Synthetix announces building on Sui

Synthetix has announced the approval of STP-17 and STP-18, enabling it to take Synthetix Perps to Solana and Sui. STP-17 pertains to the SUI Perps Working Group, and STP-18 pertains to the Solana Perps Working Group. The working groups are reportedly in action already to launch Synthetix Perps on new chains.

Sui has confirmed the development by sharing the announcement on X, calling it breaking news, and saying that Synthetix is now building on its network. Sui is confident about the development, which is evident from the fact that it called Sui/Move a strong candidate for future growth of perps trading. It has committed to extending DevEx tooling and a seamless UX (user experience) for a better onboarding process.

The release and implementor’s details for STP-17 and STP-18 will be announced soon.

The announcement has sparked optimism within the respective communities; however, the sentiment has yet to reflect on their native tokens. SUI is down by 8.13% in the last 24 hours, listed at $1.78 as the article is being drafted. SNX has dropped 7.08% in the same time window, exchanging hands at $4.13 at the moment. As for SOL, the token has retraced to ~$181 with a slip of 8.04% in a single day.

Synthetix recently announced that it was headed to Arbitrum after the approval of SIP-367 by Synthetix Governance. This enables the community to provide liquidity and get ready for Perps V3.

The deployment plan highlights that the rollout will be in a phased manner, with the pre-launch preparation deployment being the first stage. This is where the team will begin risk assessment and analyze differences between deployments that exist in the ecosystem and Arbitrum. It will be followed by the beta launch, wherein the team will deploy Synthetix V3 Omnibus on the network to activate LP deposits and stablecoin minting.

The remaining two steps are LP ramp-up, collateral onboarding, and enabling Synthetix Perps.

Meanwhile, Sui is backing the CTF (Capture the Flag) security challenge, wherein the top three teams will win a fair share of 3,888 SUI tokens. The challenge has been created in association with Zellic and OtterSec.

Solana entered into the collaboration after gaining support from CoinTracker for its transactions. CoinTracker will now facilitate the categorization of transactions without manual intervention. Also, it is looking forward to receiving submissions for the Solana Renaissance Hackathon as the event enters the final stage.

That said, Synthetix, Sui, and Solana coming together is a pivotal moment since it signifies the possibility of partnerships on a horizon that redefines innovation. The community has approved two proposals, enabling the entrance of Synthetix Perps to the ecosystems of Sui and Solana via STP-17 and STP-18, respectively.

Both have been approved daily to pave the way for further innovation in the ecosystem, marking the entrance of new chains.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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