As a seasoned analyst with years of experience in the crypto space, I find the recent developments at Synthetix particularly intriguing. The expansion to multi-collateral perps on Coinbase’s Base network and the launch of their own perpetuals exchange application are strategic moves that demonstrate Synthetix’s commitment to innovation and adaptability.
Starting December 18th, the decentralized finance platform Synthetix announced that it now accepts various tokens as collateral for margin trading of perpetual contracts on Coinbase’s Base network.
Introducing “multi-collateral perpetuals” on Base, a well-known Layer 2 scaling solution within Ethereum’s network, is an aspect of a more extensive overhaul of the DeFi protocol following a governance restructuring in October.
Synthetix proposes the inclusion of multi-collateral perpetual swaps, enabling users to utilize tokens like Coinbase Wrapped Bitcoin (cbBTC) and Coinbase Wrapped Ethereum (cbETH) as securities for trading.
Expanding the collateral options allows traders to hold well-known cryptocurrencies such as Bitcoin (BTC) and staked Ethereum (ETH) directly […] and provides them with greater authority over their margin positions and simplified access to risk management techniques,” according to Synthetix’s announcement.
As of December 18th, Coinbase’s cbBTC is one of the widely used Bitcoin packaging services, boasting a market value exceeding $2 billion, as reported by CoinMarketCap.
Approximately $14 billion worth of assets are secured on Base, making it the second-most widely used Ethereum Layer 2 solution, trailing only behind Arbitrum, as reported by L2Beat rankings.
New perps exchange
On December 18th, Synthetix introduced their very own perpetual trading platform application. Prior to this, they had been offering smart contract infrastructure for other platforms to develop upon, yet they hadn’t had their own internal trading application.
Synthetix will persistently back and encourage creators of derivative items and trading platforms. One of our upcoming main offerings will be the Synthetix Exchange.” (Paraphrased)
Everlasting future contracts, often referred to as “perps,” enable traders to purchase or sell an asset at a later time without any specific expiration date.
Ongoing revamp
In October, the holders of the Synthetix token strongly approved a proposed restructuring of governance, following the protocol’s failure to meet product delivery deadlines.
On September 25th, Benjamin Celermajer, a seasoned SNX investor, presented a proposal for significant changes aimed at enhancing both the governance structure and daily operations of Synthetix.
Synthetix subsequently acquired perps platform Kwenta and leveraged token trading platform TLX.
As an analyst, I’m focusing on streamlining and enhancing our capacities for partner contract-related business activities. This reorganization aims to provide various advantages, one of which is improving the process, as stated in our October blog post.
In September, Synthetix introduced a new blockchain called SNAXchain, designed to enable cross-chain liquidity and trading fee income for those who stake the native token and use on-chain trading services.
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2024-12-19 00:57