Bitcoin
Bitcoin (BTC)
$62,843.00 1.14208
Bitcoin price
Ethereum
Ethereum (ETH)
$2,460.13 1.29157
Ethereum price
BNB
BNB (BNB)
$570.03 1.32299
BNB price
Solana
Solana (SOL)
$146.69 1.72398
Solana price
XRP
XRP (XRP)
$0.534913 0.72147
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.19614
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000102 9.09053
Pepe price
Bonk
Bonk (BONK)
$0.0000225 9.55682
Bonk price
Bitcoin
Bitcoin (BTC)
$62,843.00 1.14208
Bitcoin price
Ethereum
Ethereum (ETH)
$2,460.13 1.29157
Ethereum price
BNB
BNB (BNB)
$570.03 1.32299
BNB price
Solana
Solana (SOL)
$146.69 1.72398
Solana price
XRP
XRP (XRP)
$0.534913 0.72147
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.19614
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000102 9.09053
Pepe price
Bonk
Bonk (BONK)
$0.0000225 9.55682
Bonk price
Bitcoin
Bitcoin (BTC)
$62,843.00 1.14208
Bitcoin price
Ethereum
Ethereum (ETH)
$2,460.13 1.29157
Ethereum price
BNB
BNB (BNB)
$570.03 1.32299
BNB price
Solana
Solana (SOL)
$146.69 1.72398
Solana price
XRP
XRP (XRP)
$0.534913 0.72147
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.19614
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000102 9.09053
Pepe price
Bonk
Bonk (BONK)
$0.0000225 9.55682
Bonk price
Bitcoin
Bitcoin (BTC)
$62,843.00 1.14208
Bitcoin price
Ethereum
Ethereum (ETH)
$2,460.13 1.29157
Ethereum price
BNB
BNB (BNB)
$570.03 1.32299
BNB price
Solana
Solana (SOL)
$146.69 1.72398
Solana price
XRP
XRP (XRP)
$0.534913 0.72147
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000179 3.19614
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000102 9.09053
Pepe price
Bonk
Bonk (BONK)
$0.0000225 9.55682
Bonk price

Synthetix halts SNX token inflation, pivots to buyback and burn strategy

synthetix-halts-snx-token-inflation-pivots-to-buyback-and-burn-strategy
Edited by
Markets
Synthetix halts SNX token inflation, pivots to buyback and burn strategy

Members of the Synthetix derivatives protocol community have given the green light to a governance proposal, SIP-2043, which seeks to halt the inflation of the SNX token.

The latest change paves the way for new strategies, including token buybacks and burns, scheduled for the upcoming Andromeda software release.

With the end of inflation, stakers on Synthetix will no longer need to claim their weekly inflationary token rewards.

The protocol’s future direction involves utilizing trading fees to facilitate token buybacks and burns. This strategy aims to decrease the token supply by using fees generated within the protocol to purchase and subsequently burn SNX tokens.

The Synthetix token has responded positively to this development, reaching a yearly peak with its price climbing to $4.91, as per data by CoinMarketCap.

Synthetix halts SNX token inflation, pivots to buyback and burn strategy - 1
SNX 24-hour price chart | Source: CoinMarketCap

The token has also experienced a 65% surge over the past month and an impressive 150% increase over a year. Despite these gains, the token’s value remains 82% lower than its all-time high in February 2021.

Currently, the Synthetix token has a circulating supply of around 300 million, leading to a fully diluted market capitalization of $1.53 billion.

The platform enables decentralized derivatives trading, with its liquidity pools holding over $890 million in total value, spanning the Ethereum and Optimism Layer 2 networks.