Synthetix Announces Token Burn to Tackle Inflation
Derivatives protocol Synthetix has given the green light to the governance proposal SIP-2043, aiming to curb the inflation of the SNX token.
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Derivatives protocol Synthetix has given the green light to the
governance proposal SIP-2043, aiming to curb the inflation of the SNX
token.
The
proposed strategy for creating a deflationary impact involves
repurchasing and subsequently burning tokens, funded by the protocol's
collected trading fees.
This deflationary mechanism is set to be implemented in the upcoming software update, Andromeda.
Currently,
Synthetix holds the highest TVL on Optimism, surpassing $300 million,
as reported by DefiLlama. In response to this development, the SNX token
experienced a notable increase in value, surging over 8% within a day.
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