As reported by CoinTelegraph, decentralized finance protocol Synthetix has launched multi-collateral perpetuals trading on Coinbase's Base network as of December 18. This move is part of a broader revamp following a governance shakeup in October. The new feature allows users to use various tokens, including Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH), as collateral. This expansion aims to provide traders with more control over margin positions and easier access to hedging. Additionally, Synthetix has launched its own perpetuals trading app, marking a shift from solely providing smart contract infrastructure to offering an in-house trading platform. The Base network, a popular Ethereum layer 2 scaling solution, ranks second in total value locked, with $14 billion, according to L2Beat. This development follows Synthetix's acquisition of perps platform Kwenta and leveraged token trading platform TLX, as part of its ongoing reorganization efforts.
Synthetix Introduces Multi-Collateral Perps on Base Network
KuCoin NewsShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.