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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Synthetic V3 to Release in Phases

Decentralized Finance (DeFi) protocol Synthetix has launched V3 on Ethereum Mainnet and Optimism after a security audit by Open Zeppelin, Iosiro, and Macro. 

Upon initial release, the V3 didn’t have all the features available. The release of Synthetix V3 will take place gradually over the coming months as users will transition from Synthetix V2x to Synthetix V3. Let’s have a look at the features that will be made available. 

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Features of Synthetix V3:

• Variety of Derivative Markets: Through v3, Synthetix becomes a layer of liquidity on which different derivative markets can be built, such as perpetual futures, spots, options, insurance, and exotics. 
  

• Synthetic Asset Creation: The use of market pricing logic and price feeds allows the deployment of new synthetic assets like Spot BTC, Spot ETH, ETH Perps, BTC Perps, ETH Options, etc. Previously, these assets required approval from governance, but soon they will rely only on market logic and price feeds.

• Cross-Chain Infrastructure: Synthetix V3 employs cross-chain functionality and supports synthetic assets on any EVM compatible chain. As a result, the destination chain is not subject to slippage due to a lack of liquidity.

• Multi-Collateral Staking: Governance in V3 supports any collateral for backing synthetic assets. This will reportedly increase sUSD liquidity and the markets supported by Synthetix. Further, Governance will be able to adjust variables such as collateral requirements and rewards.

• More Secure Synthetix Loans: Users can now provide collateral to generate sUSD without incurring debt pool risk, interest costs, or issuance fees.

• Differentiated Liquidity (Debt) Pools: Instead of delegating collateral to the entire debt pool as in V2x, users can select the pools to provide collateral to and then decide which markets and assets to support within those pools.

• Choice From Multiple Oracles: With V3, multiple Oracle solutions are available such as Chainlink and Pyth, giving market creators better control over the oracles that power their markets. 

• Rewards Manager: Pool creators can attach rewards distributors to vaults, rewarding liquidity providers that offer specific collateral types. There are a variety of ways to earn rewards, including market fees and token distributions.

Due to the fact that V3 does not have any markets attached to it currently, its primary function is to generate a dollar-denominated stablecoin for use in integrated markets. Synthetix (SNX) is trading at $2.18, up 1.60% 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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If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.

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Ignore Fud is a novel meme token on the Core chain that supports decentralized finance and blockchain innovations. Its objective is to facilitate the onboarding of more cryptocurrency users into Core DAO and the wider crypto industry. Ignore Fud boasts a community-centric meme ecosystem and a distinctive hold-to-earn feature, which enables investors to earn rewards by holding its native token “4 Token”. Additionally, investors gain exposure to a vast and robust user community from across the globe.

The 4 Token

The official token of the Ignore Fud project is “4”. The token, slated to launch via partner DEX, ArcherSwap, on March 24 will be a community-focused Meme token that forms part of the expanding Core DAO ecosystem. 4 TOKEN allows users to Hold-to-Earn $USDT stablecoin. 

Token Details and Tokenomics

Name: Ignore Fud 

Symbol: 4TOKEN 

Decimals: 18 

Blockchain: Core DAO

Max and Total Supply: 40 billion

Token Allocation

50% (20,000,000,000 4 TOKEN): Public Launch

40% (16,000,000,000 4 TOKEN: Reserved

6% (2,400,000,000 4 TOKEN): Ecosystem Fund for operational expenses and growth

4% (1,600,000,000 4 TOKEN):  Airdrop + Marketing

The snapshot for the airdrop has been scheduled for March 20, followed by the airdrop distribution on March 24. 

For the airdrop, 160 million 4 token each will be distributed across 10 rounds which includes Community Members, Media Partners and Influencers, Core DAO Community, and more. Find more details regarding the 4 token airdrop distribution in the whitepaper. 

Tax Information

There are no “Buy” or “Transfer” taxes on 4 Token. However, there is an 8% Sell Tax on DEXes, of which 3% is converted to USDT and distributed as reflections to holders who have 400,000 or more 4 tokens. This allows 4 token holders to earn passive income.

2% will be automatically added to the liquidity pool, ensuring that the price stability is sustained. 2% of the Sell Tax will be burned, keeping the token price deflationary from the onset, while the remaining 1% will be converted to $CORE and allocated for operational expenses and growth fund to expand token utility. 

4 Token Use Cases

4 Token will begin as a meme token, but there are plans to create various use cases for it in the future. Some of the proposed use cases include:

• Blockchain Validator/Staking Node like CORE Staking Node, ADA Staking Node, BNB Staking Node, Cosmos Staking Node, New Blockchains with Staking Node, and even other potential Tokens that earn staking rewards.
• NFT Marketplace with 4,000 Ignore Fud NFT Collections.
• Compounding Crypto Asset "Vaults"
• Decentralized Exchange (DEX)
• Community Suggestions 

Deflationary & Burning Mechanism

The deflationary and burning mechanism of the 4 Token involves three components. Firstly, 2% of tokens are burnt from the Sell Tax. Secondly, Ignore Fud plans to introduce Utility and Blockchain validator nodes, and other tokens that earn staking rewards. A percentage of monthly revenue will be utilized to buyback and burn 4 Token. Lastly, there will be Ignore Fud 4,000 NFT collections, and all the money generated from selling NFTs will be used to buyback and burn 4 Tokens.

This deflationary and burning mechanism is designed to reduce the circulating supply of Tokens over time and create a scarcity effect that may lead to an increase in the Token's value. 

Token Burn will continue as Ignore Fud earns revenue and continues to grow. This approach aims to create a sustainable Token Economy that is based on actual usage and value.

Security Audit

Ignore Fud announced that it has passed KYC with Core DAO, with details on the smart contract audit still in process. 

Ignore Fud’s Hold-to-Earn mechanism allows users to earn passive income by holding 4 Token, and the deflationary and burning mechanism is designed to reduce the circulating supply of Tokens over time, creating a scarcity effect that may lead to an increase in the token value. 

With plans to introduce various use cases in the future and a commitment to a sustainable token economy based on actual usage and value, Ignore Fud has the potential to become an exciting addition to the cryptocurrency industry. 

To Learn more about Ignore Fud, visit the following links:

Website | Twitter |  Discord | Telegram | WhitePaper

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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.

If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.

Want the latest DeFi secrets delivered directly to your inbox every week from a leading industry expert? Instantly learn about strategies that could have you earning APYs of up to 69,000% with DeFi Maximizer. Sign up today and enjoy a 25% discount off of your first month!

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