Hassan Maishera
The Synthetix team announced in a blog post on Wednesday that starting today, accrued sUSD fees will be burned weekly to decrease debt for stakers. This means that fees will no longer be distributed to users but will be burned weekly to decrease staker debt. When claiming, users will be shown the number of SNX claimed and sUSD debt burned, the team added.
Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets. SNX, the native token of Synthetix, is up by more than 5% in the last 24 hours and is trading at $1.594 at press time.
