According to Cointelegraph, Synthetix is introducing a new multi-collateral feature on its V3 derivatives platform as it launches in Arbitrum’s decentralized finance (DeFi) ecosystem. Matt Losquadro, a core contributor at Synthetix, highlighted the competitive nature of Arbitrum, which is known for its DeFi derivatives. He emphasized that the ability to accept various tokens as collateral will set Synthetix apart in this crowded market.
Synthetix, a DeFi protocol that provides liquidity for permissionless derivatives like perpetual futures and options, launched on Arbitrum in July. The protocol operates on multiple blockchain networks, including Ethereum, Optimism, and Base. Perpetual futures, or “perps,” are derivatives that allow traders to buy or sell an asset at a future date without expiration. Currently, GMX dominates the decentralized perps market on Arbitrum with over $430 million in total value locked (TVL), according to DefiLlama.
Several applications built on Synthetix focus on perps trading, while others specialize in yield strategies such as basis trades. Losquadro noted that enabling users to deposit multiple token types as margin collateral opens up more possibilities. Instead of just using stablecoins like U.S. Dollar Coin (USDC) for margining perps, users will be able to use Ethereum and Bitcoin as well.
Synthetix also plans to integrate Chainlink Data Streams into its upcoming V3 deployment on Arbitrum. Losquadro believes that the multi-collateral feature will help Synthetix compete with existing Arbitrum DeFi protocols like GMX. However, he stressed that the goal is not just about perpetual futures but also about allowing people to build on top of the system in a composable, permissionless way.
