The SNX Base Bridge

SNX is present supported by the Base Bridge, allowing SNX tokens to beryllium bridged from Ethereum to Base. This volition assistance to enactment the upcoming Andromeda Release and Buyback and pain mechanism.

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Introduction

SNX is present supported by the Base Bridge, allowing SNX tokens to beryllium bridged from Ethereum to Base. This volition assistance to enactment the upcoming Andromeda Release and its Buyback and pain mechanism.

Bridging SNX to Base

The SNX Base Bridge facilitates the transportation of SNX tokens to Base. Users funny successful providing liquidity for the SNX/USDC brace connected Base volition lend to the buyback and pain mechanism.

However, it's important to enactment that SNX staking volition not beryllium disposable connected Base, truthful users looking to involvement their SNX tokens should not usage this span for that purpose.

To span your SNX tokens, sojourn the Official Base Bridge oregon Bungee, a span aggregator with SNX tokens connected Ethereum. If you're an SNX staker, delight guarantee your SNX is transferrable by visiting the staking dapp earlier attempting to bridge.

Buyback and Burn Mechanism

The buyback and pain mechanics is simply a important constituent of the Andromeda Release. Approved via SIP-345, 40% of the fees generated from Perps V3 connected Base are designated for the buyback and consequent burning of SNX tokens. This process, which aims to trim the SNX token supply, is elaborate successful the Andromeda buyback and pain blog post.

Liquidity connected Base

Aerodrome, a fork of the Velodrome DEX connected Optimism, volition play a important relation successful enhancing SNX liquidity connected Base. This liquidity effort volition enactment some the buyback and pain process and those funny successful acquiring and holding SNX tokens.

The Synthetix Treasury Council is utilizing its veAERO holdings to nonstop emissions toward the Aerodrome SNX/USDC pool. Refer to the Treasury Council transmission connected the SNX Discord for up-to-date efforts arsenic to Synthetix liquidity connected Base.

Staking connected Base with USDC

The Synthetix protocol is introducing a caller collateral enactment connected Base, utilizing USDC arsenic the collateral benignant for staking and perps margin. This experimental approach, approved by SIP-348, is designed to trial the interaction of a caller collateral benignant and perp borderline connected this caller chain. Note that SNX remains the staking token connected Optimism and Ethereum.

It's important to retrieve not to span SNX to Base with the anticipation of staking connected Base, arsenic this has not yet been approved.

Any Questions?

If you've got immoderate comments oregon questions, articulation the speech on Discord.