rewrite this title Decembrrrrrr snaX-mas on Base

The holidays are getting Based at Synthetix with the Decembrrrr Base LP Incentives—a four-week program designed to incentivize deep liquidity for the busy perps trading season. Liquidity providers can earn boosted yields with weekly rewards, while traders enjoy plenty of fresh powder to carve up the markets.

Improving the LP Experience

In addition to the incentive program outlined below, we are introducing two key changes to improve the LP experience and increase the attractiveness of passive stablecoins entering the Synthetix ecosystem:

More Fees: The revenue share from v3 trading is increasing to 60%, up from the current 40%. This represents a 50% increase, ensuring liquidity providers are better rewarded.Juicier Yields: We are adding stataUSDC as an eligible asset for liquidity provision. StataUSDC is a static, non-rebasing version of Aave’s aUSDC token. LPs providing stataUSDC will also earn additional yield from Aave v3 lending interest, currently 12.65%.

These changes are designed to create a more rewarding and sustainable environment for LPs.

Earning LP Rewards

The program starts at 6 AM UTC on December 10th, 2024, and runs for four weeks, ending at 6 AM UTC on January 7th, 2025, offering:

Weekly Rewards:Total Incentives: 80,000 SNX + 100,000 USDCEligible Assets:

Rewards accrue every block and are claimable at any time through the Synthetix Liquidity app.

With ~$5.4M liquidity and an SNX price of $2.71 at the time of writing, these incentives represent an additional 76% APR. (Plus additional stataUSDC yields!)

Meeting the Rising Perps Demand

Market credit capacity errors occur when demand for Base perps outpaces liquidity from LP deposits, preventing some traders from opening new positions on Base. As Synthetix continues to grow on Base, this program ensures fewer errors, and deep liquidity for every trade.

How to Participate

Deposit USDC or stataUSDC at https://liquidity.synthetix.io/.Rewards begin accruing at 6 AM UTC on December 10th, 2024, and can be claimed at any time through the LP app.

For details on becoming an LP and the associated risks, refer to the Synthetix docs. For more information about stataUSDC, visit the Aave governance thread.