Updates continue in many altcoins. Decentralized finance protocol Synthetix (SNX)recently released its latest version after receiving a comprehensive security audit from Open Zeppelin, Iosiro, and Macro. Synthetix V3 Ethereum Mainnet And in Optimism distributed.
Altcoin SNX Announces Update
The Synthetix protocol is a suite of open source smart contracts that can be used to build a “liquidity API” by integrating with decentralized oracle networks. This liquidity can be used to create derivatives collateralized with ERC-20 tokens.
While the uses of crypto-native assets are still in the early stages of development, the utility of derivatives is undeniable and the derivatives market is estimated to be worth trillions of dollars.
The migration plan for Synthetix V3 allows the V2 system to be supported by the V3 system through the traditional market.
Liquidity providers in the V2 system can transfer their positions to the V3 system in a single transaction and continue to collateralize existing spot syntheses and perpetual futures markets.
Currently, the primary function of Synthetix V3 is to establish a collateralized debt position as a dollar-denominated stablecoin that will be used in integrated markets.
The development team is working to deploy tools and analytics related to debt positions and the legacy market has completed audit, while the spot market application will be audited soon. The team is also working on the development of perpetual futures markets that are directly integrated with V3.
The Synthetix team is looking forward to focusing on cross-chain functionality and scaling in future upgrades of the V3 core system.
The team is preparing to integrate with Chainlink’s CCIP for cross-chain stablecoin transfers and has already completed successful transfers between testnets. The team hopes to create a liquidity layer that spans an arbitrary number of chains, including L1s, L2s, L3s, and application chains.
At the time of this writing, the SNX price was trading at $2.55.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!