{"id":181717,"date":"2021-02-05T12:59:34","date_gmt":"2021-02-05T12:59:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=181717"},"modified":"2021-02-05T13:00:43","modified_gmt":"2021-02-05T13:00:43","slug":"synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users\/","title":{"rendered":"Synthetix (SNX) &#8216;Bellatrix&#8217; update makes &#8220;shorting&#8221; easy for DeFi users"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Yesterday saw the launch of an easy \u201cshorting\u201d provision for users of the DeFi app, shooting the prices of its token by 11%.<\/span><\/p>\n<h2><b>You can now short on Synthetix<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Decentralized finance app <a href=\"https:\/\/cryptoslate.com\/coins\/synthetix-network-token\/\">Synthetix (SNX)<\/a> saw the deployment of the \u201cBellatrix\u201d update yesterday, as per a release. The update opens up newer on-chain capabilities for users.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Synthetix is one of the crypto market\u2019s \u201cDeFi blue chips.\u201d It allows users to create, manage, and trade synthetic assets\u2014instruments that imitate another investment, such as futures, options, or swaps, or a combination of them all\u2014atop the Ethereum blockchain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bellatrix was a major upgrade for Synthetix, as it now allows users to bet against\u2014or go \u201cshort\u201d on\u2014crypto assets and profit from the downward movement.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1) Yesterday Synthetix launched a new shorting mechanism, which also includes an SNX incentive \u2014\u00a0earn SNX for taking (currently) zero-interest shorts against sBTC and sETH! <a href=\"https:\/\/t.co\/JuK5FvJ0Pu\">https:\/\/t.co\/JuK5FvJ0Pu<\/a><\/p>\n<p>&mdash; Synthetix \u2694\ufe0f (@synthetix_io) <a href=\"https:\/\/twitter.com\/synthetix_io\/status\/1357482172655964161?ref_src=twsrc%5Etfw\">February 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As per a post, the following assets were offered\/developments that occurred as part of the update:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SIP-101: The introduction of new crypto Synths. This involved the addition of several new cryptocurrency \u201cSynths\u201d and their corresponding <\/span><i><span style=\"font-weight: 400;\">Inverse<\/span><\/i><span style=\"font-weight: 400;\"> Synths for the following assets: AAVE (AAVE), Uniswap (UNI), Yearn (YFI), Polkadot (DOT), REN (REN), Compound (COMP).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SIP-108: Shorting rewards. This now incentivizes users with SNX rewards from the synthetixDAO to open shorts against sBTC and sETH.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SIP-109: Add Synth exchange suspension support. This SIP adds support for the <\/span>restriction of specific Synth exchanges during market closures without preventing them from being transferred.<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SIP-95: Delist s\/iBCH \u2014 The delisting of Bitcoin Cash products from Synthetix. This was earlier decided in November 2020 ahead of a \u201cpotentially contentious\u201d BCH fork. Community governance decided for delisting, and yet another community governance decided for a reconsideration of that. The latter failed to meet consensus, and the delisting will hence go ahead.<\/span><\/li>\n<\/ol>\n<h2><b>Rewards for stakers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With the launch, the next 4 weeks would see the synthetixDAO pay over 8000 SNX ($168,000) per week to sBTC shorts and 8000 SNX per week to sETH shorts (a total of over $336,000 per week at current prices). Tokens will be distributed on a pro-rata basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe motivation for this is that the debt pool is still heavily skewed toward sBTC and sETH, and in the context of a bull market this skew represents a significant risk to SNX stakers,\u201d said Synthetix in a tweet.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">3) The motivation for this is that the debt pool is still heavily skewed toward sBTC and sETH, and in the context of a bull market this skew represents a significant risk to SNX stakers.<\/p>\n<p>&mdash; Synthetix \u2694\ufe0f (@synthetix_io) <a href=\"https:\/\/twitter.com\/synthetix_io\/status\/1357482175755505664?ref_src=twsrc%5Etfw\">February 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, SNX rose over 11% as the update was rolled out. As seen in the below chart, it trades firmly above its 34-period exponential moving average, a popular tool used by traders to monitor the trend of an asset.<\/span><\/p>\n<figure id=\"attachment_181720\" aria-describedby=\"caption-attachment-181720\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-181720\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download.png\" alt=\"\" width=\"1805\" height=\"856\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download.png 1805w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download-1024x486.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/download-1536x728.png 1536w\" sizes=\"(max-width: 1805px) 100vw, 1805px\" \/><figcaption id=\"caption-attachment-181720\" class=\"wp-caption-text\">Image: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The asset has a $3 billion market cap at writing time with over 147 million SNX tokens in supply.<\/span><\/p>\n<p>For more information, explore all <a href=\"http:\/\/cryptoslate.com\/cryptos\/defi\">DeFi coins<\/a> on CryptoSlate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday saw the launch of an easy \u201cshorting\u201d provision for users of the DeFi app, shooting the prices of its token by 11%. You can now short on Synthetix Decentralized finance app Synthetix (SNX) saw the deployment of the \u201cBellatrix\u201d update yesterday, as per a release. The update opens up newer on-chain capabilities for users. [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":181722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,37,6849],"tags":[65529],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synthetix (SNX) &#039;Bellatrix&#039; update makes &quot;shorting&quot; easy for DeFi users<\/title>\n<meta name=\"description\" content=\"Decentralized finance app Synthetix (SNX) saw the deployment of the \u201cBellatrix\u201d update yesterday, as per a release.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Synthetix (SNX) &#039;Bellatrix&#039; update makes &quot;shorting&quot; easy for DeFi users\" \/>\n<meta property=\"og:description\" content=\"Decentralized finance app Synthetix (SNX) saw the deployment of the \u201cBellatrix\u201d update yesterday, as per a release.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-05T12:59:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-05T13:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/defi-short.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/synthetix-snx-bellatrix-update-makes-shorting-easy-for-defi-users\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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