SNX is now supported by the Base Bridge, permitting SNX tokens to be bridged from Ethereum to Base. This can assist to help 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 can assist to help 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 taken with offering liquidity for the SNX/USDC pair on Base will contribute to the buyback and burn mechanism.
Nonetheless, it is essential to notice that SNX staking won’t be accessible on Base, so customers seeking to stake their SNX tokens shouldn’t use this bridge for that objective.
To bridge your SNX tokens, go to the Official Base Bridge or Bungee, a bridge aggregator with SNX tokens on Ethereum. If you happen to’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 aspect of the Andromeda Launch. Permitted 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 an important function in enhancing SNX liquidity on Base. This liquidity effort will help each the buyback and burn course of and people taken with buying and holding SNX tokens.
The Synthetix Treasury Council is using its veAERO holdings to direct emissions towards the Aerodrome SNX/USDC pool. Confer 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 sort for staking and perps margin. This experimental strategy, accredited by SIP-348, is designed to check the affect of a brand new collateral sort and perp margin on this new chain. Be aware that SNX stays the staking token on Optimism and Ethereum.
It is essential to recollect to not bridge SNX to Base with the expectation of staking on Base, as this has not but been accredited.
Any Questions?
If you happen to’ve obtained any feedback or questions, be a part of the dialog on Discord.
