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Thursday, October 28, 2021

SNX: Another week, another upgrade!

SNX: Another week, another upgrade!

Synthetix Network and Kwenta are still blasting away at upgrades, or as they call them, "SIP's" which is an acronym for Synthetix Improvement Proposal. They also give weird "star" names to their SIP releases (in order of visual magnitude) which is all good, I suppose. What matters is they are in storm mode when it comes to improving and implementing. I love it. Where this may cause some occasional turmoil in usage and possibly hinder immediate price action, I see it as further reason to hold for the long term as I continue to grow my SNX coin/token count weekly at 13.99% APY by simply holding SNX in a Celsius Network account (If you decide to join me in earning high interest there, you can earn $50 in BTC by using my referral code 189218504d). Of course, we will reap the rewards in price action eventually, but on our own timeline. I am conservatively predicting a 300 percent gain over the next 6 to 9 months. And my 13.99% yield will compound in a doubling fashion every 5 years even without any price action increases. Yes, I did the math! Patience pays well!

Anyway, later today the Avior (the "star" name for SIP-182) release will implement a new upgrade on L2 only. During this release there will be no downtime on L1, but up to 3 hours of downtime L2. Here's what’s included in this release:

SIP-182- Wrappr factory: This SIP creates a new WrapperFactory contract that can deploy new Wrapper contracts to support any ERC20 token. The new Wrapper contract behaves like its predecessor (the ETH Wrappr from SIP-112) and will initially include a WETH wrapper, though more Wrapprs will likely be added in the future.

In layman's term, creating "wrapprs" has to do with creating synths or derivatives...potentially on anything tradable in the entire world, like Cryptos, FOREX, Stocks, Commodities , etc. Well, you get the idea; everything. This is the strength and foundational idea of the Synthetix Network (and Kwenta). If you want more info on what I am doing to generate that 13.99% in additional SNX tokens, feel free to ask in a comment.



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