Synthetix (SNX), a decentralized marketplace for crypto derivatives and real-world assets, has made a significant stride by deploying the V3 of its perpetuals contracts protocol on Base. This deployment marks a milestone as it enables developers on the Ethereum L2 blockchain to create and launch their own crypto perpetuals products.

The deployment of Perps V3 makes Synthetix the pioneer in bringing a major perpetuals contracts product to the Ethereum Layer-2 blockchain, providing developers direct access to the product solutions and liquidity needed when launching crypto perpetuals.

This move is expected to boost trading activity and volume for Synthetix-powered exchanges across the Ethereum ecosystem, and it has the potential to open up new opportunities for liquidity providers and traders within the ecosystem. USDC’s introduction as collateral also adds flexibility for traders, helping to curb SNX inflation.

Kain Warwick, founder of Synthetix, remarked, “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.”

Synthetix Deploys Perpetuals Protocol V3 on Base, Signaling a Milestone in the Development of Crypto Derivatives on Ethereum L2

In a recent announcement, Synthetix revealed that the deployment of the V3 of its perpetuals contracts protocol on Base, known as Perps V3, will allow developers direct access to product solutions and liquidity for launching crypto perpetuals.

With the introduction of Perps V3, Synthetix becomes the first protocol to bring a major perpetuals contracts product to the Ethereum Layer-2 blockchain. This will provide a significant boost for trading volume within the Ethereum ecosystem.

Additionally, the deployment of Perps V3 on Base will help Synthetix generate more trading volume for its perpetuals across the Ethereum ecosystem, providing opportunities for trading across various Synthetix-powered exchanges.

Furthermore, the incorporation of USDC as collateral alongside other approved spot synthetic assets aims to provide increased flexibility for traders, while also offering new opportunities for liquidity providers to participate in the ecosystem.

What are the key features of the newly deployed Perpetuals Protocol V3 on Base?

The Perpetuals Protocol V3 introduces key features designed to enhance the trading and development experience within the Synthetix ecosystem. These features include the use of alternative collateral for liquidity providers, with the addition of USDC alongside other approved spot synthetic assets such as sUSD, sETH, and sBTC.

The deployment also brings improvements such as cross margin capabilities, composable account management, and deterministic settlements, aimed at providing a more seamless and flexible trading experience for Synthetix users.

How will the introduction of Perpetuals Protocol V3 impact the Ethereum ecosystem?

The introduction of Perpetuals Protocol V3 on Base is expected to have a significant impact on the Ethereum ecosystem, as it will create new opportunities for developers and traders to engage in the crypto perpetuals market. The deployment will not only boost trading volume for Synthetix perps but also provide a gateway for millions of Coinbase users to explore the world of crypto derivatives.

What is the significance of deploying the first perpetuals protocol on Base?

The deployment of the first perpetuals protocol on Base signifies a major milestone in the development of crypto derivatives on the Ethereum L2 blockchain. It brings forth new opportunities for developers to create and launch their own crypto perpetuals products, while also enhancing the trading experience for users within the Ethereum ecosystem.

How does the addition of USDC as collateral benefit liquidity providers and traders?

The addition of USDC as collateral alongside other approved spot synthetic assets delivers increased flexibility for traders and opens up new opportunities for liquidity providers within the Synthetix ecosystem. This addition is aimed at curbing SNX inflation and providing a more diverse range of options for participants in the crypto perpetuals market.

What are the key improvements and features introduced in Perpetuals Protocol V3 on Base?

The Perpetuals Protocol V3 on Base introduces several key improvements and features, including the use of alternative collateral for liquidity providers, cross margin capabilities, composable account management, and deterministic settlements. These enhancements are designed to elevate the trading experience and provide greater flexibility for users within the Synthetix ecosystem.