Gate News: Latest Crypto News and Cryptocurrency Prices

12:11

Synthetix founder releases the latest progress on the sUSD depegging: the Mainnet pre-deposit event will ultimately bring it back to peg.

Synthetix founder Kain updated on the sUSD depegging issue, with the current price at 0.990619 USD, and it is expected to re-peg. Previously, the sUSD price fell to 0.7 USD, and Synthetix took emergency measures by launching a USD 420 pool to incentivize SNX stakers to deposit sUSD and provide rewards.

SNX-4.08%

SUSD0.89%

09:35

This week's altcoin market outlook: MGO, AST, BLAST, ING, ACX, OP, BERA, and SNX

According to Gate news from Cryptonews, the altcoin market is about to experience a turbulent week, as some significant events that will affect market price rises and falls are set to occur in the coming days. Several projects worth following this week include Mango Network (MGO), AirSwap (AST), Blast (BLAST), Injective (INJ), Across Protocol (ACX), Optimism (OP), Berachain (BERA), and Synthetix (SNX).

BLAST-3.88%

ING14.24%

ACX-4.66%

05:39

Synthetix will restore the sUSD peg to 1 USD, which will increase the collateral requirement for the 420 pool.

Odaily News Synthetix announced that its stablecoin sUSD will restore to the target of 1 USD, and starting from June 2 at 23:59 UTC, SNX debt collateralizers will be required to increase the collateral ratio of sUSD in pool 420 from 10% to 20%, otherwise, the debt exemption will be suspended. Previously, due to user dumping, sUSD once fell to 0.70 USD. The official stated that restoring the peg will help advance the SIP-420 proposal and the subsequent v4 contract deployment on the Ethereum Mainnet.

SNX-4.08%

SUSD0.89%

04:38

Community opposition causes Synthetix to terminate the $27 million acquisition of Derive.

According to Gate News bot and a report by Cointelegraph, the Decentralized Finance platform Synthetix announced the cancellation of its acquisition plan for the encryption options platform Derive. The plan initially involved 27 million dollars, proposing a 1:27 ratio for the exchange of SNX and DRV tokens. Members of the Derive community have questioned the acquisition, with key concerns including the token conversion ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's actual revenue exceeds that of Synthetix, and that the protocol does not limit the dilution value of Synthetix's additional tokens. Ben Celermajer, head of strategy at Synthetix, said that while some community members supported the deal, the two parties had decided to terminate the acquisition to facilitate collaboration due to the lack of expected support.

SNX-4.08%

DRV-6.54%

06:38

Synthetix plans to buy back $27 million worth of tokens on the Derive platform.

According to the Gate.io News bot and a report by Cointelegraph, the DeFi platform Synthetix is advancing its plans to repurchase the encryption options platform Derive. According to the SIP-415 proposal, Synthetix will complete this transaction by issuing 29.3 million SNX Tokens at an exchange rate of 1 SNX to 27 DRV(, valued at approximately 27 million USD. These Tokens will have a 3-month lock-up period, followed by a 9-month linear unlocking. Derive originated from the Lyra project within the Synthetix ecosystem and was independently spun off in 2021. After the completion of this buyback, Synthetix will integrate Derive's front-end technology and RWA expertise. Currently, this trading proposal still needs to be approved by a vote from both communities.

SNX-4.08%

DRV-6.54%

00:15

Grayscale updates the component weights of its funds quarterly, adding SUI, LPT, CRV, etc.

BlockBeats news, on January 9th, according to the official announcement, Grayscale's funds announced the latest fund component weights for each product. The Grayscale Decentralized AI Fund has added LPT to its fund components, including the following assets: NEAR, RENDER, TAO, FIL, GRT, and LPT. The Grayscale Decentralized Finance Fund (DEFG) has added CRV to its fund components, removed SNX, and now includes the following assets: UNI, AAVE, LDO, MKR, and CRV. The Grayscale Digital Large Cap Fund (GDLC) has added ADA to its fund components, removed AVAX, and now includes the following assets: BTC, ETH, SOL, XRP, and ADA. The fund components of the Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund) have added

SUI-2.13%

LPT-3.85%

CRV-7.08%

NEAR-5.54%

08:03

Odaily Planet Daily News Decentralized lending protocol Silo announced the launch of the OP Mainnet on X. With a deposit of $1.3 million, Silo Optimism started the initial OP distribution in 9 markets, including OP, wstETH, wBTC, tBTC, rETH, strxeth, VELO, sUSD, and SNX, where users can deposit in any market to borrow ETH and USDC. In stage 1, 100,000 OP will be allocated to the initial market. Over the next 60 days, the official team will launch a series of new markets and optimize incentive distribution based on protocol revenue indicators. The remaining 150,000 OP will be allocated in the second phase, during which rewards may be rebalanced based on historical activities. New markets will also be launched and may be included in the incentive category.

X-1.4%

OP-7.24%

WBTC-2.25%

09:04

PANews reported on April 5 that, according to Cointelegraph, Grayscale has removed the Cardano token in its Grayscale Digital Large Cap Fund and the Cosmos token in the Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE), a smart contract platform fund. In an April 4 X post, Grayscale announced that the token removal was part of its quarterly fund rebalancing. The proceeds from the sale of tokens are used to purchase existing fund components. After removing the ADA token, Grayscale's large-cap fund now consists of 70.96% Bitcoin, 21.84% Ethereum, 4.52% SOL, 1.73% XRP, and 0.95% AVAX. As for Grayscale's smart contract platform fund, it now holds 58.41% of SOL tokens, 14.56% of ADA tokens, 12.25% of AVAX tokens, 8.53% of DOT tokens, and 6.25% of MATIC tokens after removing ATOM from the fund. No new assets have been added or removed from Grayscale's DeFi fund, which currently holds 48.74% of UNI tokens, 20.41% of MKR tokens, 13.17% of LDO tokens, 9.99% of AAVE tokens, and 7.69% of SNX tokens.

AAVE-4.38%

Synthetix founder releases the latest progress on the sUSD depegging: the Mainnet pre-deposit event will ultimately bring it back to peg.

This week's altcoin market outlook: MGO, AST, BLAST, ING, ACX, OP, BERA, and SNX

Synthetix will restore the sUSD peg to 1 USD, which will increase the collateral requirement for the 420 pool.

Community opposition causes Synthetix to terminate the $27 million acquisition of Derive.

Synthetix plans to buy back $27 million worth of tokens on the Derive platform.

Grayscale updates the component weights of its funds quarterly, adding SUI, LPT, CRV, etc.

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