Synthetix is expanding its capabilities by launching multi-collateral perps on the Base platform and introducing its own trading app for perpetuals.
Synthetix's Enhanced Capabilities
On December 18, Synthetix announced the acceptance of multiple token types as collateral for leveraged trading on the Base network. The introduction of multi-collateral perps allows users to use tokens like Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH) as trading collateral.
New Perpetual Exchange
On the same day, Synthetix launched its own perpetuals trading app. Previously, the protocol provided smart contract infrastructure for other exchanges but lacked its own trading app. 'Synthetix Exchange will become one of our new flagship products,' the company stated.
Ongoing Revamp
In October, Synthetix tokenholders voted for a governance overhaul following delays in product delivery. Synthetix acquired the perps platform Kwenta and leveraged trading platform TLX. The company is also reorganizing as a foundation to optimize its business activities.
The introduction of new features and governance reform highlight Synthetix's commitment to increasing efficiency and competitiveness in the market.
