OP

Synthetix Launches Incentive Program to Boost Trading Activity on Optimism

by BSC News

April 18, 2023

chain

The program will allocate a portion of the protocol's phase 0 distribution as trading rewards, with 200,000 OP in weekly Synthetix Perps trading rewards for 17 weeks after a three-week ramping period.

Get Paid to Trade Perps

Synthetix announced the Synthetix Perps Optimism Trading Incentives program, scheduled for April 19 at 0:00 UTC. According to the protocol, the program encourages trading activities for Synthetix Perps on Optimism by allocating a portion of its phase 0 distribution to trading rewards.

The trading rewards would be 50,000 $OP for the first week and 100,000 $OP for the second and third weeks. Nonetheless, from the fourth week forward until the 20th week, rewards would increase to 200,000 $OP. 

An individual trader's score will be determined by their total trading fees, excluding execution fees. Based on that score, a multiplier for staked $SNX (Synthetix) will be applied as follows:

Source

These tiers are calculated using traders' Synthetix Debt Shares (SDS) at the Synthetix dapp's weekly snapshot on Wednesday.

The trader scores will determine how much each trader receives from the weekly rewards. Synthetix Treasury Council will distribute OP weekly to designated contracts so that integrators can settle claims using the Synthetix UI.

Four Integrators to Participate

There are four integrators participating in the program: Kwenta, Polynomial, Decentrex, and dHEDGE. OP incentives will be available to any new Perps integration partners launched during this program. Worth noting the wallets that aren't part of an integrator's share will be distributed by Kwenta.

Synthetix launched V3 on February 23 on Ethereum Mainnet and Optimism. Synthetix V3 will be released gradually in the coming months as users transition from Synthetix V2x to Synthetix V3. Further, according to Dune Analytics, Synthetix achieved a new milestone, reaching $490 million in daily trading volume on March 17. 

Synthetic has a total volume locked of $494.26 million, of which $294.225 million is in Ethereum and the rest in Optimism. Synthetic ($SNX) is trading at $2.8813, up 4.16% in 24 hours. 

What is Synthetix:

Synthetix is a decentralized 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.

Learn more about Synthetix:

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