No more BRRR? Synthetix will “turn off the money printer” of SNX token rewards and cap the total supply at 300 million if a proposal from founder Kain Warwick passes.
Synthetix is currently taking a seven-day average of $158,857 in fees, which is a little bit below Bitcoin’s seven-day average of $222,651.
Stakers receive all the SUSD stablecoin fees from users of the protocol. Currently, the APY for stakers due to SNX rewards and SUSD fees is around 67%, but this is likely to fall closer to 15%-20% if it's based entirely on ‘real yield’ from SUSD fees alone. In a Twitter post on Thursday, Warwick — also known as the “father of modern agriculture” for popularizing DeFi yield farming — revealed that he believed following informal discussions that ‘SIP-276: Turn off the money printer’ had a “decent chance” of being passed. A formal presentation about the proposal is planned for next week.
Just proposed a SIP to end SNX inflation at 300m tokens in ten weeks. After informal discussions today, it seems like it has a decent chance of passing. A formal presentation is planned for next week. Inflation was designed to bootstrap the network and it has done the job.
Twitter user “Synthaman” found the news to be particularly bullish, stating “#SNX is about to become rare commodity with inflation going to ZERO…” while others aren’t so sure what SIP-276 would mean for the protocol over the long term.
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