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Synthetix Expands to Solana and Sui with the Approval of STP-17 and STP-18
Synthetix has recently made an exciting announcement regarding the approval of STP-17 and STP-18, which will allow the platform to introduce Synthetix Perps to the Solana and Sui ecosystems. STP-17 specifically focuses on the SUI Perps Working Group, while STP-18 is directed towards the Solana Perps Working Group. This development signifies a significant step forward for Synthetix as it seeks to expand its presence on new chains.
Working Groups in Full Swing
Reports indicate that both working groups are already actively working towards the launch of Synthetix Perps on these new chains. Sui has further confirmed this progress by sharing the announcement on X, labelling it as breaking news. The platform expressed confidence in this development, noting that Sui/Move stands as a strong candidate for the future growth of perps trading. In addition, Sui has committed to enhancing DevEx tooling and ensuring a seamless user experience to facilitate a smoother onboarding process for users.
Details regarding the release and implementation of STP-17 and STP-18 are set to be disclosed in the near future. Consequently, this announcement has fostered a sense of optimism within the respective communities of Sui and Solana. However, the positive sentiment has yet to manifest in the value of their native tokens. As of the drafting of this article, SUI has experienced an 8.13% decline, priced at $1.78. SNX has similarly dropped by 7.08% to $4.13, while SOL has retraced to approximately $181, marking an 8.04% decrease within a 24-hour timeframe.
Synthetix Continues Expansion to Arbitrum
Notably, Synthetix recently announced its plans to venture into Arbitrum following the approval of SIP-367 by Synthetix Governance. This decision empowers the community to provide liquidity and prepare for the upcoming Perps V3. The deployment strategy outlines a phased approach, commencing with pre-launch preparation deployment. During this stage, the team will conduct risk assessments and analyze discrepancies between existing deployments within the ecosystem and Arbitrum.
The subsequent phase involves the beta launch, where Synthetix V3 Omnibus will be deployed on the network to enable LP deposits and stablecoin minting. The following steps will include LP ramp-up, collateral onboarding, and ultimately, the activation of Synthetix Perps. Additionally, Sui is supporting the CTF (Capture the Flag) security challenge, offering 3,888 SUI tokens to the top three teams in collaboration with Zellic and OtterSec.
Solana has joined forces with CoinTracker to streamline transaction categorization without the need for manual intervention. Furthermore, the platform is gearing up for the Solana Renaissance Hackathon’s final phase, inviting participants to submit their entries. The convergence of Synthetix, Sui, and Solana marks a pivotal moment in the industry, hinting at exciting partnership opportunities that push the boundaries of innovation.
In conclusion, the community’s endorsement of the two proposals enabling Synthetix Perps’ integration with the Sui and Solana ecosystems through STP-17 and STP-18 is a significant milestone. These approvals set the stage for further advancements within the ecosystem, ushering in a new era of possibilities across different chains.
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