Synthetix releases Andromeda version, introducing token buyback and burn mechanism

ChainCatcher message, Synthetix announced the release of the Andromeda version, which introduces Core V3 and Perps V3 deployments, incorporates USDC as new collateral, and expands to the Base chain. A key feature of this version is the implementation of a buyback and burn mechanism for SNX tokens using the fees generated from Perps on Base. According to SIP-345, 40% of the fees earned on Base are designated for the buyback and burn of SNX tokens, executed through a buyback and burn contract. This strategy aims to effectively allocate the fee revenue from Synthetix's multi-chain deployment.