Synthetix releases Andromeda version, introducing token repurchase and destruction mechanism

Synthetix has announced the release of the Andromeda version, which marks a significant evolution for Synthetix, introducing Core V3 and Perps V3 deployment, adding USDC as a new collateral asset, and expanding to Base. This step will elevate Synthetix to a multi-chain protocol.

One key feature of this version is the implementation of an SNX token buyback and burn mechanism using fees generated from Perps on Base. According to SIP-345, 40% of the fees earned on Base will be designated for the buyback and burn of SNX tokens, executed through an annual incentive buyback and burn contract. This strategy aims to effectively allocate fees in Synthetix's multi-chain deployment.