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    Synthetix expands collateral options on Coinbase’s Base network and launches new trading app

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    Decentralized finance protocol Synthetix has started accepting varied tokens as collateral for trading on Coinbase’s Base network, a part of wider changes to the Synthetix platform. Tokens like Coinbase Wrapped BTC and Coinbase Wrapped ETH can now be used as trading collateral, providing traders more control over their trades. Furthermore, Synthetix announced the launch of its own trading application. These updates follow changes to governance in October after Synthetix tokenholders voted to overhaul the governance and operations of Synthetix, which included the acquisition of the Kwenta and TLX platforms.

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    Synthetix, a decentralized finance (DeFi) protocol, has started accepting different types of tokens as collateral for trading on Coinbase’s Base network. This news came about on December 18th and is part of a larger overhaul in the Synthetix platform.

    The new development of adding ‘multicollateral perps’ on Base will now allow users to use tokens like Coinbase Wrapped BTC (cbBTC) and Coinbase Wrapped ETH (cbETH) as trading collateral. Synthetix claims this move will give traders more control over their trades and easier ways to hedge their bets.

    Synthetix also announced the launch of its own trading application. Before this, Synthetix only provided the foundation for other exchanges to build upon, but now they’ve got their own in-house trading app. The platform will continue to support and encourage builders of derivative products and exchanges.

    Perpetual futures, or ‘perps,’ are a type of derivative that allows traders to buy or sell an asset at a future date without any set expiration.

    This whole revamp of Synthetix comes after some changes in governance back in October. The protocol fell short of the delivery deadlines for its products, and Synthetix tokenholders voted to completely overhaul and improve the governance and day-to-day operations of Synthetix.

    After the voting, Synthetix bought perps platform Kwenta and leveraged token trading platform TLX. They’re also restructuring to become a foundation to help streamline their business activities and improve their capabilities.

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