Crypto Analyzer

Synthetix Expands Offerings with SUI & Solana Perps Approval

The world of decentralized finance (DeFi) continues to evolve, and one of the leading protocols in this space, Synthetix, is set to broaden its product offerings across different blockchain ecosystems. Synthetix recently approved two significant proposals aimed at expanding its services to SUI and Solana blockchains.

The first proposal, known as STP-17, focuses on establishing a working group for SUI Perpetuals (Perps) to facilitate the integration of Perps into the SUI blockchain. The second proposal, STP-18, is geared towards creating the Solana Perps Working Group to enable the integration of Synthetix Perps on the Solana blockchain.

With the approval of these proposals, Synthetix is taking a significant step beyond its roots on the Ethereum blockchain. These initiatives underscore Synthetix’s commitment to enhancing accessibility and interoperability within the DeFi landscape.

The proposals highlight the importance of redesigning Synthetix’s logic to enable the Synthetic Protocol to be deployed on various chains. By constructing a stand-alone vault and market factory contract implementation for Synthetic perps, Synthetix aims to facilitate its move and deployment to SUI and Solana.

According to STP-17, a total of 290,000 SNX will be allocated to fund the completion, deployment, and operation of Synthetic Prps on SUI over a 12-month period. On the other hand, STP-18 specifies the allocation of 430,000 SNX and 400,000 USDC to support the development, deployment, and operation of Synthetic Preps on Solana within the same timeframe.

The community is eagerly anticipating the launch of Synthetix Perps on Solana and SUI, recognizing it as a significant milestone in the protocol’s journey towards wider adoption and utility. As the working groups gear up to implement these projects, the DeFi ecosystem stands to benefit from enhanced innovation and cross-chain integration.

The approval of these proposals marks a significant development for Synthetix, underscoring its commitment to pushing the boundaries of DeFi and embracing the opportunities presented by emerging blockchain ecosystems.

Stay tuned for more updates on Synthetix’s expansion into the SUI and Solana blockchain networks as these initiatives unfold in the coming months.