- Synthetix is launching a Uniswap V2 Liquidity pool for sXAU/USDC
- 8000 SNX will be distributed each week to sXAU/USDC liquidity providers in proportion to their contributions
As long-time supporters of Uniswap, Synthetix is very excited about the launch of Uniswap V2. The latest version of Uniswap includes a variety of new benefits, including the ability to create a liquidity pool without using ETH as a mandatory asset pair.
We are excited to announce the synthetixDAO will fund the trial of a new liquidity pool with sXAU/USDC on Uniswap V2. sXAU is a Synth that tracks the price of gold, and USDC is a USD stablecoin. This pool will allow anyone to trade sXAU directly for USDC trustlessly, providing an on-ramp for non-custodial exposure to gold on Ethereum.
The goal of this trial will be to establish a deep liquidity pool for sXAU/USDC on Uniswap V2 that can test demand for sXAU. Therefore, Synthetix will be incentivizing participation by rewarding sXAU/USDC liquidity providers with 8000 SNX each week for four weeks, which will be distributed to liquidity providers in proportion to their contributions. Rewards will begin accruing at 2am, Saturday May 30 (UTC).
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The liquidity pool rewards will work like the other Synthetix liquidity initiatives, wherein liquidity providers stake their LP tokens into a smart contract accessible through Mintr in the LP REWARDS tab, where they can withdraw their accrued rewards at any time.
To add sXAU/USDC liquidity on Uniswap, you’ll need to add the sXAU token address manually, like in the GIF below.
The sXAU token address is 0x261EfCdD24CeA98652B9700800a13DfBca4103fF.
Uniswap has played a key role in expanding access to Synths, so it’s with much enthusiasm that we take this next step towards expanding access to the Synthetix ecosystem. If you have any further questions about how this will work, come join the conversation in Discord!