Synthetix, a layer2 scaling solution, noted some crucial developments over the month. Often termed a blue-chip DeFi project, Synthetix was among the first crypto projects to join the Ethereum blockchain. Meanwhile, the network displays its true colors, considering user response.
Sythetix’s founder Kain Warwick stated that the SIP-120 (Synthetix Improvement Proposal 120) remains crucial for the platform’s bullish strength. It came from 1Inch and Atomic Swaps – new exchange function – integration.
It enabled atomic asset exchange for Synthetix users without charge reclamation through pricing SNX via Uniswap V3 and Chainlink protocols.
Indeed, it helped the platform to experience more traction. Meanwhile, the decentralized derivatives network’s volume gained a whopping 700% following the 1Inch integration for nil slippage trades.
Synthetix data confirmed that 1inch, a DEX aggregator, accounted for most of the trades. 1Inch leads in all projects that facilitate SNX trading. Data shows the network conducted $2.90B of volume within the previous week.
However, the protocol’s daily fee exceeded $1M in June trading sessions. That was 4X Bitcoin’s figure. While publishing this blog, Synthetix recorded a 7d $175,857 average charge. That was beneath BTC’s 7-day $222,651 average.
The mentioned integration has functioned since November 2021. Meanwhile, Synthetix’s updated atomic swaps plus SIP-198 proved essential in offering the surge for the network’s flagship coin’s rebound.
Meanwhile, the ecosystem promises more to come. Synthetix’s Kain Warwick presented a new SIP-276 proposal. The SIP inflation concludes with SNX total pool.
If the governance community passes the SIP-276, the platform will add 675,000 SNX ten installment tokens to the present 293 million total supply to hit 300M before ending inflation indeterminately. Moreover, such bullish tales saw whales enjoying the platform and the native token.
Indeed, such developments would trigger some reactions within the community. For instance, Synthama tweeted a bullish case, saying that SNX will become a rare commodity as inflation goes to zero. However, not everyone cheered. And Delphi Digital is among them.
It remains fascinating to see upcoming developments. What are your opinions? Feel free to leave a reply below.
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