DeFi Protocol Synthetix Launches New Staking Platform

Synthetic token DeFi protocol Synthetix has just launched a new platform with a range of staking and earning options for users.

The decentralized finance protocol stated that the new interface has been rethought from the ground up to provide the best staking experience for holders of its native SNX token.

The new staking dApp aligns with a rebrand that occurred earlier in the year it added.

Say hello to the brand new dApp for staking on Synthetix! https://t.co/o4ks9nt8lb

The new interface has been rethought from the ground up to provide the best staking experience for SNX holders. 1/https://t.co/wcPTmDv8nW

— Synthetix ⚔️ (@synthetix_io) December 22, 2020

Staking on Synthetix

The platform has bundled the minting and burning processes into a single staking screen, as it’s rare that stakers will need to do them both at the same time, the announcement added.

There is also a new earn section, just like on Binance, which offers several different ways to earn yield in the Synthetix ecosystem. There is also information available on what impact minting or burning tokens will make on current statuses in addition to a percentage-based APY estimate for upcoming rewards at the end of the epoch.

When asked about Layer 2 scaling options, one of the engineers replied ‘coming soon’.

Tuesday, Dec. 22 also marks the launch of a protocol upgrade called the Shaula release which implements several SIPs (Synthetix Improvement Proposals). Three major improvements include multi-collateral loans, resolver and cache improvements, and the ability to perform sUSD shorts.

“This mechanism provides an alternative to iSynths for users seeking inverse price exposure. While these positions require collateral, they return the sUSD proceeds of the sale to the shorter, which can then be deployed productively throughout DeFi.”

DeFi Market Update

Synthetix is currently the seventh-largest DeFi protocol in terms of total value locked according to Defipulse.com. That TVL level is currently $960 million placing it just behind SushiSwap which has over a billion dollars locked.

Its native SNX token has retreated 3.7% on the day along with a general crypto market pullback. At the time of writing SNX was trading a little over $6, not far off its all-time high of $7.45 in early September. It has been one of the best performing DeFi assets in 2020 with a gain of 400% since the beginning of the year.

TVL across all DeFi protocols has also retreated a little to around $16 billion as markets cool off.