According to Cointelegraph, Synthetix is ​​launching its V3 derivatives platform in Arbitrum’s DeFi ecosystem, allowing multiple tokens to be accepted as collateral. Matt Losquadro, a core contributor to Synthetix, said this would be a unique feature.

“Arbitrum is the home of DeFi derivatives, and competition is fierce,” Losquadro said. “We are launching a unique multi-collateral feature on Arbitrum, which will be a huge breakthrough.”

Synthetix launched on Arbitrum in July, focusing on providing liquidity for permissionless derivatives such as perpetual futures and options. According to DefiLlama data, GMX currently dominates Arbitrum’s decentralized perpetual futures market, with a total locked value of more than $430 million.

Losquadro also mentioned that multiple applications on Synthetix focus on perpetual futures trading and yield strategies. Allowing users to deposit multiple tokens as margin collateral will open up more possibilities.

In addition, Synthetix plans to integrate Chainlink Data Streams in Arbitrum’s V3 deployment. Losquadro said that the multi-collateral feature is not only to compete with the existing Arbitrum DeFi protocol, but also to build on a composable, permissionless system.