Synthetix releases Andromeda version and implements SNX token buyback and burn mechanism
Synthetix announced the release of the Andromeda version, introducing Core V3 and Perps V3 deployment, adopting USDC as a new collateral asset, and expanding to the Base chain, making Synthetix a multi-chain protocol. The key feature of this version is to utilize fees generated by Perps on Base to implement the buyback and burn mechanism for SNX tokens.
According to SIP-345, 40% of fees earned on Base will be used for the buyback and burn of SNX tokens through the execution of buyback and burn contracts, aiming to effectively allocate revenue from Synthetix's multi-chain deployment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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