DeFi Liquidity Protocol Synthetix Deploys Version 3 on Ethereum

Synthetix holds over $450 million in locked tokens over the Ethereum and Optimism networks.

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Synthetix deploys version 3 on Ethereum (Unsplash)

On-chain liquidity and derivatives trading protocol Synthetix has deployed version 3 (v3) on the Ethereum mainnet following security audits, developers said Wednesday.

Synthetix (SNX) is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain – allowing users to mint, hold, and trade a wide range of derivatives – including commodities, fiat currencies, and even stocks.

The protocol holds over $450 million in locked tokens over the Ethereum and Optimism blockchains as of Thursday. It held just shy of $3 billion in total locked value (TVL) at its February 2021 record high.

Developers previously stated said that Synthetix v3 will have much more efficient architecture to allow developers to create faster, complex and more efficient decentralized financial (DeFi) applications.

V3 will allow the creation of products that offer a liquid market for any financial derivative that developers want to build, from traditional financial markets to more exotic markets such as no-loss lotteries or even wholly separate protocols.

V3 will also offer simplified staking and differentiated debt pools, allowing network stakers to supply collateral to, and receive fees from, specific asset pools without having to be exposed to every Spartan Council-supported asset.

The Spartan Council (SC) is the central governing body of the Synthetix protocol that votes on overall improvement proposals and parameter changes.

Synthetix’s native SNX tokens saw nominal price changes in the past 24 hours.