The Synthetix workforce has been heads down for the previous 9 months constructing out the last word buying and selling venue for perpetual futures on Ethereum Mainnet. Now it’s time so as to add one other layer to the buying and selling expertise on Synthetix and provides again to merchants who present up on our platform.
Except for being a feature-rich perps venue, with spectacular UI and ever-expanding liquidity, Snaxpot is our most up-to-date vector for encouraging and rewarding merchants for his or her exercise on Synthetix.
Designed to be a sustainable and long-term program that rewards merchants, Snaxpot will probably be certainly one of many campaigns that happen within the coming months to enshrine Synthetix as a premier perp buying and selling venue, not simply on Ethereum Mainnet however all through all the crypto ecosystem.
The successful ticket quantity that triggers the Snaxpot will win a grand prize of $500,000, consisting of $150,000 USDT and 1 million SNX.
Snaxpot Defined
Snaxpot is a weekly rewards program that provides again to merchants on Synthetix Perps.
Snaxpot TLDR:
Each $2 in charges earns 1 Snaxpot ticket. Merchants can manually choose or auto-assign a sequence of numbers between 1 & 32 for every of the commonplace balls and a quantity between 1 & 13 for the ‘Snax Ball.’ Successful numbers are drawn on the finish of every week utilizing Chainlink’s VRF, a provably truthful randomness generator on Ethereum Mainnet. Non-jackpot USDT prizes will probably be auto-distributed to each Synthetix Perp’s account with successful ticket numbers.Snaxpot tickets reset in the beginning of each week, and new tickets are distributed based mostly on the brand new week’s charges paid. The jackpot will develop incrementally till somebody wins it, and the pot is at all times seen on-chain.
Snaxpot Prizes
Snaxpot prizes are drawn based mostly on the distribution of standard balls and an extra Snax Ball.
Successful the Snaxpot (5 Balls + 1 Snax Ball) can pay out a $500,000 whole prize consisting of $150,000 in USDT and 1 million SNX.
See beneath for the breakdown:
Methods to Play Snaxpot
Execute trades and pay charges on Synthetix Perps. Snaxpot tickets will mechanically accrue in your account. Head to the Snaxpot tab in Synthetix Perps to view your whole pending tickets.Select from three choices to pick out your numbers for the weekly draw: Auto-assignChoose Snax BallChoose All NumbersOnce you will have chosen and confirmed your numbers, tickets will probably be entered into the draw. Any unassigned tickets on the finish of every weekly Snaxpot draw will probably be mechanically assigned. You’ll not miss out on Snaxpot if you don’t manually submit all tickets.Charges cease accruing as Snaxpot tickets for every weekly draw on Sunday, 18:00 UTC. The following Snaxpot draw begins one minute in a while Sunday, 18:01 UTC.Successful numbers are drawn on the finish of every week on Sunday at 20:00 UTC.24 hours after the draw settles, winners can declare their USDT for his or her successful tickets from an on-chain claims contract. Any prizes left unclaimed after 90 days are swept again into the jackpot vault.
See beneath for the precise timing of how Snaxpot tickets are earned and when successful numbers are drawn.
The Snaxpot Draw
Every Snaxpot weekly draw will run Monday to Sunday (UTC):
Sunday 18:01 (UTC): New draw opens. Sunday 18:01 (UTC) to Sunday 18:00 (UTC): Commerce to earn tickets. Set your Snax ball in order for you.Sunday 18:00 (UTC): Weekly ticket issuance closes. Sunday 18:01 (UTC): New draw opens. Any tickets earned will probably be for the next draw 7 days later. Sunday ~19:00 (UTC): Merkle root of all tickets for this week’s draw is revealed on-chain.Sunday 20:00 (UTC): Draw occurs. Successful numbers are revealed on-chain.
Verifiability
The draw makes use of Chainlink VRF v2 on Ethereum mainnet: a cryptographic system that proves the random numbers have been generated pretty and weren’t tampered with. Each the ticket-number task and the winning-number draw use unbiased VRF calls, and each proofs are generated on-chain for anybody to confirm.
Provably truthful: Chainlink VRF ensures randomness can’t be manipulated. Each proofs are on-chain.Absolutely auditable: Each ticket, each draw, each declare is on-chain and independently verifiable.Clear jackpot: The vault’s USDT steadiness is the pot – test it on Etherscan Mainnet.Low sybill vectors: Tickets originate solely from paying actual buying and selling charges.
Stake SNX for a Ticket Multiplier (Coming Quickly)
SNX is the spine of the Synthetix ecosystem. We consider that Synthetix bulls ought to be rewarded for staking their SNX, and in consequence, there will probably be a tiered multiplier system that can grant an elevated variety of tickets relying on the quantity of SNX staked in a dealer’s account.
Right here’s how staking SNX will improve your ticket earnings:
Keep Up To Date With Synthetix
Snaxpot is certainly one of many mechanisms coming to Synthetix that can broaden our person base and drive quantity and income.
Take a peek at our 2026 Roadmap to see what else is in retailer for Synthetix for the rest of this 12 months.
Be a part of us as we unleash the facility of perps on Ethereum Mainnet.
