April 9, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
đTLDR
- Synthetix Accounts Live!
- Gasless, 1-Click Trading: No gas fees or waiting for confirmations.
- Simple Onboarding: Sign up with email, Google, or passkeyâââno seed phrases.
- Self-Custody: Full control over funds, export keys anytime.
- Fast Trading: Instant access to Perps markets.
- Seamless Experience: Deposit and trade without multiple transactions or wallet pop-ups.
- SNX Stackathon:
- Weekly Rewards: Earn SNX for depositing or âswidgingâ SNX on Infinex (April 7âMay 18).
- Reward Rate Estimates:
- â1M SNX deposits = 52% APR
- 2M SNX deposits = 26% APR
- 5M SNX deposits = 10% APR
- Weekly Raffle: Win prizes like ETH and SNXâââ1 entry per 500 SNX deposited.
- Solo Staking Deprecation:
- Migration to V3 is happening now.
- Positions on V2X still visible at Synthetix Liquidity.
- Force liquidations start for solo stakers below 160% c-ratio, with recovery options available.
- Other News:
- Earn $MASS: Trade Synthetix Perps V3 on Mass app to earn $MASS tokens!
Spartan Council and SIPÂ updates
First up, in exciting news, Synthetix Accounts are live! This is a smart wallet built for on-chain perps tradingâââsimply open a Futures Account, deposit straight from a centralized exchange, and start trading instantly. Not only that, but Synthetix Accounts boasts:
- Gasless, 1-Click Trading: No more waiting for transaction confirmations or paying gas fees. Synthetix handles that for you, making it fast and cost-effective.
- Simple Onboarding: You can sign up and get started using just an email, Google account, or passkeyâââno need for seed phrases or additional extensions.
- Full Control with Self-Custody: Even though the process is simplified, your funds remain on-chain and under your control. You can still export your keys at any time.
- Fast Trading: Start trading on Perps markets within seconds after depositing your funds. Options like USDC, ETH, cbBTC, and cbETH are available on Base.
- Seamless Experience: Once youâve created an account, you simply need to deposit margin and start tradingâââno more cumbersome steps like signing multiple transactions or dealing with wallet pop-ups.
Synthetix Exchange said theyâve been cooking, and theyâve been doing just thatâââmaking DeFi more accessible and user friendly one UX upgrade at a time. Now you can login, deposit, and trade over 100 perps markets with no confirmation and no hassle. Your funds stay on-chain and in your control, and because itâs tied to your email or Google account, you can access your account from different devices, making trading more flexible.
In other news, SNX Stackathon has just begun, where SNX holders can earn weekly SNX rewards and prizes on Infinex. Synthetix and Infinex have teamed up for this campaign, where Infinex users who deposit or âswidgeâ (swap or bridge) SNX tokens starting April 7th are eligible for weekly rewards. The campaign is part of a lead-up to the launch of SNX staking on Infinexâs âEarnâ page.
This rewards program will run for 6 weeks, and a total of 10,000 SNX will be distributed every week. Users will earn a pro-rata share of this, depending on how much SNX you have deposited. And the reward rate will change based on the total value locked (TVL) in the campaign.
The rewards are estimated to be:
- At 1M SNX deposits: 52% APR
- At 2M SNX deposits: 26% APR
- At 5M SNX deposits: 10% APR
But you can follow the current total SNX deposits through the Infinex TVL dashboard.
On top of weekly rewards, there will be a weekly raffle with prizes for SNX holders, where you get 1 raffle entry for every 500 SNX in your Infinex account. So the more SNX you hold, the better your chances! The prizes will be:
- 1st & 2nd winners: 1 Patron (likely a special or VIP reward)
- 3rd winner: 1 ETH
- 4th winner: 2,000 SNX
- 5th winner: 1,000 SNX
To participate all you have to do is create an Infinex account if you havenât already, and deposit or swidge SNX to start earning rewards and enter the weekly prize pool.
Next, Synthetix announced that the first phase of solo staking deprecation has begun. This means that everyone is getting migrated to V3. If youâre staked on V2X, donât worry, your SNX hasnât disappeared. You can still find your position at https://liquidity.synthetix.io/.
Liquidations below 160% will continue to take place, and as previously mentioned, the c-ratio will start increasing this week to force-liquidate solo staking positions. Those who are force liquidated above 160% will be able to recover their position (SNX + Debt) over the next 6 months.
Lastly, for a quick update from our partners at Mass, you can now earn $MASS token by trading Synthetix Perps V3 on Mass. Download the app and start earning!
