Synthetix Ends SNX Token Inflation

Synthetix stakers no longer need to claim a weekly SNX inflationary reward.

Synthetix Ends SNX Token Inflation

Quick Take

  • ​​Synthetix ends SNX token inflation.
  • EigenLayer unviels twelve AVS’s.
  • Pike Finance deploys on testnet.
  • Warren introduces a new anti-crypto bill.

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Synthetix Ends SNX Token Inflation

Synthetix governance has successfully approved and implemented SIP-2043, a proposal that puts an end to SNX token inflation. Synthetix stakers no longer need to claim a weekly SNX inflationary reward. Instead, a new SNX buyback and burn strategy will benefit all SNX holders as part of the upcoming Andromeda upgrade. Synthetix trading fees are now distributed to stakers automatically on a weekly basis. Users can still use SNX as collateral to take out a 0% interest sUSD loan. Borrowers will still need to actively manage their debt positions to remain above the liquidation threshold. The change led to a new 2023 all-time high for SNX.

EigenLayer Unviels 12 Initial AVS

EigenLayer unveiled 12 initial Actively Validated Services (AVS) for its restaking protocol. After EigenDA, AVSs set to operate on EigenLayer include AltLayer, Backless, Drosera Network, EspressoSys, Ethos, Heimdall Labs, Hyperlane, Language, NEAR, Omni, Silence Laboratories, and Witness Chain. Restakers can delegate their stake to node operators who choose to support AVSs. AVSs benefit from a robust network of nodes supported by the economic security of Ethereum restakers. Both restakers and node operators earn rewards for servicing AVSs. Currently, EigenLayer is in the second of three launch phases. The current phase involves bringing node operators online, setting the stage for the final phase where AVSs will be operational.

Pike Finance Deploys On Testnet

Pike Finance deployed its cross-chain liquidity protocol on Ethereum, Optimism, Arbitrum, and Base Goerli testnets. The protocol allows users to lend assets on one chain and borrow assets on another chain, without having to bridge. Pike is built on Wormhole’s Cross-Chain Data Messaging as well as Circle’s Cross-Chain Transfer Protocol (CCTP). The testnet release allows users to mint faucet tokens, deposit assets, borrow against collateral on different chains, repay loans, and withdraw testnet funds. Pike aims to streamline cross-chain liquidity to enable a seamless cross-chain borrowing and lending experience. The protocol also plans to support non-EVM chains.

Digital Asset Anti-Money Laundering Act

Senator Elizabeth Warren introduced the Digital Asset Anti-Money Laundering Act, a new bill that seeks to extend the Bank Secrecy Act (BSA) to include blockchain infrastructure providers. The bill would require wallet providers, validators, and defi front ends to implement KYC. The bill also prohibits the entities from using privacy-focused cryptocurrencies or tools. Coin Center has advocated for the bill's complete opposition.

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