Synthetix deploys first perpetuals protocol on 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 will help Synthetix generate more trading volume for its perps across the Ethereum ecosystem.

Synthetix (SNX), a decentralized marketplace for crypto derivatives and real-world assets, has deployed the V3 of its perpetuals contracts protocol on Base. 

In an announcement on Wednesday, the platform said Perps V3 will offer developers direct access to the product solutions and liquidity needed when launching crypto perps.

Synthetix targets increased trading in Ethereum ecosystem

The deployment of Perps V3 makes Synthetix the first protocol to bring a major perpetuals contracts product to the Ethereum Layer-2 blockchain, the platform said in a press release.

With this launch, both Base and Coinbase ecosystem traders now have an easier way of experimenting with Synthetix-powered exchanges. These include Kwenta, Polynomial, and dHEDGE and the soon-to-launch perpetuals futures exchange Infinex.

Kain Warwick, founder of Synthetix, commented:

“Most crypto activity is not leveraging the decentralized technology we’ve built. Base serves as a gateway for the millions of Coinbase users. By deploying Synthetix Andromeda to Base, we aim to generate increased trading volume for Synthetix perps across the Ethereum ecosystem.”

According to the Synthetix team, Perps V3 aims at improving the experience of both traders and developers, with key features enabling this including use of alternative collateral for liquidity providers. While collateral has so far been limited to Synthetix’s native SNX token, V3 on Base adds USDC.

There’s also sUSD, sETH, sBTC, as well as other approved spot synthetic assets.

USDC’s introduction as collateral provides new opportunities for liquidity providers. It also adds to the overall flexibility traders on Synthetix will enjoy, while helping to curb SNX inflation. Cross margin capabilities, composable account management and deterministic settlements are also key improvements in V3.

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