Synthetix launches multi-collateral perps on Base amid revamp
Decentralized finance (DeFi) protocol Synthetix has begun accepting multiple token types as collateral for leveraged perpetuals trading on Coinbase’s Base network, Synthetix said on Dec. 18.
Launching so-called “multicollateral perps” on Base, one of Ethereum’s most popular layer 2 (L2) scaling networks, is part of a broader revamp of the DeFi protocol after a governance shakeup in October.
Adding multi-collateral perps will allow users to post tokens such as Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH) as trading collateral, Synthetix said.
“This collateral expansion lets traders maintain direct exposure to popular crypto assets like BTC and staked ETH […] and gives them more control over margin positions and easier access to hedging,” among other benefits, Synthetix said in a statement.
Coinbase’s cbBTC has emerged as one of the most popular Bitcoin wrappers, with a market capitalization of more than $2 billion as of Dec. 18, according to CoinMarketCap.
With around $14 billion in total value locked (TVL), Base is the second most popular Ethereum L2 after Arbitrum, according to L2Beat.
Source: Synthetix
Related: Synthetix, Kwenta launch v3 perpetuals on Arbitrum
New perps exchange
On Dec. 18, Synthetix also launched its own perpetuals exchange application, the protocol said. It previously provided smart contract infrastructure for other exchanges to build on but lacked an in-house trading app.
“Synthetix will continue to support and welcome builders of derivatives products and exchanges, Synthetix Exchange will become one of our new flagship products,” the protocol said.
Perpetual futures, or “perps,” are derivatives that let traders buy or sell an asset at a future date with no expiration.
Synthetix Exchange app interface. Source: Synthetix
Ongoing revamp
In October, Synthetix tokenholders voted overwhelmingly in favor of a proposed governance shakeup after the protocol fell short of product delivery deadlines.
In a Sept. 25 governance proposal , Benjamin Celermajer, a longtime SNX investor, outlined a plan to “completely overhaul” and improve the governance and day-to-day operations of Synthetix.
Synthetix subsequently acquired perps platform Kwenta and leveraged token trading platform TLX.
It is also reorganizing as a foundation to “streamline and improve our capabilities regarding business activities that require signing contracts with partners,” among other potential benefits, Synthetix said in an October blog post.
In September, Synthetix launched a new app chain — SNAXchain — aimed at bringing crosschain liquidity and trading-fee revenues to native-token stakers and onchain trading products.
Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Donald Trump's Son Eric Trump's Elon Musk Tactic! "After Ethereum, Bitcoin (BTC) Sharing Has Come Too!"
Eric Trump said that now is a good time to accumulate Bitcoin after Ethereum.
JPMorgan's Huge Cryptocurrency Survey! What Do Investors Think About Bitcoin (BTC) and Altcoins?
According to JPMorgan survey results, 71% of institutional investors stated that they do not plan to trade cryptocurrencies in 2025.
Why Ethereum (ETH) Cannot Rise? JPMorgan Analysts Explained, Warned for What Happened After!
JPMorgan warns that Ethereum could continue its poor performance.
SEC weighs proposal to change BlackRock's spot Bitcoin ETF to allow in-kind redemptions
The SEC asked for comments to be sent in 21 days after its filing is published in the Federal Register.Over a year ago when the SEC was considering whether to approve spot Bitcoin ETFs, firms were hashing out technical details over how the redemption process should work settling on cash, not in-kind.