Dapp Review of the Week: Mintr



SNX staking rewards are now claimable through Mintr

Although Ethereum gas prices appear to have returned to ‘normal’ as DeFi activity has tailed off, the mission for many dapps continues to ensure they can deal with any future disruption.

That means using scaling solutions that offer fast transactions with minimum fees. 

One of the most active projects in this regard is Synthetix, which is currently running a test for its Mintr dapp. 

Mintr is the way users generate Synthetix’s sUSD stablecoin, which is used for trading the various synthetic assets available on the platform. 

This occurs as users stake (or lock up) their SNX tokens as collateral, gaining sUSD in the process. 

Once locked in, such SNX also generates weekly rewards – both SNX and sUSD tokens – which is a share of the overall activity on the Synthetix platform.

https://www.youtube.com/watch?v=-HrFntcfqO8

Both of these actions require Ethereum transactions and when gas prices were at their highest, it cost +$50 in gas fees to complete transactions that for many Mintr users were perhaps only worth a couple of dollars in rewards. 

And this is why Synthetix is testing the Optimistic Ethereum project. Currently running on an Ethereum testnet, it uses the so-called Optimistic Rollups technique via its Optimism Virtual Machine (OVM) to combine many transactions on its layer 2 network into one transaction on the Ethereum mainnet. 

The results to-date have been impressive, with gas prices reduced by more than 99% and the confirmation times for transactions reduced from 15 seconds to around 0.3 seconds. 

Certainly, Synthetix is very happy with its CTO calling the technology “one of the most exciting developments for Ethereum today”.

Related Posts

SBI Group reports investee getting CFTC approval for OTC derivatives trading in US

SBI Group reports investee getting CFTC approval for OTC derivatives trading in US

The United States subsidiary of electronic trading platform developer Clear Markets has reportedly received approval from the Commodity Futures Trading Commission, or CFTC, to offer over-the-counter crypto…

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high….

Paris Hilton Turns on the Style with Epic The Sandbox Collaboration

Paris Hilton Turns on the Style with The Sandbox Collaboration

High profile socialite turned crypto mogul, Paris Hilton, has joined forces with the mighty Sandbox, putting their heads together to build a Malibu mansion-shaped party destination in…

Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade

Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade

According to data from DeFi Llama, total value locked (TVL) on Optimism, a layer-two scaling solution for the Ethereum blockchain, has surged 284% in the past month….

Klaytn Hosts Flagship Global Klaymakers22 Hackathon with over $1 Million to Support Developers

Klaytn Hosts Flagship Global Klaymakers22 Hackathon with over $1 Million to Support Developers

Klaymakers22 is Klaytn’s flagship global hackathon Klaytn is an open-source, public blockchain for anyone who wishes to build, work, or play in the metaverse. It strives to…

Paris Hilton Enters The Sandbox

Paris Hilton Enters The Sandbox

The heiress-DJ-influencer joins a growing list of famous names associated with the virtual world Paris Hilton entered The Sandbox on August 9th, 2022. It’s just the latest…