Synthetix Volume Surges on Optimism Incentive Program
Traders Will Be Eligible To Earn Optimism Token Rewards During The 20-Week Campaign
By: Tarang Khaitan •DeFi News
Volume on Synthetix is surging after the decentralized derivatives exchange started distributing Optimism tokens.
Average 7-day volume on Synthetix soared to $115M from $51M, while 7-day average fees doubled to $90,000 from $45,000, according to a Dune Analytics dashboard. Most trading activity took place on Kwenta, a Synthetix-based exchange for trading perpetual futures.
Users trading on the platform will be eligible to earn OP tokens for 20 weeks. The first few weeks are the “ramping up” period. 10,000 OP tokens will be distributed in week one, while rewards will increase to 10,000 per week in the next two weeks.
From week four until the end of the program, 300,000 OP tokens will be handed out on a weekly basis.
In total, Synthetix will handout more than 5.3 million OP tokens, worth approximately $12.8M, during the course of the program.
Users will need to have at least $1,501 of sUSD debt to be eligible to multiply their bonus.
Investors are buying up governance tokens of perpetuals protocols, with the assets outperforming BTC and ETH this week.
Synthetix’s SNX token is up 4% in the past 7 days, while dYdX’s token, another key player in the perpetuals swap space, saw its governance token increase by 9% during the same period.
GMX, the token of Synthetix’s primary rival, climbed to an all-time high this week.
Increasing Trading Pairs
Synthetix Perps V2, another Synthetix-based perpetuals trading platform, is adding new trading pairs at an accelerated rate in a bid to retain traders on its platform.
The exchange has added trading pairs for ATOM, FTM, NEAR, among others.