coming days, Optimism will also no longer be relaying user withdrawals from L2, so this will have … Read more

June 2021 Monthly Update

Monthly updates are back! Here to provide a regular infusion of Soonthetix energy, and June was certainly another exciting month for the Synthetix community. This month, further progress was made on our L2 deployment, we are closer than ever to trading on the OE L2 with futures not far behind, governance continued to evolve in … Read more

The Alnitak Release

Later today (July 1, ~00:00 UTC), several new updates will be added to the protocol. During this release, there will be no downtime for L1 and less than 1 hour of downtime for L2 (during which deposits will be disabled). Here’s what’s included in this release: SIP-138 – Update Volume Tracking Event: Currently, tracking volume … Read more

Debt Hedging Refresher for SNX Stakers

The central mechanism of the Synthetix protocol is that SNX stakers are the counterparty to trades made using the Synthetix platform. What this means in practice is that the debt you owe as a staker is proportional to your share of the global debt pool, rather than the nominal amount of sUSD you mint. If … Read more

Deprecating EtherCollateral Loan Contracts

With the success of multi-collateral loans on Synthetix over the last 6 months, the time has come to sunset previous EtherCollateral loan contracts that are no longer active. Specifically, the following contracts will be deprecated: Skinny Ether Collateral (SIP-35) Ether Collateral v3.0 (SIP-85) At this point, opening of new loans on these contracts has effectively … Read more

The Alioth Release

About 24 hours from now (May 13, ~00:00 UTC) two new updates will be added to the protocol. During this release, which is expected to take up to several hours, SNX and synth tokens will not be transferable. Here’s what’s included in this release: SIP-112: ETH wrapper — This SIP will allow users to wrap … Read more