Synthetix Made Record Trading Volume

Derivatives Liquidity Protocol, Synthetix hit $490 million in daily trading volume for the first time on March 17, according to Dune analytics. 

In terms of trading, the majority took place on the Kwenta trading platform, which accounted for $479.8 million in trading volume. In addition, the Synthetix generated more than $511,000 in fees on March 17.

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Worth noting that Synthetix will distribute over $8M of Optimism's governance tokens to its perpetual swaps users as rewards.

The reward system will reward traders based on the fees paid, the volume generated, and the amount staked in SNX, Synthetix's governance token. As reported, users who stake 2,500 or more SNX can further boost their rewards with a maximum bonus of 15%. 

The program will begin in the first week of April and run for 20 weeks.

In the first week, 50,000 OP tokens will be distributed, followed by 100,000 OP in weeks two and three. The remaining weeks of the program will see 200,000 OP per week.

The rewards will be issued from Synthetix's treasury, which received 9 million OP from the Optimism Foundation in July 2022.

Synthetix has also deployed version 3 (v3) on the Ethereum mainnet following security audits on February 23. 

According to its developers, Synthetix v3 offers developers better architecture for developing faster, more complex, and more efficient decentralized financial applications (DeFi). Additionally, V3 will provide simplified staking and differentiated debt pools, meaning network stakers can contribute collateral to specific asset pools and receive fees without being exposed to every Spartan Council-supported asset.

Synthetix currently has a Total Volume Locked (TVL) of $457.14 million, which includes $303.82 million in Ethereum and $153.32 million in Optimism. Synthetix is trading at $2.88, up 0.08 in 24 hours.  

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What is Synthetix:

Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.

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Learn more about Synthetix:

Website | Twitter | Discord

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Changes Loom in DefiLlama Rupture

An internal conflict has erupted at DefiLlama, the hugely popular blockchain data platform.

With some of DefiLlama's employees seemingly having rejected what has been described as a 'rogue' plan to launch a token, this has resulted in a rift within the organization.

A DefiLlama employee who uses the pseudonym 0xngmi has accused the company's founders of launching a token without adequate support, causing a split in the company. 0xngmi has gone as far as to fork the platform and has hosted it as Llama.fi.

The company hinted at a potential token airdrop in a recent tweet, adding fuel to the fire.

Llama Corp, DefiLlama's parent company, has denied claims of a hostile takeover and labeled 0xngmi's actions as independent. In a statement to The Block on March 19th, Llama Corp expressed regret over the situation and intends to "resolve things privately and amicably." DefiLlama co-founders Charlie Watkins and Ben Hauser have yet to comment on the matter.

"0xngmi and a few team members have gone rogue, they are actively looking to seize DefiLlama IP and community while inaccurately claiming the rightful owner to be doing a hostile takeover," as per a recent post on the DefiLlama Round Up Telegram account.

DefiLlama's data tracks the performance of decentralized finance projects, and its conflict risks damaging the platform's reputation. The rift within DefiLlama also poses a threat to the platform's operations as it may affect its ability to provide reliable data.

This situation highlights the risks associated with a fracturing vision within the team. As onlookers begin to piece together what has taken place and inevitably choose sides, the development has already begun to have a huge impact on the structure of the organization.

In conclusion, the DefiLlama conflict underscores the importance of addressing potential conflicts before they escalate, as internal disputes could have severe implications for the platform's operations and reputation. Many will understandably sympathise with the dismay of dedicated individuals that have put long hours into the development of the reputation of DefiLlama.

About DefiLlama:

Defi Llama, co-founded by Charlie Watkins and Ben Hauser, is a multi-chain TVL stats dashboard, where data connectors contributed and maintained by a community.

Website | Twitter | Telegram | Discord |

BRAVO READY Reinventing the Financial Side of Gaming

BRAVO READY, creator of BR1: INFINITE, a pay-to-spawn, kill-to-earn shooting game, announced a strategic investment from Aptos Labs. As reported, the funds will be used to launch Aptos Arena, an exclusive game collaboration between the two studios, and future Aptos integrations with BR1: INFINITE.

“Aptos Labs is proud to partner with BRAVO READY, and we appreciate the creativity, energy, and innovation their team brings to Web3 gaming,” said Mo Shaikh, Co-Founder & CEO of Aptos Labs. 

According to Evan Ryer, Co-Founder & CEO of BRAVO READY, the protocol fundamentally reinvents the financial side of gaming. He further added: 

“Our mission is to be at the crossroads of great games that people love to play and a business model that will drive value for everyone.”

Aside from Aptos, Magic Eden Ventures also invested in BR1: INFINITE on Feb. 24. Using in-game marketplaces, Magic Eden supports gaming infrastructure, helps game studios acquire and engage users, and launches NFT projects. 

Further, the full suite of products and services that Magic Eden offers for creators enables games to be monetized and engaged across the whole web3 ecosystem. 

Meanwhile, Aptos recently made an equity investment in Chingari, a social media platform.  As, reported, Chingari will use the equity investment to grow its user base, improve its product, and expand globally. 

By the second quarter of 2023, the social media platform will migrate to the Aptos Network from Solana. The network will enable the company to add millions of new users. 

Aptos (APT) is trading at $12.85, down 1.37% in 24 hours.

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What is BRAVO READY:

BRAVO READY is a Montreal-based game publisher. In addition to producing AAA and WebGL titles like BR1:INFINITE & Mini Arena, BRAVO READY offers a range of products & services to help align games and game companies for success.

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Where to find Bravo Ready:

Website | Twitter | Discord 

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What is Aptos:

Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain first built to serve this purpose.

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Where to find Aptos Labs:

Website | Twitter | Telegram | Medium | Discord |

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Follow us on Twitter and Instagram to keep up with all the latest news for BNB Chain and crypto.

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Introducing the Floki Brand to Millions 

Floki has partnered with the Kings League Infojobs to increase its visibility to millions of users. The collaboration is a strategic marketing campaign to promote the Floki brand to numerous users. 

Kings League Infojobs is a lucrative tournament in the world of sports. It is an impressive Spanish seven-a-side football tournament featuring twelve teams established in 2022 by Barcelona legend Gerard Pique, associated with other notable superstars and internet streamers. 

The first season began on January 1, 2023, and has recorded up to 25 million match-day views across Twitch, TikTok, and YouTube. Floki will tap into the league’s massive followings comprising streamers and a huge fan base of popular superstars, including Kun Aguero and Iker Casillas. According to Floki’s announcement, the superstars are “Presidents” who stream their games with their large followers for more exposure. 

Floki will become part of the ongoing season for the semifinals and final of the winter split playoffs, or the Final Four event. The event will occur at Barcelona’s home ground, Spotify Camp Nou, on March 26. 

The next and second season will commence on May 7 and will feature LED advertising around the pitch of every match, promoting the Floki brand to millions of users worldwide. Also, Floki assets will be displayed online across the league’s streaming channels. 

BSC News recommends reading the Floki Medium publication on March 17 for more information about the tournament and partnership. 

What is Floki:

Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the market's third most popular meme token, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.

Where to find Floki:

Website | Twitter | Telegram | Discord |

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Improving the Core Ecosystem 

ShadowSwap Decentralized Exchange (DEX) has announced a new Initial Farm Offering (IFO) model to improve its token's stability and engage users while launching more projects to its Core ecosystem. 

The protocol’s new IFO model will improve the stability of its native $SHDW token and enhance community engagement through the iSHDW initiative. According to the protocol’s tweet on March 18, the new model introduces the $iSHDW solution that works like IFO credits, allowing users to commit their $SHDW holdings in upcoming IFOs. 

The iSHDW is not a token but a mechanism determining users’ max SHDW commit limit for IFO public sales on the DEX. For instance, 1000 iSHDW lets users commit 1000 SHDW for IFO. iSHDW can be obtained through staking, allowing the community to engage with the platform. However, the higher the locked duration in staking pools, the greater the iSHDW allocation. The DEX shed more light on the staking to BSC News. 

“If lock duration is below the threshold (6 weeks), the users won't receive full allocation of SHDW Staked. While if the lock period passes the threshold, the user will receive full iSHDW allocation,” ShadowSwap wrote. 

To participate in upcoming IFOs, users must stake SHDW above the 6-week lock threshold to receive full iSHDW allocation of stakings. The move will ensure that users participate in staking while also improving the stability of the SHDW token. 

As part of the new IFO model, the DEX has also introduced token vesting into its growing ecosystem. The strategy will boost IFO allocation for users and avoid problems with the supply of IFO protocols on the Core chain as tokens are gradually released. 

What is ShadowSwap: 

ShadowSwap is a DEX built on the Core chain, offering decentralized trading, including an NFT AMM marketplace, plus a lending feature in the works. 

The protocol utilizes Core’s blockchain capabilities to create an open and safe marketplace for traders, liquidity providers, and developers.

Where to find ShadowSwap: 

Website | Twitter | Discord 

What is Core DAO:

Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem's history and an even greater excitement for Core’s role in its future.

Where to find Core DAO:

Website | Docs | Twitter | Discord

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