New Features
On Thursday Synthetix announced a series of new features for their recently released Kwenta exchange.
tl;dr:
gas fee estimation
dates added to fee figures
prices displayed on chart y-axis
smoother page transitions with fade
Synthetix
Synthetix has gone from strength to strength, and is a staple of the DeFi industry.
The platform allows users to deposit SNX tokens as collateral and mint synthetics assets, or derivatives. These synthetic assets are pegged to the price of the underlying asset using ChainLink oracles.
So far there’s a huge range for DeFi users to choose from, including fiat currencies (sEUR, sJPY, sCHF etc), cryptocurrencies (sXRP, sXMR, sETC etc), commodities (sXAU, sXAG), and traditional finance indices (sNIKKEI, sFTSE etc).
Alongside this range there’s also the option to buy the inverse synth if you’re feeling bearish towards an individual asset, e.g. iTRX.
Kwenta
Kwenta was announced last month, and is a smooth UX for synthetic trading.
The decentralised exchange offers infinite liquidity, which sounds too good to be true.
Synthetix have managed to make this possible by using a peer-to-contract design, with no counterparty. This also means that there’s zero slippage, a huge advantage for those making larger trades.
If you don’t have any synths you can easily connect with liquidity pools around the DeFi ecosystem directly through Kwenta.
What’s next for Synthetix?
One thing that I’m particularly looking forward to is synthetic futures, expected to be announced soon. This is a key area where centralised exchanges currently have the upper hand.
The platform is also moving towards a layer 2 solution, focusing on an optimistic design. Synthetix founder Kain Warwick wrote an excellent opinion piece on the topic here. Expect a full blog soon diving into this exciting topic.
To keep up to date with Synthetix and be an active community member you can join the platform’s discord here.