Cytex bets on new ‘multi-guarantee’ perps ahead of Arbitrage release
Syntex is betting that its ability to accept different tokens as collateral will differentiate the V3 Derivatives platform when it launches in the competitive decentralized finance (DeFi) ecosystem, Syntex Core Contributor Matt Losquadro told Cointelegraph.
“Arbitrum is the home of DeFi derivatives. There is no doubt about that. There are a large number of protocols out there; [and] The competition is tough,” Losquadro said. The big question is ‘Why use Synthetix Perps in a crowded marketplace like Arbitrum?' It was.
“Arbittrum is about to launch a unique product feature… [and] This feature is multi-guaranteed,” Losquadro said. “There's nobody on Arbitrum right now, and it's going to be a huge opening.”
Syntex launched on Arbitrum in July. Source: Synthetix
Related: Synthetix to add Chainlink when v3 exchange launches on Arbitrum
Synthetix is a unique DeFi protocol for “permissionless derivatives such as perpetual futures, options” and others on blockchain networks including Ethereum, Optimism and Base. The protocol was launched on Arbitrum in July.
Fixed futures, or “perps,” are a type of derivative that allows traders to buy or sell an asset in the future with no expiration date. On Arbitrum, DeFi protocol GMX currently dominates the decentralized perps market with a total value locked (TVL) of more than $430 million, according to data from Defillama.
Several applications built on Synthetix focus on per-purpose marketing, while others focus on product strategies, such as Basic Transactions, Losquadro. Marginalization allows users to deposit multiple types of tokens, which opens up even more opportunities, he added.
“Instead of showing only faults [U.S. Dollar Coin (USDC)]Or it can be any stable coin, when using Synthetix perps on Arbitrum, at [Ethereum] And so is Bitcoin,” Losquadro said.
Synthetix also plans to integrate Chainlink data streams with the upcoming v3 deployment on Arbitrum.
“So yes, initially, I think this multi-stakeholder feature will be a way to compete with Arbitrum DeFi protocols like GMX,” Losquadro said. But “it's not just about the eternal future. Of course, it's allowing people to build on top of this system in an artificial, unlicensed way.
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