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Decentralized Liquidity Platform Synthetix Sees Jump in Fees Collected Amid Incentive Campaign
The protocol generated more than $730,000 in fees on Thursday ahead of the start of its allocation of 200,000 OP tokens per week to traders.
Updated May 9, 2023, 4:11 a.m. Published Mar 31, 2023, 6:05 p.m.
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The attempt by Synthetix – a decentralized liquidity platform that tries to lure more trading activity by dangling an incentive of Optimism tokens – appears to be starting to pay off.
The service collected $730,000 in trading fees on Thursday, the highest daily level since last June, according to data from crypto stats website DefiLlama. Synthetix charges fees to traders who use the platform and distributes them to those who stake its SNX token.
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The surge comes ahead of Synthetix's weekly allocation of 200,000 OP, Optimism’s governance tokens, to traders over the span of 17 weeks, according to improvement proposal 2003. Estimated to begin in the first week of April, the OP distribution is meant to generate more activity on the protocol.
This hasn't, so far, helped the price of SNX, though. SNX fetched about $2.50 at press time, down roughly 4% in the past seven days.
Update: Friday, March 31, 2023, 18:37 UTC: Adds information about the weekly allocation of OP tokens in the subhead and third paragraph.
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