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Tuesday, December 6, 2022

Synthetix To Shut Down SNX

Synthetix is one of the most well-known companies in the crypto world. They have been steadily growing for the past years and have also attracted quite a lot of investors to their ranks. The company is currently looking forward to changing its business tactics and following a more traditional approach when it comes to generating revenues.

They are looking to function as a normal business by handing out the proceeds to the holders and generating fee revenue. The company has decided to limit the upper limit for the returns as well. This has been done predominantly to cope with the ongoing downward trends of the market. The recent days have not been a good one for the crypto market. Almost every company has been suffering from a substantial amount of losses. Even big companies like Bitcoin and Ethereum have seen their prices reaching new levels of lows.

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Such a disastrous trend has made investors very much skeptical about investing in the crypto world. Most of them are already planning to withdraw their money as they cannot trust the future of cryptocurrencies. Synthetix have decided to shut off the high-yielding returns for its stakeholders. The officials feel that there is no need for the inflated returns anymore. Let us learn more about the story in detail below. 

Synthetix To Turn Of High Returns

Synthetix has decided that it will not continue any further with its high returns. Kain Warwick is the head of the decentralized finance(DeFi). He has issued a recent statement that the supply of SNX will have an upper limit of $300 million. 

Synthetix stated that the initial reward of inflation was designed for bootstrapping the network. After continuing it for a significant period, the company feels there is no need to continue with the same.

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