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Synthetix Wants To Turn Off The SNX Money Printer Forever

Stefan by Stefan
26/08/2022
in Blockchain News
Reading Time: 2 mins read
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Synthetix Wants To Turn Off The SNX Money Printer Forever
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Synthetix wants to turn off the SNX money printer forever, as proposed by the founder of the DeFi system, Kian Warwick. This would mean that they will be turning off the exceptionally high yield returns for SNX stakers and capping the overall SNX token supply at 300 million.

On the Ethereum and Optimism networks, traders may produce synthetic replicas of crypto native assets, conventional financial assets, and commodities via the Synthetix protocol.

Warwick noted in an Aug. 25 Synthetix Improvement Proposal (SIP) that SNX incentive inflation was originally designed to “bootstrap the network,” but he feels it is no longer essential because they can earn sustainable fee returns via atomic swaps. This means that Synthetix wants to turn off the SNX money printer forever.

monthly trading volume on @synthetix_io pic.twitter.com/QCWYbB5Xu4

— Token Terminal (@tokenterminal) August 25, 2022

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The usage of the Synthetix platform for atomic swaps by DeFi protocols 1inch and Curve has resulted in a significant increase in fee income, driving additional traffic to the protocol. In June, the protocol’s daily fee revenue topped $1 million, which was four times that of Bitcoin.

Synthetix now charges a seven-day average of $158,857 in fees, which is somewhat less than Bitcoin’s seven-day average of $222,651.

Stakers get all SUSD stablecoin fees from protocol users. The current APY for stakers owing to SNX incentives and SUSD costs is over 67%, although this is anticipated to decline closer to 15%-20% if based only on’real yield’ from SUSD fees.

In a Thursday Twitter post, Warwick — also known as the “father of modern agriculture” for popularizing DeFi yield farming — stated that after preliminary conversations, he felt ‘SIP-276: Turn off the money printer’ had a “good chance” of passing. The suggestion will be formalized in a presentation next week.

Just proposed a SIP to end SNX inflation at 300m tokens in ten weeks. After informal discussions today, it seems like it has a decent chance of passing. A formal presentation is planned for next week. Inflation was designed to bootstrap the network and it has done the job.

— kain.eth (✨🔴_🔴✨) (@kaiynne) August 25, 2022

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If SIP-276 is approved by the Synthetix governance community, 10 periodic payments of 675,000 SNX tokens will be added to the existing total supply of 293 million tokens in order to achieve the 300 million threshold, after which inflation would be terminated forever.

Twitter user “Synthaman” was particularly upbeat, writing, “#SNX is set to become a rare commodity with inflation heading to ZERO…” Others are unsure what SIP-276 will entail for the protocol in the long run.

Delphi Digital, an analyst firm, stated that with Synthetix shortly ceasing the issue of SNX tokens, the protocol faced the problem of keeping its present user base as well as attracting new users with organic income in a market where yield is available.

#Synthetix protocol's token, #SNX, is about to become rare commodity with inflation going to ZERO… pic.twitter.com/QtqAX1QYtW

— SynthaMan (@SNXified) August 25, 2022

It remains to be seen if decentralized finance (DeFi) protocols like Synthetix can draw enough stakeholders solely on fee revenue, or how the termination of SNX inflation will affect the SNX token price, which is now $3.04, up 10.5% in the previous week.

Warwick also mentioned that a formal presentation on SIP-276 will take place next week and that if passed, it will be incorporated into Synthetix’s governance process.

Read the latest crypto news.

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: money printersnxsnx newssynthetix
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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