Synthetix deploys the first perpetual contract protocol on the Base chain

Synthetix, a decentralized crypto derivatives marketplace, has deployed version 3 of its perpetual contract protocol on Base. Base is an Ethereum second-layer blockchain developed by Coinbase. Perps V3 will simplify the process of launching new derivatives on Synthetix for developers building on Base, as well as trading on Synthetix-powered exchanges such as Kwenta, Polynomial and dHEDGE, the company said in a statement. According to Synthetix, more Synthetix V3 products are planned to be deployed on Base in the coming months, including a new perpetual futures exchange called Infinex. Kain Warwick, founder of Synthetix, said that decentralized crypto exchanges still need to catch up with the activity of centralized platforms. “The problem is, we are still using centralized infrastructure for most crypto transactions. Most crypto activity is not leveraging the decentralized technology we have built,” he said. The Perps V3 product launches with the Synthetix V3 system upgrade, which has been in progress since late last year, the company said. According to Synthetix, the previous version, Perpetual V2, launched in January last year, has generated more than $43 billion in trading volume and attracted thousands of unique traders.