Synthetix, a decentralized cryptocurrency derivatives marketplace, has deployed its perpetual contract protocol V3 on Base, the Ethereum Layer-2 blockchain developed by Coinbase.
Perps V3 will simplify the launch of new derivatives on Synthetix for developers building on Base and simplify trading on Synthetix-based exchanges such as Kwenta, Polynomial and dHEDGE, the company said in a statement.
According to Synthetix, more Synthetix V3 products will be deployed to Base in the coming months, including a new perpetual futures exchange called Infinex.
Synthetix founder Kain Warwick said decentralized cryptocurrency exchanges still need to keep up with the activity of centralized platforms. “The problem is that we still use centralized infrastructure for most cryptocurrency transactions. Most cryptocurrency activity does not leverage the decentralized technology we have built,” he said.
The Perps V3 product was released along with the Synthetix V3 system upgrade that has been in progress since late last year, the company said. The previous version of Perpetual Contracts V2, launched last January, generated more than $43 billion in trading volume and attracted tens of thousands of unique traders, according to Synthetix.
liquidity provider
Perps V3 is designed to improve the experience for both traders and developers through alternative forms of collateral for liquidity providers including USDC, sUSD, sETH and sBTC. Previously, collateral could only be on Synthetix. Own token, SNX.
New features also include cross margin functionality, account authority delegation, and improvements to clearing and settlement mechanisms.
“Ultimately, the end game for Synthetix could be managing a large and diverse range of collateral across multiple chains and earning fees,” said Synthetix Core Contributor, Cavalier.
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