HomeBlockchainSynthetix launches the first long-lasting protocol on the Base blockchain.

Synthetix launches the first long-lasting protocol on the Base blockchain.

-

Synthetix, a place where people can trade digital money, has put version 3 of its contracts on Base. Base is a special type of Ethereum technology made by Coinbase.

Perps V3 will make it easier for developers to create new derivative products on Synthetix and for people to trade on exchanges like Kwenta, Polynomial, and dHEDGE, the company said.

Synthetix is planning to release more products for Synthetix V3 on Base in the next few months. This will include a new perpetual futures exchange called Infinex.

Decentralized cryptocurrency trading is not as active as trading on centralized platforms yet, according to Kain Warwick, the founder of Synthetix. The issue is that we still use a centralized system for most cryptocurrency transactions. He said that most cryptocurrency actions are not using the decentralized technology we created.

The company said that they launched the Perps V3 product along with the Synthetix V3 system upgrade. The upgrade has been in the works since late last year. Synthetix says that the last version of perpetuals V2 made over $43 billion in trades and was used by tens of thousands of different traders.

Liquidity providers

Perps V3 is made to make trading better for traders and developers. It offers different ways for people to put up collateral, like USDC, sUSD, sETH, and sBTC. This helps provide more money for trading. In the past, collateral could only be in Synthetix’s own token, SNX.

The new features also let you borrow money from different parts of your account, give others permission to use your account, and make the process of selling off assets and paying debts better.

“Synthetix wants to control and make money from a lot of different assets on different chains in the future,” said Cavalier, a contributor for Synthetix.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Paris Saint-Germain is the first soccer team to use blockchain technology.

Paris Saint-Germain, a big soccer team, is going to check and approve transactions on the Chiliz Chain blockchain. They will use the money they make...

How will using AI to protect health data affect healthcare.

Improvements in AI-based Health Data Privacy are changing healthcare by making it possible to analyze private health information safely and quickly. New ways of...

Studying how AI affects how brands are creative.

Smart AI, like OpenAI's Sora, is changing how we make creative things by making it possible to make high-quality videos from just typing words. ...

Bitcoin drops to lowest point in a week due to concerns about big investors and the Nvidia company.

Bitcoin was about to move outside of its usual trading range at the beginning of the Wall Street day on February 21, because it...

Most Popular

ADVERTISE HERE