Synthetix, a decentralized marketplace for crypto derivatives and real-world assets, has launched the V3 version of its perpetuals contracts protocol on Base. This deployment will enable developers on the Ethereum L2 blockchain to easily create and launch their own crypto perpetual products.
The introduction of V3 Perps on Base is expected to increase trading volume for Synthetix’s perpetuals across the Ethereum ecosystem. This makes Synthetix the first protocol to bring a major perpetuals contracts product to the Ethereum Layer-2 blockchain.
With this launch, traders on both Base and Coinbase ecosystem will have access to Synthetix-powered exchanges such as Kwenta, Polynomial, dHEDGE, and the upcoming perpetual futures exchange, Infinex.
Kain Warwick, founder of Synthetix, stated that the deployment of Perps V3 on Base aims to generate increased trading volume for Synthetix perps across the Ethereum ecosystem. This will provide a gateway for the millions of Coinbase users to leverage the decentralized technology built by Synthetix.
Perps V3 offers key features to improve the trading and development experience, such as the use of alternative collateral for liquidity providers. In addition to the native SNX token, V3 on Base also adds USDC as collateral, providing new opportunities for liquidity providers and adding flexibility for traders. It also helps to control SNX inflation.
Other improvements in V3 include cross-margin capabilities, composable account management, and deterministic settlements.
In addition, Synthetix has introduced USDC as collateral, providing new opportunities for liquidity providers and adding flexibility for traders. It also helps to control SNX inflation.
Lastly, V3 has also introduced cross-margin capabilities, composable account management, and deterministic settlements.
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