Synthetix Relaunches with Multi-Collateral Perpetuals on Base Network
Synthetix has relaunched its platform, introducing multi-collateral perpetuals on the Base network, alongside a redesigned website, enhanced exchange platform, and the upcoming Synthetix Leveraged Tokens. These updates mark significant changes aimed at improving user experience and expanding its trading features amidst the ongoing crypto bull run.
Key Updates and New Features
As part of the relaunch, Synthetix has revamped its user interface, added support for multi-collateral perpetuals on Base, and continued backing for derivatives products and exchanges. The updated platform now highlights Synthetix Exchange and Synthetix Leveraged Tokens as flagship offerings, focusing on low fees, deep liquidity, and seamless trading experiences.
To incentivize liquidity providers, Synthetix has launched a four-week promotion running from December 10 to January 7. This includes 80,000 SNX and 100,000 USDC rewards through its Decembrrr Base LP Incentives. Additionally, trading fee distribution on Synthetix V3 has increased by 50%, with expanded LP incentives for users. Future plans include more incentive programs for early adopters of the new exchange and leveraged tokens.
Multi-Collateral Perpetuals for Diversification
Synthetix now supports assets like cbBTC (Coinbase’s wrapped BTC), cbETH (Coinbase’s liquid staked ETH), wstETH (Lido’s wrapped staked ETH), and wETH (wrapped ETH). These multi-collateral perpetuals allow users to trade BTC and ETH directly, eliminating the need for stablecoin collateral while offering benefits like diversification, hedging, and growth opportunities.
Strategic Acquisitions and Expansion
Ahead of its relaunch, Synthetix made two significant acquisitions:
- Kwenta – A leading perpetual platform originally part of Synthetix, separated in 2020.
- TLX – A prominent leveraged token platform acquired earlier this month.
These acquisitions strengthen the Synthetix ecosystem, enhancing its ability to handle increased trading volumes during the current bull market.
Outlook
With its refreshed platform, multi-collateral perpetuals, and new flagship products, Synthetix is well-positioned to attract high trading activity and meet the demands of a growing crypto market. Its continued innovation and incentives aim to solidify its role as a leader in the derivatives and leveraged token space.
