Kwenta x Synthetix: Next Steps

November 21st, 2024

Following the unification announcement, we’re now entering the next phase of the transition. This stage focuses on streamlining token migration, refining incentives, and ensuring traders experience a smooth shift as Kwenta evolves into Synthetix Exchange.

Kwenta’s community spaces are evolving to support this transition while ensuring traders and community members continue to have access to resources and support.

Discord Changes

While most channels will be archived, key channels in the Kwenta Discord will remain open during the transition. These channels will allow the community to interact for a grace period during the transition while we complete our merge with Synthetix:

#💬・general: For questions about Kwenta, Synthetix, or the transition.
#❓・help-desk: For product troubleshooting and inquiries.
#🎟️・tickets: For private triage requests with core contributors. Please note a new support-tickets system is now open in Synthetix discord, which we encourage traders to begin using ASAP.

If you haven’t already, join the Synthetix Discord to participate in the community and ensure you continue to receive news and updates about our perps exchange. Here, you’ll find:

**#**🧲-liquidation-alley: A casual space for Kwenta expats to talk trading.
#kwenta-acquisition: A dedicated channel for questions about the transition or token migration.
#🎟️-create-a-ticket: The new support ticketing system at Synthetix.

Security Reminder: Kwenta/Synthetix CCs will never DM you first. Support is only given through the ticketing system in the Kwenta or Synthetix discord, and never in an external discord or website. Always interact through Kwenta.io or its subdomains. Avoid clicking suspicious links or sharing sensitive information like seed phrases.

Twitter and Other Socials

Kwenta’s social media accounts will stay active for perps-focused updates and announcements. A rebrand to Synthetix Exchange is in progress. For updates across the broader Synthetix ecosystem, follow Synthetix on Twitter.

Product Updates

Kwenta’s Synthetix-based trading tools and integrations remain fully operational, with some adjustments during the transition.

Synthetix Integrations

No Trading Disruption: All trading tools, swaps, and quality-of-life features will remain accessible and continue to receive updates.
Fee Reduction: As of November 15th, additive fees on Optimism have been removed, lowering net fees across all markets by 1bp.

Perennial Integration

Support for Perennial will end on November 28th, 2024. Users can manage positions directly at Perennial Finance with no disruptions.

Rebranding

Kwenta’s frontend is transitioning to Synthetix Exchange branding. This process is ongoing and may take several weeks before the first updates are made, but trading will remain uninterrupted.

Incentives and Rewards

Kwenta’s rewards programs are being re-evaluated as part of the transition. All programs are being replaced or retired shortly, though details are still being decided. Details on these incentives programs will be shared as soon as they are available.

Kwenta Points Program: Points will be paused soon. The Synthetix team is working on the final details for the close-out of the Kwenta points program and replacement with new incentives.
VIP Program: Our VIP program remains active, but is expected to change in the coming weeks. Please stay tuned for future updates on the VIP program and a shift from v2, to v3 focused incentives.
Referral Program: Our legacy referral program remains active, but core contributors are working to replace this program with a new referral scheme which features easier onboarding and integration with v3 across multiple chains.

Token Migration Timeline

The migration from KWENTA to SNX is central to this transition. As of the release of this blog on November 20th, 2024, the first 2 steps are complete and you may vest your escrow with no penalty. Here’s the full timeline:

November 15th, 2024: (completed)
- KWENTA inflation halted.
- New staking entries paused.
- Existing staked KWENTA stopped earning rewards.
November 20th, 2024: (completed)
- Escrowed KWENTA can be released penalty-free with 0% early vesting fees.
Early December, 2024: (recently updated)
- The KWENTA<>SNX swap contract goes live. Tokenholders can exchange KWENTA for locked SNX.
February 15th, 2025:
- SNX begins unlocking linearly after the 3-month lock.

All SNX unlocks follow the same schedule, regardless of when tokens are swapped. Complete the process anytime before February 15th, 2025.

Looking Forward Together

Kwenta’s integration into Synthetix marks the start of an exciting new chapter. By uniting governance, tokenomics, and frontend development under Synthetix, we’re creating a seamless ecosystem ready to scale liquidity, expand the community, and innovate in decentralized trading.

To the Kwenta community, thank you for your support. Together, we’re shaping the future of DeFi—accessible, efficient, and built to last. Welcome to Synthetix!