Synthetix Introduces Binary Options Trading With Acrux Upgrade

By Abhimanyu Krishnan | News | 2 Jul 2020

Synthetic asset platform Synthetix (SNX) recently upgraded its protocol with two improvement proposals, according to a post published on June 30. The release, called ‘Acrux’, sees SIP-53 and SIP-48 bring changes to binary options and stale rates respectively. 

The binary options trading feature offers a slightly modified version of a typical options contract. Traders can purchase options contracts that provide a fixed income based on a binary outcome in the future. Payouts occur on a specific day depending on the chosen asset’s price on the expiry day. Essentially, traders are betting on a yes/no outcome.

The stale rates update improves the performance of dapps and scripts, changing the logic to ensure no errors occur when rates are stale. 

The Acrux update caused an issue, raising gas costs for SNX transfers from non-staking wallets, which was rectified with another improvement protocol, ‘Aldebaran’, implemented on July 1.

Synthetix is one of many protocols that has grown tremendously in the past few months. The team recently launched a BTC yield farming program in collaboration with Curve (CRV) and Ren (REN) to encourage liquidity provision. The protocol has just over $300 million locked in the defi market, according to Defipulse.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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