Synthetix has launched the Andromeda version on the Base network, introducing token buyback and burn mechanisms.

BlockBeats news, on January 6th, Synthetix announced the launch of the Andromeda version on social media. This version introduces Core V3 and Perps V3 deployment, adds USDC as new collateral, and expands to the Base chain. This step makes Synthetix a multi-chain protocol. It is reported that a key feature of this version is the implementation of the SNX token buyback and burn mechanism. According to SIP-345, 40% of fees earned on Base are designated for the buyback and burn of SNX tokens. This strategy aims to effectively allocate revenue from fees in Synthetix's multi-chain deployment.