Summary
Synthetix has launched a perpetuals exchange on Base, an Ethereum Layer 2 network built by Coinbase. The new version, Perps V3, allows traders to use USDC as collateral, increasing the capacity of Synthetix to attract new collateral and launch new derivative markets. Base developers will now have new tools to build out a DeFi ecosystem, with several projects committing to launch on Base. Infinex, a perpetuals exchange built on Synthetix, will also launch on Base. Synthetix specializes in crypto derivatives and synthetic assets and has partnered with Optimism in the past for Layer 2 deployments. Base has attracted $699M of capital since its mainnet launch in August.
Key Points
1. Synthetix has launched a perpetuals exchange on Base, an Ethereum Layer 2 network built by Coinbase. This is being billed as the “first major perpetuals protocol” on Coinbase’s Layer 2 network.
2. The new version of the exchange, Perps V3, allows traders to use USDC as collateral, expanding the capacity of Synthetix to attract new collateral and launch new derivative markets.
3. Base has attracted $699 million of capital since its mainnet launch in August and has commitments from projects like Polynomial, Kwenta, and DHEDGE to launch on the platform. Infinex, a perpetuals exchange built on Synthetix, will also launch on Base.