Synthetix, a leading decentralized finance (DeFi) protocol, has recently launched multi-collateral perpetuals (perps) on Base, a popular Layer-2 scaling network. This development is part of a broader revamp of the Synthetix protocol, which aims to enhance its functionality and user experience.
With multi-collateral perps, Synthetix users can now use a wider range of assets as collateral for their leveraged positions. This includes popular cryptocurrencies like Bitcoin and Ethereum, which are wrapped on Base. This increased flexibility allows traders to maintain exposure to their preferred assets while leveraging their positions.
In addition to the launch of multi-collateral perps, Synthetix has also introduced its own perpetuals exchange platform. This new platform provides a user-friendly interface for traders to access Synthetix’s suite of derivatives products, including perpetual futures.
These developments come after a period of significant changes for Synthetix. In October, the protocol underwent a governance shakeup, leading to a renewed focus on product development and community engagement. The launch of multi-collateral perps and the new exchange platform are key milestones in this revitalization effort.
Synthetix’s move to Base is also significant, as it highlights the growing importance of Layer-2 networks in the DeFi ecosystem. By leveraging the scalability and efficiency of Base, Synthetix aims to attract more users and increase the adoption of its products.
Overall, the launch of multi-collateral perps and the new exchange platform represent a major step forward for Synthetix. These developments are expected to enhance the protocol’s functionality, attract new users, and solidify its position as a leading player in the DeFi space.
