December 5, 2022: Splitting the Atom ⚛️⚡

Synthetix proposes Curve parameter changes for Atomic Swaps v2

Major proposals are facing Curve governance votes at the moment. Some are even proving surprisingly contentious.

Synthetix

We’ve already seen the potential of Synthetix atomic swaps. Their v1 version flexed their power this past summer as they dropped nine figure volumes on the reg.

June 20, 2022: If You Wanna Synthesize, I Empathize 🎹🎛️

Now they’re shipping the newest version.

Synthetix ⚔️ @synthetix_io

Synthetix Atomic Swaps V2 is LIVE! ⚔️ The first two protocols to integrate with SNX Atomic Swaps are @1inch and @CurveFinance, helping to deliver the best fills to DEX traders thanks to SNX's deep liquidity and low fees. Explore how Atomic Swaps work in action, a 🧵 👇

The rollout of Atomic Swaps v2 explains the recent uptick in Synthetix volume you may have noticed recently.

Synthetix ⚔️ @synthetix_io

This new direct integration functionality has been available for two weeks, and users are starting to take notice of the increased volume flowing through Synthetix. 👇

As they complete their rollout, they require some tweaks to their affiliated Curve pools, which serve as the cornerstone of Atomic Swaps infrastructure.

Curve Finance @CurveFinance

With @synthetix_io moving forward with their plan to improve atomic swaps, they submitted a proposal to get A=256 and decrease fee of SUSD and SETH pools dao.curve.fi/vote/parameter… vote.convexfinance.com/#/proposal/0xe… dao.curve.fi/vote/parameter…

vote.convexfinance.comSnapshot

Specifically, they require lowering fees for their major routing between sUSD and sETH — fees which will make for a very competitive pool all around.

In reviewing this,

nagaking

already ran the numbers and found these numbers are solid, provided the primary use case of the pool is for liquidity for Atomic Swaps.

More detail is contained in the affiliated governance forum post. The proposal looks well on its way to passing.

This marks an exciting close to 2022 for the Synthetix team. The team is launching much more than just Atomic Swaps, they’re also releasing Perps v2 and Synthetix v3.

Mr. Mojo @mastermojo83

Synthetix has been building this entire bear market and is releasing three major releases soon. Atomic swaps upgrade (see below), Perps V2 (being released in 2 weeks, and best for last - Synthetix V3! It’s just a matter of time before the market quickly reprices $snx 🔥📈🚀 https://t.co/OlZw7a7H3p

Curve Finance @CurveFinance

With @synthetix_io moving forward with their plan to improve atomic swaps, they submitted a proposal to get A=256 and decrease fee of SUSD and SETH pools https://t.co/Fg8nosuD7D https://t.co/DdNtvpslp1 https://t.co/MVbQ9zzaw0 https://t.co/lynp58kVAc

You might have missed all the action going on under the hood, but devs surely haven’t. The community has been building steadily throughout the bear.

Token Terminal @tokenterminal

Active developers on @synthetix_io ↗️

LONO.eth ♖♖♖ @WayofLono

The @synthetix_io ecosystem will soon expand to fill the void left by FTX. Embrace decentralization. Embrace trustlessness.

Also, blink and you may have missed it… Synthetix is getting picked up by some CME price feeds, along with some other notable tokens.

cavalier.eth @cavalier_eth

so @CMEGroup publishing @synthetix_io @AaveAave @CurveFinance rates from later this month - probably nothing cmegroup.com/media-room/pre…

This era in crypto feels like a great time. Only good things can come when VCs are dropping like flies, yet developer activity is maintaining apace. Not financial advice of course, but keep your eyes fixed firmly on Synthetix…

renBTC

The other big vote on Curve surprised everybody by being more contentious than expected

Curve has been working to sunset nearly every Bitcoin pool due to exposure to the expiring renBTC. In doing so, the team is releasing a new base pool consisting of just WBTC and sBTC (Synthetix BTC).

Despite the seemingly straightforward nature of the proposal, a major whale looked as though they might block the whole process from the get-go.

Curve Finance @CurveFinance

Ohh this vote is getting spicy on Convex. Some whale tries to say "no"

Curve Finance @CurveFinance

Due to renBTC v1 being sunset, a proposal for a new BTC base pool (wbtc<>sbtc) is submitted https://t.co/jXswebxjgn https://t.co/cBXzT9kMzO

This whale owns more vlCVX than Curve itself, and initially tipped this to a no vote.

Since then, the community has rallied more attention to the cause.

CryptoCondom @crypto_condom

🙏 PLEASE support this proposal with your votes. I am personally voting for this with my locked $veCRV as well. $BTC is a staple of defi & using it in defi requires adequate liquidity. TLDR: VOTE ☑️YES

Curve Finance @CurveFinance

Due to renBTC v1 being sunset, a proposal for a new BTC base pool (wbtc<>sbtc) is submitted https://t.co/jXswebxjgn https://t.co/cBXzT9kMzO

At present the vote looks likely to pass.

Reminder that if you are in any of the Curve Bitcoin pools, you may want to take action to protect yourself during this transition period. Specifically:

• Withdraw to renBTC and exit from Ethereum to Bitcoin.

• Withdraw to WBTC or sBTC and redeposit into the new base pool.

• Trade to other forms of BTC

haowi.eth🦙🦙🦙 @HaowiWang

Haowi & MarsDAO: @TheTNetwork 即将在2023年1月9日上线的 $tBTC v2 ，将会取代 renVM 的 $renBTC ，成为以太坊上最可靠的去中心化比特币——以太坊资产桥 https://t.co/u7H4DhDQPu

MarsDAO @MarsDAO_

12.6日预告 RenBTC下线后，谁能扛起BTC-ETH资产桥的大旗 1、wrapBTC赛道现状分析 2、RenBTC下线事件回顾 3、Threshold典型使用案例、优势、声讨展望与头矿机会 主讲人：@HaowiWang 主持人：@Puff112233 https://t.co/TJNUdPneFn

Yield farming has been rather good lately for those who have the risk tolerance. The sunsetting of renBTC demonstrates why it cannot be considered a passive strategy. Conditions fluctuate all the time, and you should only be aping if you plan to follow the changing landscape frequently (#NFA).

Remember, you never want to be the last one in the pool…

---

Disclaimers!