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Synthetix upgraded its network with the Adhara release on December 1st

By Inkarias - 2020-12-02

Since its launch, the Synthetix project, better known by the acronym SNX, has differentiated itself from the competition by bringing an approach based on decentralized trading. With Synthetix we do not make a simple and traditional investment or loans but instead investments in financial products, the “Synth”. These can represent all types of assets, fiat currencies, cryptos but also real estate assets. With this innovative approach and the craze around the DeFi sector, Synthetix aims to revolutionize traditional trading with a blockchain-based network in the next years. In accordance with that objective and while providing top infrastructure and protocol for traders, Synthetix has upgraded the network yesterday, bringing the Adhara release to life and changing two elements to provide a better trading experience for the community. 

The changes introduced with the Adhara version

The first part of this implementation mainly concerns a change in exchange costs. This version incorporates the addition of double exchange fee rates on swing trades (in example sSynth to an iSynth. STRX to iBTC or more) with the sole exception of sUSD movements which will not be subject to double fees. This choice was made in correlation with the vision of the team who specified in the article that:

It has been observed that there are possibilities to front-run real world prices and the on-chain oracle prices between the long sSynth and the iSynth, without moving in between sUSD which would incur a 30bps fee to sell the short or long position first before opening a swing trade. 

The second and last part of the release significantly improves data sources with the upgrade of sOIL to use diversified Chainlink aggregator.This change greatly increases the decentralization of data sources providing a better reliability for the data across this network.

More details on Adhara release at https://blog.synthetix.io/the-adhara-release