Synthetix's incentive of Optimism tokens has started to yield direct results as reported by crypto stats website DefiLlama. The decentralized liquidity platform has collected $730,000 in trading fees on Thursday which is its highest daily level since last June as traders use the platform and fees are distributed to those who stake in its SNX token. This surge comes ahead of Synthetix's allocation of 200,000 Optimism's governance tokens to traders over the span of 17 weeks as specified by improvement proposal 2003. The aim is to improve activity on the protocol which is expected to commence in the first week of April.

However, this surge has not managed to improve the price of SNX as it has decreased by around 4% in the last 7 days. The company has launched its own token called "OP" which will be used as a governance token as well as a reward for those who stake into the Synthetix platform. In addition to this, the users will also be able to obtain other tokens hosted on the platform through purchases of SNX.

Synthetix is hoping the token will be a catalyst for the growth of the whole platform and the company is hopeful that by incentivizing more traders to use the protocol, the fees collected will improve its future performance. Another benefit of the exchange is its low fees which are just half of what most centralized exchanges charge.

Although the plan is not yet fully effective, it is still a promising development in the DeFi sector and as Synthetix continues to make enhancements, the increase in fees collected could attract more users and benefit the total value of the project.



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