- Synthetix deployed Perpetuals V3, the first perpetuals protocol, on Base Layer-2 blockchain to boost decentralized trading.
- Perpetuals V3 aims to simplify launching new products for developers and improve liquidity options for traders.
- Synthetix founder believes Perpetuals V3 will help leverage decentralized tech as Synthetix has generated over $43B trading volume since V2.
Synthetix, a decentralized crypto derivatives marketplace, has deployed V3 of its perpetuals contracts protocol on Base, an Ethereum Layer-2 blockchain developed by Coinbase. This deployment marks the first perpetuals protocol on Base.
Details of the Perpetuals V3 Protocol
The new Perpetuals V3 protocol aims to simplify launching new derivatives products for developers building on Base and trading on Synthetix-powered exchanges. According to Synthetix, Perpetuals V3 will enable the deployment of more products, including a new perpetual futures exchange called Infinex.
Perpetuals V3 also provides improvements for liquidity providers. It allows alternative forms of collateral like USDC, sUSD, sETH and sBTC, instead of only SNX tokens. The new version has cross-margin capabilities, delegation of account permissions, and enhancements to liquidation and settlement mechanisms.
The Impact on Decentralized Trading
Synthetix founder Kain Warwick says decentralized crypto trading still relies heavily on centralized infrastructure for transactions. He believes Perpetuals V3 will help leverage decentralized technology. Since launching V2 in January 2022, Synthetix has generated over $43 billion in trading volume and attracted tens of thousands of traders.
In summary, Synthetix has deployed Perpetuals V3, the first perpetuals protocol on the Base Layer-2 blockchain. This new version aims to boost decentralized trading by improving the developer and trader experience. Additional Synthetix products are planned for Base as adoption of decentralized finance continues growing.