Synthetix announced a new incentive for sEUR liquidity providing on Curve. After that Curve launched the sEUR/EURS liquidity pool, these incentives are needed to attract more liquidity to the platform. The incentive will run for six weeks to test the demand for the highly liquid pool of Euro stablecoins in the Curve finance protocol.
Providing Liquidity for Attractive Stablecoins
Curve Finance is a liquidity provider platform and DEX service on Ethereum. It helps users find access to the needed stablecoins. Euro stablecoins are new members of this platform that experience high demand from users. Providing liquidity for these stablecoins is vital for supporting the DEX users. Synthetix announced a new incentive for these pools that will help them find new liquidity providers faster.
STATIS is a crypto-enabler platform that will provide the second Euro stablecoin in Curve Finance. Synthetix works with them for offering the incentive and attracting new liquidity providers. The new incentive went live on January 12 and will be live for six weeks. 8000 SNX tokens each week will be provided to liquidity providers. Synthetix says that the synthetixDAO will provide these incentives.
Everyone can participate in the new incentive from Synthetix. They will receive rewards in SNX and CRV by providing liquidity for sEUR/EURS liquidity pools. The process is straightforward. According to the announcement:
“To participate in the incentive, head to the Curve sEUR deposit interface and select “Deposit and stake in Gauge.” Once this has been completed, SNX and CRV rewards will be able to be claimed on Curve.”
Users can’t participate in the new incentive using Synthetix Staking or Minter apps. The only way is to follow the steps above.
Adding Euro stablecoins to the Curve platform was a result of demand from users. The platform decided to provide this option for their users on December 21. But every new stablecoin in a decentralized exchange needs liquidity. Liquidity providers help the platform offer the required tokens to traders. The new incentive from Synthetix is focused on finding new liquidity providers that will surely help the Curve platform provide better services.
Euro stablecoins are great options for users from European countries. After that US pegged stablecoins somehow dominated the industry, users from other areas of the world demanded the platforms offer similar services. Supporting Euro stablecoins in decentralized exchanges like Curve surely helps them attract more new users. A step that is vital for competing with traditional centralized cryptocurrency exchanges.
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