CandleFocus Synthetix’s Request To Spend 900,000 ARB Rejected: Will Arbitrum Price Recover?
2024-09-18
Author: Content Editor
Synthetix, a popular decentralized finance (DeFi) protocol, has faced challenges as its community voted against extending its Long-Term Incentive Program (LTIP) grant on the Arbitrum layer-2 platform for Ethereum. The extension would have supported the launch of the Multi-Collateral Perps feature, allowing traders to use various margin assets. With the extension rejected, the launch of the feature will be delayed, resulting in reduced incentives for users to trade on Arbitrum using Synthetix perpetuals. This could negatively impact engagement on the platform and force Synthetix to explore other strategies to incentivize traders. The rejection of the extension could also lead to a decrease in SNX prices but potentially provide support for ARB, as the supply will be lowered. The ARB token has been experiencing a downward trend, and if bears take over, it may reach fresh all-time lows.
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