News

Synthetix V3 On Arbitrum Prepared For Launch

Key Points:

Synthetix V3 on Arbitrum gains full community support for deploying.
Arbitrum deployment focuses on gradual scaling, starting with LP deposits and Synthetix Perps.
The move aligns with cross-chain strategy, aiming to tap into Arbitrum’s DeFi trading surge.

Synthetix, a leading decentralized finance (DeFi) protocol, has received unanimous community support for its SIP-367 proposal, securing a 100% approval rate.

Progressive Scaling Strategy Unveiled for Synthetix V3 on Arbitrum

The proposal, aimed at deploying Synthetix V3 on Arbitrum, signifies a significant step towards progressive scaling and expansion within the DeFi ecosystem.

The isolated deployment of Synthetix V3 on Arbitrum is strategically designed to facilitate a seamless transition, starting with LP deposits and stablecoin minting against LP collateral.

Subsequently, Synthetix Perps trading will be enabled on the Arbitrum network. Noteworthy features of the deployment include the introduction of an Arbitrum-native stablecoin, LP functionalities, and a comprehensive launch of Synthetix Perps.

Synthetix Expands Cross-Chain Presence with Arbitrum Integration

With plans to experiment with various collateral types, including ETH, USDC, DAI, and ARB, Synthetix aims to tap into the increased DeFi trading activity on Arbitrum.

The deployment plan outlines a meticulous approach, starting from pre-launch preparations of Synthetix V3 on Arbitrum testnet to the beta launch phase and subsequent ramp-up of LP collateral and collateral onboarding. The final phase will see the activation of Synthetix Perps, offering users enhanced liquidity and trading opportunities.

Synthetix’s successful deployment on Ethereum mainnet and Optimism, following rigorous security testing, underscores its commitment to maintaining a secure and efficient DeFi ecosystem. Additionally, the protocol’s application to be a recipient of the LTIP program highlights its dedication to supporting the initial scaling up of operations on Arbitrum.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.