Synthetix V3 Migration Coming in June, Bringing Buybacks and Burns
CryptoNewsTerminal Staff17 May, 2024
Synthetix V3 Migration Coming in June, Bringing Buybacks and Burns
Synthetix (SNX), the decentralized synthetic asset protocol, has announced that it will undergo a V3 migration next month. The migration will take place on the Ethereum mainnet in June, followed by the Optimism migration. V3 introduces a new buyback and burn mechanism that will use SNX as transaction fees. SNX token holders will benefit from the migration as the buyback and burn mechanism will reduce the circulating supply of SNX, potentially increasing its value. Synthetix's V3 migration is a step towards making the protocol more efficient and sustainable. It is expected that the migration will be a positive development for both SNX and the broader DeFi ecosystem.
