Synthetix

Synthetix (SNX), a decentralized liquidity protocol, is ushering in a new phase with the introduction of Andromeda. This upgrade introduces a deflationary feature to the Perps V3 engine.Join CryptosHeadline&#39;s Official Telegram <a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">Community Channel</a>As per the official update on its X account, Andromeda, released on Base Network, directs 40% of the Perps V3 Fees towards purchasing and burning SNX using contracts inspired by Yearn Finance.<h3 id="synthetix-snx-unveils-deflationary-upgrade-with-andromeda-release">Synthetix (SNX) Unveils Deflationary Upgrade with Andromeda Release</h3><blockquote>Synthetix, a <a href="https://cryptosheadlines.com/decentralized-liquid-staking-protocols-attract-funds-as-binance-and-coinbase-experience-700m-in-staked-ether-outflows/" rel="noopener noreferrer nofollow">decentralized liquidity protocol</a>, has initiated a deflationary strategy with its recent Andromeda upgrade on Base Network. This move is fueled by the effective distribution of fees across its multi-chain deployments. The disclosed fee breakdown reveals that 40% will be dedicated to SNX buyback and burn, 20% to Perps Integrators, and the remaining 40% to USDC liquidity providers.</blockquote>The Andromeda upgrade, encapsulated within SIP-345, signifies more than just a deflationary shift for Synthetix. The protocol has <a href="https://cryptosheadlines.com/binance-expands-usdc-support-on-polygon-with-circle/" rel="noopener noreferrer nofollow">expanded its collateral base by incorporating USDC</a> on Base. Beyond reducing the SNX supply and fostering deflation, these developments enhance the overall appeal of Synthetix, attracting developers, traders, and liquidity providers to engage with the platform.<h3 id="synthetix-snx-gears-up-for-long-term-gains-with-deflationary-overhaul">Synthetix (SNX) Gears Up for Long-Term Gains with Deflationary Overhaul</h3>Synthetix, a prominent <a href="https://cryptosheadlines.com/voltz-introduces-sofr-swaps-on-avalanche-defi-protocol/" rel="noopener noreferrer nofollow">DeFi protocol</a>, is positioned for substantial long-term benefits following its recent deflationary upgrade. Leveraging the fundamental principles of supply and demand, the anticipated decrease in Synthetix’s supply coupled with a <a href="https://cryptosheadlines.com/upcoming-unlock-of-196-million-blur-tokens-potential-price-crash-ahead/" rel="noopener noreferrer nofollow">potential upswing in SNX accumulation could propel the token</a> to new heights.<a href="https://cryptosheadlines.com/2023-recap-and-2024-outlook-sol-ada-avax-xrp-or-btc/" rel="noopener noreferrer nofollow">Also Read: 2023 Recap and 2024 Outlook: SOL- ADA- AVAX- XRP or BTC?</a>As of the <a href="https://cryptosheadlines.com/weekly-crypto-reports-latest-updates-on-the-world-of-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">latest update</a>, Synthetix is trading at $3.47, reflecting a notable 2.47% increase in the past 24 hours—an impressive feat amid the broader downtrend in many altcoins. This strategic upgrade aligns with Synthetix’s ongoing efforts to enhance its appeal in anticipation of the upcoming <a href="https://cryptosheadlines.com/pepe-pepe-posts-27-surge-amid-meme-coin-resurgence-in-bull-market/" rel="noopener noreferrer nofollow">bull market</a> cycle.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Synthetix (SNX) Undergoes Deflationary Upgrade

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