A decentralized cryptocurrency derivatives marketplace, Synthetix, has implemented version three of its perpetual contracts protocol on Base, a Coinbase-developed Ethereum Layer-2 blockchain.
Perps V3 will make it easier for developers building on Base to launch new derivatives products on Synthetix and trade on exchanges powered by Synthetix, such as Kwenta, Polynomial, and dHEDGE, the company said in a statement.
In the coming months, more products, including a new perpetual future extension called Infinex, will be released for Synthetix V3, as per Synthetix.
According to Kain Warwick, the founder of Synthetix, decentralized cryptocurrency trading still needs to catch up with activity on centralized platforms. He spoke, “The problem is, we’re still using centralized infrastructure for most crypto transactions. Most crypto activity is not leveraging the decentralized technology we’ve built.”
The company stated that the Synthetix V3 system upgrade, which has been ongoing since late last year, coincided with the launch of the Perps V3 product.
Synthetix reports that since its launch in January of last year, Peropetuals V2, the previous version, has drawn tens of thousands of unique users and generated over $43 billion in trading volume.
Peerps V3 is developed to enhance the experience for developers and traders by offering USDC, sUSD, sETH, and sBTC as alternative forms of collateral for liquidity providers. Before now, collateral could only be in SNX, the token of Synthetix.
Additional features include enhanced liquidation and settlement mechanisms, account permission delegation, and cross-margin capabilities.
Also Read: Synthetix Andromeda Upgrade Sparks Deflationary Shift in SNX
