Synthetix exchange relaunches with multi-collateral perpetuals on the Base network.
The reboot of Synthetix comes with a new website, relaunch of its exchange, and upcoming launch of Synthetix Leveraged Tokens.
Following two acquisitions, Synthetix announced its relaunch today with multi-collateral perpetuals on the Base network. The Synthetix reboot comes with the launch of a new website, relaunch of its exchange platform, and Synthetix Leveraged Tokens, along with perpetuals on Base. While the ongoing crypto bull run contributes to the success of Synthetix exchange relaunch, the exchange is making several major changes to its features.
As a part of the relaunch, Synthetix exchange updated its UI interface and started supporting multi-collateral perpetuals on the Base network. The previous Synthetix continues its support for derivatives products and exchanges. Adding to it, the Synthetix Exchange and Synthetix Leverage Tokens will be its new flagship products. The platform aims to offer the best trading experiences with low fees and deep liquidity.
The Synthetix platform has already started its four-week promotion for Base Liquidity Providers from December 10th to January 7th. It is offering 80,000 SNX and 100,000 USDC rewards as part of its Decembrrr Base LP Incentives. They have also increased trading fee distribution on Synthetix V3 by 50% and increased LP incentives. Synthetix is also planning for more incentive programs for early users of Synthetix Exchange and Synthetix Leverage Tokens.
Synthetix Offers Multi-Collateral Perpetual Benefits to Users
Synthetix is offering cbBTC (Coinbase’s wrapped BTC), cbETH (Coinbase’s liquid staking version of ETH), wstETH (Lido’s wrapped staked ETH), and wETH (wrapped ETH). By offering these multi-collateral perpetuals on Base, Synthetix offers direct exposure to BTC and ETH without stablecoin collateral for perps. As a result, users will have multiple benefits such as diversification, access to hedging, growth, etc.
Synthetix has made two major acquisitions before preparing for its major reboot. It acquired ecosystem-leading perpetual platform Kwenta, which was originally a part of Synthetix and separated in 2020. Earlier this month, Synthetix acquired TLX, one of the leading leveraged token platforms.
Right after two major acquisitions, Synthetix announced its reboot, making several changes to its existing features, and adding new multi-collateral perps on Base. With the existing and upcoming updates, the Synthetix platform is all set to handle large trading volumes amidst bull market and increased trading activity.
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