- Synthetix is launching a Uniswap V2 Liquidity pool for sXAU/USDC
- 8000 SNX will probably be distributed every week to sXAU/USDC liquidity suppliers in proportion to their contributions
As long-time supporters of Uniswap, Synthetix may be very excited in regards to the launch of Uniswap V2. The newest model of Uniswap contains quite a lot of new advantages, together with the flexibility to create a liquidity pool with out utilizing ETH as a compulsory asset pair.
We’re excited to announce the synthetixDAO will fund the trial of a brand new liquidity pool with sXAU/USDC on Uniswap V2. sXAU is a Synth that tracks the value of gold, and USDC is a USD stablecoin. This pool will permit anybody to commerce sXAU straight for USDC trustlessly, offering an on-ramp for non-custodial publicity to gold on Ethereum.
The purpose of this trial will probably be to determine a deep liquidity pool for sXAU/USDC on Uniswap V2 that may check demand for sXAU. Subsequently, Synthetix will probably be incentivizing participation by rewarding sXAU/USDC liquidity suppliers with 8000 SNX every week for 4 weeks, which will probably be distributed to liquidity suppliers in proportion to their contributions. Rewards will start accruing at 2am, Saturday Might 30 (UTC).
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The liquidity pool rewards will work like the opposite Synthetix liquidity initiatives, whereby liquidity suppliers stake their LP tokens into a sensible contract accessible by means of Mintr within the LP REWARDS tab, the place they will withdraw their accrued rewards at any time.
So as to add sXAU/USDC liquidity on Uniswap, you will want so as to add the sXAU token tackle manually, like within the GIF under.
The sXAU token tackle is 0x261EfCdD24CeA98652B9700800a13DfBca4103fF.
Uniswap has performed a key function in increasing entry to Synths, so it’s with a lot enthusiasm that we take this subsequent step in direction of increasing entry to the Synthetix ecosystem. When you’ve got any additional questions on how it will work, come be part of the dialog in Discord!