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Synthetix V3 is live on Base

Synthetix V3 is now live on Base. Users can deposit USDC to earn trading rewards and USDC/SNX LP incentives. Additionally, traders can begin trading Synthetix Perps.

Synthetix V3 is live on Base

Synthetix V3 is now live on Base, allowing users to provide liquidity, earn trading fees, and receive USDC/SNX LP incentives.

Users can now participate as liquidity providers by supplying USDC collateral to the Spartan Council Pool. In return, they will earn a share of Perps trading fees and be eligible for USDC/SNX LP incentives provided by the Synthetix Treasury Council.

As liquidity grows, Synthetix V3 on Base will be able to support increased open interest and introduce new markets.

To get started as an LP and learn more about the incentive programs, follow the instructions in the "Providing Liquidity" and "Earning SNX & USDC LP Incentives" sections below.

Providing Liquidity

To provide liquidity, earn fees, and receive USDC/SNX LP incentives on the Base deployment:

  1. Go to
  2. Follow the V3 Base LP Guide to deposit USDC collateral

In V3, user rewards are based on the amount supplied by collateral. Currently, users can only deposit USDC to earn fees without minting stablecoins (aka debt). Additionally, users cannot withdraw collateral & rewards for 24 hours following deposit.

Earning SNX & USDC LP Incentives

Synthetix introduced two incentive programs (USDC and SNX) rewarding USDC LPs for supplied collateral to accelerate Perps V3 Base growth. Learn more about the programs and how to participate as an LP.

Perps V3: Key Upgrades

Building on V2, Perps V3 introduces significant upgrades to the system, improving the liquidity provider and trader experiences.

  • Native cross-margining with a unified margin pool across positions.
  • Gradual, configurable liquidations to reduce MEV risks.
  • Improved deterministic settlements with low-latency oracles.
  • NFT-controlled accounts enable transfer and permission access.

Experimental Deployment and Future Improvements

The Base deployment experiments with USDC as a new collateral type. Governance will continually adjust parameters, increasing caps on collateral, open interest, and supported markets. The current fee distribution is:

  • 20% to frontend integrators
  • 40% for SNX buybacks and burns
  • 40% to liquidity providers

As Synthetix refines its V3 contracts and expands on Base, users can expect further improvements and launches within the ecosystem.

Trading Synthetix Perps on Base

As of April 4th, 2024, the following partners are integrated into Synthetix Perps on Base:

Any Questions?

Join the Synthetix Discord for any questions or concerns.