Latest Synthetix Network updates on February 22nd

Synthetix_io is a cryptocurrency project that is constantly updating its users with the latest news and developments. On February 21st, @napgener announced the launch of their first Velodrome vault / strategy featuring $sUSD and $USDC. On February 17th, @Kwenta_io announced their first tell-all perps trading AMA. On February 16th, @0x_____________ reported that Synthetix perps volume was picking up nicely, with 8 pairs having $1m+ trading. On February 14th, SNXweave Weekly Recap was released, featuring Spartan Council & CC updates, Grants & Ambassador Council updates, and SIP presentation summary. On February 9th, Synthetix Perps announced the launch of 22 new perpetual markets, with 25x leverage, lower fees and deep liquidity.

What is Synthetix Network ?

Havven is a decentralized payment network and stablecoin system that seeks to reduce the volatility of cryptocurrency by pegging its value to a stable asset such as USD. The platform uses a dual-token system, consisting of a collateral token (Havven) and a stable coin (Nomin). The Havven token acts as a collateral asset, while the Nomin token is a stablecoin that maintains a fixed value. The Havven token is used as collateral to back the value of the Nomin token, and is also used to pay transaction fees on the network.

The Havven network is powered by a consensus-based distributed network of validators who are rewarded with transaction fees, in the form of the Havven token. The network also makes use of a decentralized oracle system to ensure that the price of the Nomin token remains stable. The oracle system collects data from a variety of sources, including exchanges and trading platforms, to provide a reliable price feed for the Nomin token.

Havven has built a suite of tools to make using the payment network and stablecoin system easy. Users can buy and sell the Nomin token directly from the Havven platform, and the network also supports integrations with third-party wallets and applications.

Overall, Havven aims to create a payment network that is secure, stable, and easy to use. By pegging the value of the Nomin token to a stable asset, Havven seeks to reduce the volatility of cryptocurrency and make it a more attractive option for payments and transactions.

This article was published on 2023-01-28 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.