More Than 3.5M OP Tokens Will Be Distributed To Traders Over 20 Weeks
Synthetix, a derivatives protocol with over $600M in whole worth locked, plans to distribute over $8M of Optimism’s governance tokens to lively customers of its perpetual swaps platform.
Daily buying and selling quantity on the protocol’s V2 iteration hit a document of just about $200M on Mar. 13, in response to a Dune question.
Synthetix’s SNX governance token has doubled in worth this 12 months, outpacing a 40% rally in Ether.
ETH Price + SNX Price, Source: The Defiant Terminal
Traders shall be rewarded primarily based on numerous standards reminiscent of charges paid, quantity generated, and the quantity of SNX, Synthetix’s go staked.
Users with at the least 2,500 SNX staked can additional enhance their rewards, with a most bonus of 15% for these staking 20,000 SNX or extra.
The program is scheduled to go reside within the first week of April and run for 20 weeks.
During a ramping-up interval, 50,000 OP tokens shall be distributed within the first week and 100,000 OP in weeks two and three. This will improve to 200,000 OP per week for the rest of this system.
The tokens will come from the Synthetix treasury, which acquired a grant of 9M OP from the Optimism Foundation in July 2022.
Synthetix Perps V2 went reside in December 2022, with the principle focus of the improve being improved capital effectivity. Trading charges additionally noticed a discount to 5-10 bps.
Perpetual futures are crypto-native devices which can be akin to futures contracts however with out fastened expiry dates.
On Mar. 13, practically $200M in trades had been processed, producing nearly $157,000 in charges for the protocol. The overwhelming majority of buying and selling exercise happened on Kwenta, which affords as much as 25x leverage on chosen property.
Synthetix’s perpetual product competes instantly with GMX, a perpetual swap trade working on the Arbitrum and Avalanche networks.
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GMX has processed over $110 billion in whole quantity since its inception, which has generated practically $170M in charges for the protocol.