Atomic Swaps
Synthetix Atomic Swaps V2 is live. The first two protocols to integrate with SNX Atomic Swaps are @1inch and @CurveFinance, helping to deliver the best fills to DEX traders thanks to SNX’s deep liquidity and low fees.
Atomic Swaps allow for the atomic exchange of assets by pricing synths utilizing a combination of chainlink and dex oracles. For example, Large trades are typically routed through this method. For example, a trader can swap ETH for sETH, then sUSD for USDC. At the same time, most users don’t even notice they are using Synthetix because 1inch or Curve handles the entire process under the hood. @DeFi_Dad has explained it quite well.
All the fees (0.25% for every swap but with 0 slippages) generated from the burning and minting of synth are distributed to SNX shakers in the protocol.
Direct Integrations
This new direct integration has been available for a couple of weeks, with users starting to take notice of the increased volume on Synthetix. Atomic Swaps v1 was released in beta earlier this summer, routing significant volumes through SNX.
After further analysis, Synthetix decided to pause the beta instance and reconfigure to integrate 1inch/curve directly, providing more flexibility and lower fees.
Benefits for approved directed integrations include 1. @lyrafinance can access more competitive fees from SNX, which they can pass on to users; 2. Atomic Swaps from Curve and1inch can become more competitive, increasing the number of traders routed through SNX.
Recently, The Curve DAO has been tweaking some parameters for v2 of Synthetix Atomic Swaps. The proposals will significantly reduce swap fees and expand the number of trades routed through SNX.
The related token $SNX has gained more than 15% since Atomic Swaps was Released on Dec 3rd.
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