Synthetix ExchangeThe Kwenta Token Migration
The swap interface for migrating your KWENTA tokens to SNX is now live. This migration unlocks opportunities to participate in the Synthetix system and DAO, where your SNX tokens can be staked and used to help govern the protocol. Follow the simple steps below to ensure a smooth transition and start vesting your tokens today. For more details about the unification with Synthetix, check out this blog.Key Details About Token VestingTokens began vesting on November 12th, even if you haven’t depo...
Synthetix ExchangeKwenta x Synthetix: Next Steps
Following the unification announcement, we’re now entering the next phase of the transition. This stage focuses on streamlining token migration, refining incentives, and ensuring traders experience a smooth shift as Kwenta evolves into Synthetix Exchange.Social Media UpdatesKwenta’s community spaces are evolving to support this transition while ensuring traders and community members continue to have access to resources and support.Discord ChangesWhile most channels will be archived, key chann...
Synthetix ExchangeKwenta x Synthetix: A Unified Future
Today marks a monumental step forward for both Kwenta and Synthetix. Following the approval of KIP-138 by the Kwenta community and SIP-411 by the Synthetix community, the two projects will now reunite under a single mission: to build the most powerful decentralized derivatives platform in DeFi.Why Was This Decision Made?This unification brings Kwenta full circle. Originally launched in 2021 as an independent protocol through SIP-179, Kwenta was designed to be a dedicated front end for Synthet...
Kwenta has been acquired by Synthetix. Please follow along at https://blog.synthetix.io/ Trading is live at https://exchange.synthetix.io/
Synthetix ExchangeThe Kwenta Token Migration
The swap interface for migrating your KWENTA tokens to SNX is now live. This migration unlocks opportunities to participate in the Synthetix system and DAO, where your SNX tokens can be staked and used to help govern the protocol. Follow the simple steps below to ensure a smooth transition and start vesting your tokens today. For more details about the unification with Synthetix, check out this blog.Key Details About Token VestingTokens began vesting on November 12th, even if you haven’t depo...
Synthetix ExchangeKwenta x Synthetix: Next Steps
Following the unification announcement, we’re now entering the next phase of the transition. This stage focuses on streamlining token migration, refining incentives, and ensuring traders experience a smooth shift as Kwenta evolves into Synthetix Exchange.Social Media UpdatesKwenta’s community spaces are evolving to support this transition while ensuring traders and community members continue to have access to resources and support.Discord ChangesWhile most channels will be archived, key chann...
Synthetix ExchangeKwenta x Synthetix: A Unified Future
Today marks a monumental step forward for both Kwenta and Synthetix. Following the approval of KIP-138 by the Kwenta community and SIP-411 by the Synthetix community, the two projects will now reunite under a single mission: to build the most powerful decentralized derivatives platform in DeFi.Why Was This Decision Made?This unification brings Kwenta full circle. Originally launched in 2021 as an independent protocol through SIP-179, Kwenta was designed to be a dedicated front end for Synthet...
Kwenta has been acquired by Synthetix. Please follow along at https://blog.synthetix.io/ Trading is live at https://exchange.synthetix.io/
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Today, a highly anticipated upgrade is coming to Kwenta's staking mechanism, designed to maximize rewards for our loyal $KWENTA stakers and streamline our fee distribution process. These changes, approved through KIP-125 and KIP-127, mark a new era in Kwenta's staking ecosystem. Let's break down these changes and what they mean for you as a $KWENTA staker.
While the KIPs referenced above approved rewards distribution to stakers and outlined a technical approach, there are four main changes to staking which enable these rewards, and which are now active.
We're implementing a new default policy for fee distribution. Fee share from new and future integrated protocols will be redistributed to KWENTA stakers on Optimism. This includes new integrations like Perennial on Arbitrum and any future protocol integrations. The treasuryDAO will manage the capture, bridging, and redistribution of these fees, and $KWENTA stakers directly benefit from the platform's growth.
KWENTA and USDC The StakingRewards contract has been upgraded to support both $KWENTA and $USDC rewards. This means you'll now earn two types of tokens for your staking efforts.
$KWENTA: Continues to accrue from inflationary rewards and early vest fees.
$USDC: Continuously streams as fee share from Synthetix, Perennial, and future integrations are sent to the contract.
This technical upgrade allows the immediate start of all $USDC rewards, including the backlog of rewards since the launch of Synthetix v3. This rewards backlog will be distributed at 10,000 $USDC per week in addition to ongoing rewards. By spreading the distribution of the $USDC backlog over time, long term stakers are rewarded.
We've revamped how USDC rewards accrue and distribute. Now, USDC rewards will accrue continuously with weekly additions to the StakingRewards contract. There's no longer a need to wait for large thresholds, ensuring more predictable and frequent rewards, especially benefiting smaller stakers.
Okay, this all sounds great. But how do I take advantage of this new change as a staker, or potential staker?
You’re already earning! These upgrades will automatically apply to your staked tokens. You can see your accrued USDC rewards on the staking page and claim at any time.
If you’d like to stake your $KWENTA, ensure that your $KWENTA tokens are on the Optimism network. If you have tokens on another network, you can bridge to Optimism via Celer Bridge. If you don’t yet have $KWENTA tokens, you can get $KWENTA on the Optimism network using your favorite swap aggregator (we like LlamaSwap, but it’s up to you!)
Once your tokens are on Optimism, simply visit our staking page and consult our documentation for step-by-step instructions.
This change represents the first of several planned changes to Kwenta’s tokenomics system. By enabling $USDC streaming, Kwenta is laying the foundation for our revolutionary $KSX upgrade, described in KIP-123. $KSX, a liquid staking derivative built on the $KWENTA token, will enable automated buybacks and compounding in a multichain token designed to provide deeper liquidity and a simple user experience.
These tokenomics upgrades work alongside Kwenta’s new integrations and chain expansions as we unveil Kwenta’s innovative derivatives marketplace — a powerful one-stop-shop for onchain leverage.
If you haven't already, join the Kwenta community on Discord.
To be the first to learn about new updates to Kwenta, follow us on Twitter.
To trade synthetic assets and futures, visit Kwenta.
Today, a highly anticipated upgrade is coming to Kwenta's staking mechanism, designed to maximize rewards for our loyal $KWENTA stakers and streamline our fee distribution process. These changes, approved through KIP-125 and KIP-127, mark a new era in Kwenta's staking ecosystem. Let's break down these changes and what they mean for you as a $KWENTA staker.
While the KIPs referenced above approved rewards distribution to stakers and outlined a technical approach, there are four main changes to staking which enable these rewards, and which are now active.
We're implementing a new default policy for fee distribution. Fee share from new and future integrated protocols will be redistributed to KWENTA stakers on Optimism. This includes new integrations like Perennial on Arbitrum and any future protocol integrations. The treasuryDAO will manage the capture, bridging, and redistribution of these fees, and $KWENTA stakers directly benefit from the platform's growth.
KWENTA and USDC The StakingRewards contract has been upgraded to support both $KWENTA and $USDC rewards. This means you'll now earn two types of tokens for your staking efforts.
$KWENTA: Continues to accrue from inflationary rewards and early vest fees.
$USDC: Continuously streams as fee share from Synthetix, Perennial, and future integrations are sent to the contract.
This technical upgrade allows the immediate start of all $USDC rewards, including the backlog of rewards since the launch of Synthetix v3. This rewards backlog will be distributed at 10,000 $USDC per week in addition to ongoing rewards. By spreading the distribution of the $USDC backlog over time, long term stakers are rewarded.
We've revamped how USDC rewards accrue and distribute. Now, USDC rewards will accrue continuously with weekly additions to the StakingRewards contract. There's no longer a need to wait for large thresholds, ensuring more predictable and frequent rewards, especially benefiting smaller stakers.
Okay, this all sounds great. But how do I take advantage of this new change as a staker, or potential staker?
You’re already earning! These upgrades will automatically apply to your staked tokens. You can see your accrued USDC rewards on the staking page and claim at any time.
If you’d like to stake your $KWENTA, ensure that your $KWENTA tokens are on the Optimism network. If you have tokens on another network, you can bridge to Optimism via Celer Bridge. If you don’t yet have $KWENTA tokens, you can get $KWENTA on the Optimism network using your favorite swap aggregator (we like LlamaSwap, but it’s up to you!)
Once your tokens are on Optimism, simply visit our staking page and consult our documentation for step-by-step instructions.
This change represents the first of several planned changes to Kwenta’s tokenomics system. By enabling $USDC streaming, Kwenta is laying the foundation for our revolutionary $KSX upgrade, described in KIP-123. $KSX, a liquid staking derivative built on the $KWENTA token, will enable automated buybacks and compounding in a multichain token designed to provide deeper liquidity and a simple user experience.
These tokenomics upgrades work alongside Kwenta’s new integrations and chain expansions as we unveil Kwenta’s innovative derivatives marketplace — a powerful one-stop-shop for onchain leverage.
If you haven't already, join the Kwenta community on Discord.
To be the first to learn about new updates to Kwenta, follow us on Twitter.
To trade synthetic assets and futures, visit Kwenta.
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