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Synthetix Founder Proposes Easier SNX Staking in New Version 3

source-logo  cryptonews.net 19 June 2023 14:38, UTC

Kain WARWICK, founder of Synthetix, a synthetic asset issuance protocol, said in a blog post that the community has raised concerns over the difficulty of SNX staking for years, which is why he proposed introducing a new SNX staking module in Synthetix V3.

With the advent of Perps and its innovative asymmetry balancing mechanism, SNX staking is now safer than ever, according to Warwick. However, the complexity of the process remains a major barrier to entry for new players. To simplify the staking process, this module will help users to simply deposit SNX and not face market risk or hedging needs. A simpler approach to staking aims to attract new users to the Synthetix V3 system.

In addition to the new staking module, Synthetix V3 introduces the SNX Liquidity Pool (SNXLP). The SNX LP system has several advantages over the old staking system. This allows LP to choose which markets to mortgage and provides for new unlicensed markets. It is likely that spot markets will have more neutral deltas in V3 in order to minimize costs for the participants, making it more likely that participants in V3 will move to LP over time.

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