SNX is now supported by the Base Bridge, permitting SNX tokens to be bridged from Ethereum to Base. This may assist to assist the upcoming Andromeda Launch and Buyback and burn mechanism.
Introduction
SNX is now supported by the Base Bridge, permitting SNX tokens to be bridged from Ethereum to Base. This may assist to assist the upcoming Andromeda Launch and its Buyback and burn mechanism.
Bridging SNX to Base
The SNX Base Bridge facilitates the switch of SNX tokens to Base. Customers interested by offering liquidity for the SNX/USDC pair on Base will contribute to the buyback and burn mechanism.
Nonetheless, it is necessary to notice that SNX staking is not going to be out there on Base, so customers trying to stake their SNX tokens mustn’t use this bridge for that goal.
To bridge your SNX tokens, go to the Official Base Bridge or Bungee, a bridge aggregator with SNX tokens on Ethereum. For those who’re an SNX staker, please guarantee your SNX is transferrable by visiting the staking dapp earlier than making an attempt to bridge.
Buyback and Burn Mechanism
The buyback and burn mechanism is a vital factor of the Andromeda Launch. Authorized through SIP-345, 40% of the charges generated from Perps V3 on Base are designated for the buyback and subsequent burning of SNX tokens. This course of, which goals to cut back the SNX token provide, is detailed within the Andromeda buyback and burn weblog publish.
Liquidity on Base
Aerodrome, a fork of the Velodrome DEX on Optimism, will play a vital function in enhancing SNX liquidity on Base. This liquidity effort will assist each the buyback and burn course of and people interested by buying and holding SNX tokens.
The Synthetix Treasury Council is using its veAERO holdings to direct emissions towards the Aerodrome SNX/USDC pool. Consult with the Treasury Council channel on the SNX Discord for up-to-date efforts as to Synthetix liquidity on Base.
Staking on Base with USDC
The Synthetix protocol is introducing a brand new collateral choice on Base, using USDC because the collateral kind for staking and perps margin. This experimental method, authorised by SIP-348, is designed to check the affect of a brand new collateral kind and perp margin on this new chain. Notice that SNX stays the staking token on Optimism and Ethereum.
It is necessary to recollect to not bridge SNX to Base with the expectation of staking on Base, as this has not but been authorised.
Any Questions?
For those who’ve bought any feedback or questions, be a part of the dialog on Discord.
