Synthetix (SNX), a decentralized liquidity protocol, is entering a new era with the recent release of Andromeda, an upgrade that brought deflation to the protocol's Perps V3 engine .
According to the update shared on its official Finance.
This deflationary push by Synthetix depends on the fair distribution of fees generated by the protocol through its multi-chain implementation.
According to the fee allocation table suggested on Base, 40% will be allocated to buying back and burning SNX, 20% will go to Perps Integrator, and USDC liquidity providers will receive 40% of the remaining funds.
The Andromeda buyback and burn upgrade is part of SIP-345, which brings more than just deflation changes to the Synthetix ecosystem.
The liquidity provider has also expanded its collateral base with the addition of USDC on Base.
Synthetix's goal upon release is multifaceted and besides enhancing the overall prospects of the protocol by shrinking the SNX supply, it also makes it more attractive to developers, traders and liquidity providers among other stakeholders.
Synthetix (SNX) Price Impact
Synthetix is one of the leading DeFi protocols with compelling price action set to deliver long-term gains after this deflationary upgrade.
Based on the basic laws of supply and demand, the possibility of a decrease in Synthetix supply and a possible spike in #SNX accumulation could push the price to new highs.
At the time of writing, Synthetix is trading at $3.47, up 2.47% over the past 24 hours, an impressive performance at a time when most altcoins are trending down.
#Synthetix 's latest upgrade mimics protocol-related moves aimed at enhancing its appeal ahead of the bull market cycle.
https://tintucbitcoin.com/synthetix-phat-hanh-ban-nang-cap-andromeda/