Onchain Summer with Base
Synthetix is excited to participate as a sponsor of the finance and trading tracks of Base’s Onchain Summer Buildathon. With the successful launch and growth of Synthetix V3 on Base, we’ve seen the power of the Base ecosystem and its builders.
For the uninitiated, Synthetix V3 is a composable derivatives platform currently powering perpetual futures markets on Base. We are thrilled to see what innovation the Base builders can come up with in user experience design as well as financial mechanism design as part of this buildathon.
Why Build on Synthetix during Onchain Summer:
- Extensive builder documentation and support with the Cannon deployment tool.
- Composable contracts backed by established Synthetix liquidity that enable new innovations in onchain derivatives.
- Access to the Synthetix Ecosystem Fund application process for ongoing funding of your project & Grants Council for tooling.
- All builders within the finance and trading track of the Onchain Summer buildathon will also receive invites to the Synthetix party at ETH CC in Brussels this July.
Builder Resources:
Synthetix codebase is documented at https://docs.synthetix.io/v/v3 and we’ve set up a custom page for this event here with a quick guide for getting started with Synthetix contracts, the SDK, and details for onboarding to Cannon, the preferred deployment tool for Synthetix.
Through the duration of the hackathon, builder support will be made available in the Synthetix discord server and the channel #onchain-summer
Samples of projects to build:
We’ve talked with our team and community and have outlined some possible projects that could be built during this hackathon. Please note that while we provide some ideas of projects to build below, which interact directly with Synthetix, participants in the finance and trading track are not required to build on Synthetix and we encourage any type of onchain innovation around trading and finance apps on Base.
- Build an integration with the perpetual futures markets currently deployed on Base. Some ideas:
- Perps account vault (e.g. ‘1x long BTC’ ERC-20)
- Tokenizing funding rates
- Funding rate arbitrage automation
- Hybrid order book and AMM perps market
- Trade/Earn via Frames on Farcaster or Telegram mini-apps via integration on other social platforms on Base.
- Write a novel implementation of a derivatives market using smart contracts. By integrating with Synthetix’s Market Manager contract, it could tap into existing sources of liquidity when deployed to Base. Some broad categories of market protocols:
- Prediction Markets
- Perpetual Futures Markets
- Spot Markets
- Options Markets
- Contract settlement with a creative use of oracles, like randomness
- Design and build a personal or business finance application that integrates with the Synthetix V3 deployment on Base. Here are some user experiences you could create:
- Users may want to take a position on the value of an asset.
- Users may want to earn fees collected from markets in exchange for providing liquidity to help fill trades.
- Users may want to clearly understand the contents and performance of a portfolio.
Synthetix Ecosystem Fund
Onchain Summer also marks the announcement of the Synthetix Ecosystem Fund, which was established by STP-3 and designates a fund to make investments on behalf of the SNX Protocol to better align incentives with partner protocols, projects, and communities.
Participants in Onchain Summer that build functioning apps on top of Synthetix will have the opportunity to submit an application to pitch the Synthetix Treasury Council for funding to support ongoing development of the project*.
Application criteria and details will be provided to all participants before the end of the Onchain Summer judging period.
*Depending on the nature of the project, applicants may be referred to the Grants Lead for different funding mechanisms.
