Synthetix (SNX) rallies in anticipation of L2 Curve Wars and Optimism airdrop...
SNX price got a boost after the project geared up for participation in the L2 Curve Wars and Optimism airdrop hunters engaged with the protocol. Layer-2 (L2) solutions for the Ethereum (ETH) network have grown in prominence over the last year because of the need for scalable networks that offer low-fee transactions and led to numerous projects that built cross-chain bridges with competing blockchain networks. One project that has benefitted from the growth of the L2 scaling solutions is Synthetix (SNX), a decentralized finance (DeFi) protocol that enables the creation of synthetic assets....
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“We’re nearing the end of a chapter and the beginning of the next — one driven by community ownership and governance,” noted Optimism. The native token prices from multiple projects that employ Ethereum Layer 2 scaling solution Optimism have spiked around 20% amid rumors that the network will soon launch a token and airdrop it to the community. Optimism is a Layer 2 scaling solution that utilizes Optimistic rollups to process a high amount of transactions off the Ethereum blockchain. The project touts that it can operate smart contracts 5 to 500X cheaper than Ethereum's Layer 1. According....
The DEX aggregator and automated market maker was first deployed on the Optimism mainnet in August 2021. Decentralized exchange aggregator 1inch is rewarding users with free tokens for their participation on Optimism — a move the organization says will further incentivize activity on the Ethereum layer-2 scaling solution.The exchange aggregator announced Tuesday that it would equally distribute 300,000 OP tokens among its most active wallets and regular users on Optimism through a retrospective Merkle drop. 1inch said 3,782 wallets have been selected for the airdrop. OP token is the native....
“Wow, what a day. OP Drop #1 had a turbulent launch which we finally stabilized after more than five hours of non-stop work,” Optimism stated. Ethereum layer-2 scaling solution Optimism has been overwhelmed with “all-time high demand” following the launch of its highly anticipated airdrop on Wednesday. Users racing to collect their tokens were greeted with failed or delayed transactions as the Optimism team raced in the background to add additional capacity to the network. As previously reported in April, Optimism is airdropping the new OP governance token — over multiple phases —....
The merger of L1 and L2 debt pools is just one of a number of upgrades slated for this week within the Synthetix ecosystem. Decentralized finance, or DeFi, protocol Synthetix (SNX) has announced that the deployment of their Debt Pool Synthesis feature will occur on Thursday 9pm through 11pm UTC, expected to impact staking participants in two distinctive categories: SNX inflationary staking rewards and Debt Hedging.Currently, Synthetix operates debt pools across two chains, Ethereum mainnet and layer 2 Ethereum scaling solution Optimism, which have amassed an accumulative total-value-locked....
L2 scaling solution Synthetix collaborated with Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC and sUSD/3CRV, allowing investors to convert synths into tokens. Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC, & sUSD/3CRV, allowing investors to cheaply convert synths such as sETH to Ether (ETH). Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five....