Synthetix is undergoing a pivotal phase of the V3 rollout, introducing a new foundation and architecture for the protocol. This transition also marks a significant step towards enhancing the scalability and decentralization of the Synthetix stablecoin, sUSD.

SNX is now supported by the Base Bridge, allowing SNX tokens to be bridged from Ethereum to Base. This will help to support the upcoming Andromeda Release and Buyback and burn mechanism.

The Andromeda Release in Synthetix introduces Core V3, Perps V3, and USDC as collateral, expanding to Base for a multi-chain approach. A key new mechanism is the buyback and burn of SNX tokens, using fees from Perps on Base as per SIP-345.

Synthetix Perps V3 represents a significant upgrade for the world of onchain perpetual futures. Building on the successes and learnings of V2, this new version is designed to further enhance trading efficiency, usability, and resilience.

The Andromeda Release marks a significant advancement for Synthetix, featuring the deployment of Core V3 and Perps V3 simultaneously, the addition of new collateral in the form of USDC, and deployment on a new blockchain, Base. This release will propel Synthetix into a multi-chain protocol, leveraging the capabilities of the

Collateralized Debt Positions (CDPs) are a fundamental component of many DeFi protocols, including Synthetix. They allow users to deposit collateral and borrow against it, creating a system of over-collateralized loans.

Vaults are a fundamental component of the Synthetix V3 ecosystem, serving as the primary entry point for liquidity providers.

Synthetix V3 brings a groundbreaking approach to creating onchain derivatives and financial products, with markets at its core. These markets draw from liquidity pools, fueled by liquidity providers (LPs) who delegate collateral and stablecoin liquidity.

The Perps V3 Testnet Trading Competition on Base has drawn to a close. Over three weeks, we saw an incredible amount of trading activity, competitive spirit, and valuable user feedback that has helped improve Perps V3.

In the Synthetix V3 ecosystem, pools play a crucial role in facilitating liquidity for various markets. They serve as a bridge between liquidity providers and markets, allowing the latter to access the necessary liquidity to back on-chain derivatives.

Not only is Synthetix V3 a groundbreaking revolution for derivative protocols but it's also set to be a dominant player in onchain borrowing, with zero interest or fees charged to borrowers. Users can deposit collateral to generate sUSD without interest or other fees.

Synthetix stands at the cusp of creating a DeFi revolution with its upcoming V3 release. It'll help to usher in a period of mass innovation throughout the world of onchain derivatives and financial instruments.

Synthetix is pleased to announce that the protocol has integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) into Synthetix V3.

💡This post was provided by a Spartan Councillor. While Synthetix has reviewed the content for veracity, these views are not necessarily endorsed by the Synthetix DAO and/or community. We saw Where Synthetix v3 could take us, so let’s plot a potential path to get there. Reading that post