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Home»Blockchain»Synthetix implements the first perpetuals protocol on Base blockchain
Blockchain

Synthetix implements the first perpetuals protocol on Base blockchain

2024-01-26No Comments2 Mins Read
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Synthetix, a decentralized crypto derivatives marketplace, has deployed V3 of its perpetual contracts protocol on Base, an Ethereum Layer-2 blockchain developed by Coinbase.

Perps V3 will simplify the launch of new derivatives products on Synthetix for developers building on Base, as well as trading on Synthetix-powered exchanges such as Kwenta, Polynomial and dHEDGE, the company said in a statement.

According to Synthetix, more Synthetix V3 products are planned to be deployed on Base in the coming months, including a new perpetual futures exchange called Infinex.

Decentralized crypto trading has yet to catch up with activity on centralized platforms, says Kain Warwick, founder of Synthetix. “The problem is that we still use a centralized infrastructure for most crypto transactions. Most crypto activities do not use the decentralized technology we have built,” he said.

The Perps V3 product was launched with the Synthetix V3 system upgrade, which has been underway since late last year, the company said. According to Synthetix, the previous version of perpetuals V2, which launched last January, generated more than $43 billion in trading volume and attracted tens of thousands of unique traders.

Liquidity providers

Perps V3 is designed to improve the experience for both traders and developers with alternative forms of collateral for liquidity providers, including USDC, sUSD, sETH and sBTC. Previously, the collateral could only be present in Synthetix native token, SNX.

New features also include cross-margin capabilities, delegation of account rights, and improvements to the liquidation and settlement mechanisms.

“Ultimately, the endgame for Synthetix could be to rule and earn fees from a large and diverse pool of collateral spread across many chains,” said Synthetix Core Contributor, called Cavalier.

See also  MultiversX partners with eCornell University for a Blockchain education project

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