Synthetix deploys the first fixed protocol base.
Synthetix's deployment of V3 Perps on Base allows developers on the Ethereum L2 blockchain to create and launch their own crypto perpetuals products. V3 Perps on Base helps Synthetix generate more trading volume for profits in the Ethereum ecosystem.
Synthetix (SNX), a decentralized marketplace for crypto derivatives and real-world assets, has deployed its perpetual contract protocol V3 on Base.
In an announcement on Wednesday, the platform said Perps v3 will directly provide developers with the production solutions and liquidity they need when CryptoPers launches.
Synthetix targets increased trading in the Ethereum ecosystem
The deployment of Perps V3 makes Synthetix the first protocol to bring major fixed contracts production to the Ethereum Layer-2 blockchain, the platform said in a press release.
With this launch, both Base and Coinbase ecosystem merchants now have an easy way to test exchanges powered by Synthetix. These include Kwenta, Polynomial, and dHEDGE and the soon-to-be-launched Eternal Future Infinex.
Syntex founder Cain Warwick commented:
“Most of the crypto activity is not using the decentralized technology we built. Base serves as the gateway to millions of Coinbase users. By deploying Synthetix Andromeda to Base, we aim to generate increased trading volume for Synthetix perps throughout the Ethereum ecosystem.
According to the Synthetix team, Perps V3 aims to improve the experience of traders and developers, and key features include the use of an alternative container for liquidity providers. While collateral has so far been limited to Synthetix's native SNX token, V3 on Base will add USDC.
There are also sUSD, sETH, sBTC and other approved spot synthetic assets.
The introduction of the USDC as collateral provides new opportunities for liquidity providers. Aggregate volatility traders are excited about Synthetix as SNX helps curb inflation. Cross-margin capabilities, scalable accounting and deterministic settlement are also key improvements in V3.
