Synthetix will launch a multi-capture perps on the base between reformations
Decentralized financial (DeFi) protocol Synthetix has begun accepting multiple types of tokens as collateral for permanent trading on Coinbase's Base network, Synthetix said on Dec. 18.
The launch of so-called “multicollateral perps” on Base, one of Ethereum's most popular Layer 2 (L2) measurement networks, is part of a broader overhaul of the DeFi protocol after a management shakeup in October.
The addition of Multi-Collateral Perps allows users to post tokens such as Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH) as trading collateral, Synthetix said.
“This collateral expansion allows traders to maintain direct exposure to popular crypto assets such as BTC and staked ETH […] And it gives them more control and easier access to fencing in marginal areas.
Coinbase's cbBTC has emerged as one of the most popular Bitcoin wallets, with a market capitalization of over $2 billion on December 18, according to CoinMarketCap.
With $14 billion in total value locked (TVL), Base is the second most popular Ethereum L2 after Arbitrum, according to L2Beat.
Source: Synthetix
Related: Synthetix, Kwenta launches v3 perpetuals on Arbitrum.
New perps exchange
On December 18, Synthetics launched its own permanent exchange application, the protocol said. It previously offered a modern contract infrastructure for other exchanges to build but lacked an in-house trading application.
“Synthetix will continue to support and welcome developers of initial products and exchanges, Synthetix Exchange will be one of our new flagship products,” the protocol said.
Fixed futures, or “perps,” are derivatives that allow traders to buy or sell an asset in the future with no expiration date.
Synthetix Exchange application interface. Source: Synthetix
An ongoing update
In October, Synthetix tokenholders voted overwhelmingly for a proposed management shakeup after the protocol missed product delivery deadlines.
In the management proposal presented on September 25, Benjamin Selermajer, a long-term investor of SNX, outlined a plan to “completely reform” and improve the management and daily operations of the company.
Synthetix subsequently acquired the Perps platform Kwenta and leveraged the token trading platform TLX.
It is also being organized as a basis to “streamline and improve our capacity for business activities that require signing contracts with partners,” among other potential benefits, Syntex said in an October blog post.
In September, Synthetix launched a new application chain – SNAXchain – that aims to bring cross-chain liquidity and trading fee revenues to native-token stakeholders and onchain trading products.
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