DeFi protocol Synthetix has acquired the leveraged token platform TLX via a token-for-token transaction.
The team that the acquisition is part of the protocol’s new strategy focused on designing a decentralized liquidity layer and becoming a primary product issuer on top of that layer.
“The acquisition of TLX will mark the first end-customer, revenue-generating product built on top of Synthetix that will be owned and operated by Synthetix,” the protocol said in the announcement.
After a thorough audit of TLX products, Synthetix said it will improve parameters and redeploy all smart contracts in the coming weeks to re-launch TLX products on the Base network. TLX’s native token of the same name will be burned and converted to Synthetix’s token SNX.
“Once done, we will announce a juicy leveraged token incentive program to kick off 2025,” Synthetix stated.
Synthetix announced it would utilize TLX’s existing codebase as a foundation in designing the DeFi protocol’s leveraged tokens and allow the protocol to launch the tokens to market more quickly.
“Leveraged tokens are just the first category of structured products that Synthetix will be launching over the coming months,” Synthetix wrote. “This suite of products will help broaden Synthetix’s capabilities and generate more value for SNX stakeholders over the long term.”
Synthetix, founded in 2017 by Kain Warwick, lets users trade synthetic assets such as stocks, commodities and currencies on the Ethereum blockchain. The protocol currently holds a total value locked of $242 million, according to data from DefiLlama.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
