Synthetix Deploys Perps V3 on Coinbase’s Base Blockchain
Synthetix, a decentralized crypto derivatives marketplace, has launched V3 of its perpetuals contracts protocol on Base, an Ethereum Layer-2 blockchain developed by Coinbase. This upgrade aims to simplify the process of launching new derivatives products on Synthetix and enhance trading on Synthetix-powered exchanges like Kwenta, Polynomial, and dHEDGE.
In the coming months, Synthetix plans to deploy more products for Synthetix V3 on Base, including a new perpetual futures exchange called Infinex.
The founder of Synthetix, Kain Warwick, highlighted the need for decentralized crypto trading to catch up with centralized platforms. He emphasized that most crypto transactions still rely on centralized infrastructure instead of leveraging the decentralized technology available.
Liquidity Providers Benefit from Perps V3 Upgrade
The Perps V3 upgrade offers improved features for both traders and developers. Liquidity providers now have the option to use alternative forms of collateral such as USDC, sUSD, sETH, and sBTC, in addition to Synthetix’s own token, SNX. The upgrade also introduces cross margin capabilities, delegation of account permissions, and enhancements to liquidation and settlement mechanisms.
According to Cavalier, a Synthetix Core Contributor, the ultimate goal for Synthetix is to govern and earn fees from a diverse range of collateral across multiple blockchains.
Hot Take: Synthetix Enhances Derivatives Trading with Perps V3 on Base
Synthetix’s deployment of Perps V3 on Coinbase’s Base blockchain marks a significant milestone in the development of decentralized crypto derivatives trading. This upgrade not only simplifies the launching of new products for developers but also improves the trading experience for users on Synthetix-powered exchanges. By expanding the range of collateral options and introducing new features, Synthetix aims to attract more liquidity providers and bridge the gap between decentralized and centralized platforms. With further developments planned for Synthetix V3 on Base, including the introduction of Infinex, the future looks promising for Synthetix as it strives to revolutionize the crypto derivatives market.
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