OP
by BSCN
March 12, 2023
Synthetix V3 is evolving the derivatives trading landscape with a range of Pools and Vaults for stakers and protocols to collateralize new derivatives markets. V3's key features include Multi-Collateral Staking, a Developer-Friendly System, and Cross-Chain capabilities.
Decentralized Finance (DeFi) protocol Synthetix has launched V3 on Ethereum Mainnet and Optimism after a security audit by Open Zeppelin, Iosiro, and Macro.
Upon initial release, the V3 didn’t have all the features available. The release of Synthetix V3 will take place gradually over the coming months as users will transition from Synthetix V2x to Synthetix V3. Let’s have a look at the features that will be made available.
Due to the fact that V3 does not have any markets attached to it currently, its primary function is to generate a dollar-denominated stablecoin for use in integrated markets. Synthetix (SNX) is trading at $2.18, up 1.60% in 24 hours.
Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.
Learn more about Synthetix:
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