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Synthetix V3 Goes Live On Arbitrum

Users can initially deposit ARB, ETH, and USDC to earn Arbitrum LTIP rewards distributed by Synthetix.

Quick Take

  • Synthetix V3 goes live on Arbitrum.

  • A vote to deploy GHO cross-chain goes live.

  • Ronin introduces its zkEVM on Polygon CDK.

  • Devcon opens its raffle ticket auction.

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Synthetix V3 Goes Live On Arbitrum

Synthetix V3, the latest version of the derivatives trading protocol, is now live on Arbitrum One with initial support for ETH, ARB, and USDC deposits. Synthetix is distributing ARB LTIP rewards to early liquidity providers. Synthetix V3 introduces multiple collateral types, cross-margin trading, enhanced account-based access controls, and revamped liquidation mechanisms. The launch also includes USDx, a stablecoin native to Arbitrum. Over the upcoming weeks, Synthetix plans to extend its collateral options to include sUSDe, USDe, stETH, and weETH. Synthetix Perps V3 will go live once the protocol achieves sufficient liquidity on Arbitrum. The deployment marks the fourth chain on Synthetix V3, following Ethereum, OP Mainnet, and Base.

Vote To Deploy GHO On Arbirtum

A proposal to deploy Aave's GHO stablecoin natively on other blockchains, starting with Arbitrum, is now live for a governance vote. The initiative aims to improve the liquidity, accessibility, and cross-chain interoperability of the GHO stablecoin. The deployment will leverage the Chainlink Cross-Chain Interoperability Protocol (CCIP), which uses a lock/burn and release/mint mechanism for bridging. Ownership of the bridge contract will be transferred to the Aave DAO, allowing it to manage liquidity flow limits, interest rates, and risk parameters. GHO can be borrowed against any collateral on Aave V3. To date, users have minted over 85 million GHO. stAAVE holders also benefit from a 30% discount on the GHO borrow rate. The voting period will conclude on June 21st.

Ronin zkEVM Built On Polygon CDK

The Ronin Network, a L1 blockchain designed for gaming, introduced Ronin zkEVM, a new Layer 2 network built using Polygon's CDK. Ronin zkEVM aims to offer low network fees and fast processing times to support the high transaction throughput demands of gaming applications. It uses ZKPs for transaction validation. Transactions will be settled on Ronin mainnet, ensuring secure data availability for its Layer 2 chain. The Ronin zkEVM will support the use of any ERC-20 token available on the Ronin network for gas fees. It can also tap into Polygon’s AggLayer to access unified liquidity. The first zkEVM chain is anticipated to launch in Q1 2025.

Devcon VII Ticket Raffle Auction

The raffle auction for Devcon VII tickets is now live, offering attendees the opportunity to bid on 184 discounted tickets priced at 0.08 ETH each. Participants need to verify their Gitcoin passport with a score over 20 to ensure Sybil-resistance. The auction is hosted on Arbitrum and will conclude on July 9th. Devcon VII is set to take place in Bangkok, Thailand, from November 12-15.

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