Synthetix Launches Perpetuals on Kwenta, Adds Threshold’s $tBTC As Key Collateral

Synthetix has unveiled its multi-collateral perpetual futures (Perps) on Kwenta, featuring Threshold Network’s tBTC as the primary wrapped-Bitcoin collateral asset. The integration of tBTC marks a significant development for DeFi, expanding options for users seeking decentralized, permissionless, and Bitcoin-backed trading. This announcement has been announced via its official X account.

Multi-collateral Perps is live on @Kwenta_io, featuring tBTC as our wrapped-Bitcoin collateral asset of choiceWhy did we choose @TheTNetwork’s tBTC? pic.twitter.com/QWfkNypYCZ

— Synthetix (@synthetix_io) October 30, 2024

Why Synthetix Chose Threshold Network’s tBTC?

Threshold Network’s tBTC offers a range of unique features that make it ideal for decentralized finance (DeFi) applications. It is backed 1:1 with Bitcoin (BTC) and enables users to mint and redeem tBTC without centralized control or KYC requirements. Furthermore, tBTC is backed by 24/7 on-chain, auditable reserves, ensuring transparency and building user trust in its decentralized custody system.

The DeFi community has already embraced tBTC widely, with 82 integrations across six blockchain networks and over 1,600 holders. Moreover, the supply is already exceeding $293 million as claimed y Synthetix. Threshold’s team is known for actively expanding decentralized Bitcoin applications and is broadening the possibilities with products such as stBTC, thUSD, and SATs.

New Collateral Options for Synthetix Perps Markets

The new Perps markets on Kwenta come with additional collateral options beyond tBTC, including Ethereum (ETH), Ethena USD (USDe), and USDx, Synthetix’s stablecoin native to Arbitrum. In total, the rollout encompasses 81 new Perps markets, giving users access to a more diverse and flexible trading environment.

By integrating tBTC and expanding collateral options, Synthetix is reinforcing its commitment to decentralized, multi-collateralized markets that cater to a broad spectrum of DeFi users. This will further advance its role in the decentralized trading ecosystem.