Protocol Upgrade

2024/06/29 16:00:00
https://icon.gateimg.com/images/coin_icon/64/snx.png?v=1743408000
SNXSNX

Synthetix Network Token is entering a crucial phase of its v.3.0 rollout, which will introduce a new foundation and architecture for the protocol. The key changes include accelerating real yield by replacing inflationary SNX rewards with real yield from trading fees and a buyback/burn mechanism to reduce SNX supply. Additionally, sUSD will be backed by diverse assets like SNX, ETH, USDC, and yield-generating collateral, increasing scalability. The migration to v.3.0 will begin in June and be carried out in two phases. The first phase will involve SNX stakers on the Ethereum mainnet migrating in June. The second phase will extend the migration to Optimism SNX stakers after the Ethereum phase. The migration will be seamless, with SNX and sUSD in V2X being migrated 1:1 in v.3.0 without burning staker sUSD debt.

Disclaimer: The Crypto Calendar is for informational purposes only and doesn’t reflect Gate.com’s views or serve as financial advice.

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24-Hour High
$0.601
24-Hour Volume
$411.36K
All-Time High
$28.53
All-Time Low
$0.03478
Market Cap / FDV
99.88%
FDV
$192.37M
24-Hour Low
$0.55
Market Cap
$192.37M
Circulating Supply
343.46M SNX
Total Supply
343.88M SNX
Max Supply
343.88M SNX
Market Sentiment
Negative

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