Synthetix unveils multi-collateral trading on Base network

Synthetix, a decentralised finance protocol, has introduced multi-collateral perpetuals trading on Coinbase’s Base network as part of a major overhaul.

This new feature enables traders to use various tokens, including Coinbase Wrapped BTC (CRYPTO:CCBTC) and Coinbase Wrapped ETH (CRYPTO:CBETH), as collateral for leveraged perpetual futures.

“This collateral expansion lets traders maintain direct exposure to popular crypto assets like BTC and staked ETH […] and gives them more control over margin positions and easier access to hedging,” the protocol stated.

Base, a layer-2 Ethereum (CRYPTO:ETH) network, has gained popularity and currently ranks second in total value locked (TVL) among Ethereum L2s, holding approximately $14 billion, according to L2Beat.

Coinbase’s CCBTC, with a market cap exceeding $2 billion, is among the most widely used Bitcoin wrappers.

In addition to the multi-collateral perps, Synthetix launched its first in-house perpetuals exchange app on December 18.

Previously, Synthetix focused on providing smart contract infrastructure for other exchanges.

The protocol emphasised that while it will continue supporting builders of derivatives products, the new exchange will serve as a flagship offering.

Perpetual futures, or "perps," are derivatives that allow traders to buy or sell assets at future dates without expiration.

This initiative is part of a broader restructuring following a governance overhaul in October.

Synthetix tokenholders approved a plan to revamp the protocol after it missed several product deadlines.

Benjamin Celermajer, a long-term SNX investor, proposed the changes to improve governance and operational efficiency.

The protocol has also acquired the perpetuals trading platform Kwenta (CRYPTO:KWENTA) and leveraged token trading platform TLX.

In September, it launched SNAXchain, a new app chain designed to enhance crosschain liquidity and generate fee revenues for token stakers.