Key Takeaways:
- Multi-Collateral Perpetuals on Base: Synthetix now supports multi-collateral perpetual futures trading on Coinbase’s Base, enabling users to leverage cbBTC and cbETH for margin management and hedging strategies.
- In-House Perpetuals Exchange Launched: Synthetix introduced its first native perpetuals trading app, signaling a shift from infrastructure provider to direct competitor in the decentralized derivatives space.
- Governance-Driven Overhaul: The launch follows governance updates that streamlined operations and set the stage for foundational partnerships, enhancing Synthetix’s DeFi presence.
Synthetix, a leading Decentralized Finance (DeFi) protocol, has launched multi-collateral perpetual futures (perps) trading on Coinbase’s Base, an Ethereum Layer 2 (L2) scaling solution.
This upgrade, announced on December 18, enables traders to use various tokens, such as Coinbase Wrapped Bitcoin (cbBTC) and Wrapped Ether (cbETH), as collateral for perpetual futures, expanding margin and hedging strategies.
Synthetix Exchange is back with a bang ✨
— Synthetix ⚔️ (@synthetix_io) December 17, 2024
We’re relaunching Synthetix Exchange with new collateral types on Base and a fresh look. With our flagship frontend for decentralized Perps, Synthetix is ready to redefine trading.
Let’s dive in 🧵 🔽 pic.twitter.com/SKc20ZvEMv
The initiative is part of a broader platform overhaul aimed at enhancing product delivery and operational efficiency.
Base, with $14 billion in total value locked (TVL), is the second-largest Ethereum L2 network, and cbBTC has gained prominence as a widely adopted Bitcoin wrapper, boasting a $2 billion market cap.
Synthetix has also unveiled its first native trading platform, the Synthetix Exchange, shifting from its previous role as a smart contract infrastructure provider for third-party exchanges.
This move positions Synthetix as a direct competitor in the decentralized derivatives market.
The upgrades align with a governance-led restructuring effort initiated in October, which addressed operational delays and transitioned Synthetix into a foundation model.
Recent innovations, including SNAXchain for cross-chain liquidity and the acquisitions of Kwenta and TLX, reinforce Synthetix’s commitment to becoming a key player in the DeFi derivatives space.
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