Synthetix Launches New Volume Program for Partner Rebates DeFi Rate

Synthetix – a leading derivatives protocol – has launched a new initiative to incentivize native protocol integrations through fee rebates.

Introducing the new Synthetix Volume Program, an initiative incentivising native integration of the Synthetix protocol across DeFi platforms and protocols. 1/2https://t.co/qTI5BSNbFk

— Synthetix ⚔ (@synthetix_io) September 9, 2020

 

The program will run on a three month trial in parallel with SIP-63. In order to qualify, the users should look to incorporate Synths in their underlying protocol, alongside direct trading incentives added with the new SIP.  The volume program began on September 1st, 2020 with 25% of the net fees being rebated. All rebates are paid in SNX and capped at 100k SNX per month. Interested parties should fill out the Volume Program Application to receive a referral code to be included in all transactions eligible for rebates.

The program will start out with four members:

  1. 1inch.exchange
  2. Zapper.fi
  3. SNX.Link
  4. Pillar Wallet

In short, this intiative to reward partners to drive Synth volume comes as a much needed push for one of the most successful DeFi tokens to date. Despite seeing a meteoric runup in the past six months, volume on the Synthetix Exchange has been somewhat stagnant relative to the volume on the SNX token.

Still, the project continues to display why it has one of the strongest communities in the space with it’s latest governance meeting, featuring over 60+ participants from all corners of the globe.

60+ participants on the @synthetix_io governance call. Recap of last month and looking ahead to ETH Collateral, Synthetic Futures, Kwenta… pic.twitter.com/S2DfEJsrzF

— Jordan Momtazi (@hjmomtazi) September 15, 2020

To stay up with Synthetix, follow them on Twitter!

The post Synthetix Launches New Volume Program for Partner Rebates appeared first on DeFi Rate.

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