DeFi Platform Synthetix to Launch Ethereum-Powered Derivatives Trading

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Ethereum
DeFi Platform Synthetix to Launch Ethereum-Powered Derivatives Trading

Synthetix (SNX), a crypto-backed non-custodial exchange and synthetic asset platform that provides users exposure to a vast array of financial instruments, has announced that its putting preparations in top gear to roll out more products on its platform including binary options, exchange-traded funds (ETFs) and more starting from Q1, 2020, according to a blog post on March 10, 2020.

Synthetix Prepares to Scale 

Having spent time and considerable efforts on building and securing the architecture of its protocol over the past year, the Synthetix team is now certain that the network is robust enough to handle tens of millions of dollars in daily transaction volume and it’s now looking to expand its ecosystem by adding more in-demand financial products.

As stated in its blog post, beginning from Q1 2020, Synthetix will add important enhancements to Synthetix.Exchange (sX) to attract more users to the platform, while also giving existing users a better trading experience. 

Other significant projects to be carried out in Q1 2020 by the Synthetix team include the completion of the asset listing framework that will support the addition of new cryptoassets (crypto synths) to the platform.

Also in Q1, 2020, the team says it will carry out a UX improvement that will usher in trading delegation, making it possible for users to trade from their mobile devices in a secure manner by Q2, 2020.

Synthetix said:

While we expect that the majority of trading will be carried out on desktop for the near future, the addition of delegation will enable a sure to set up a mobile wallet and update orders from their phone without risking their assets with the insecure key stored on their phone.” 

More Features Loading

What’s more, in Q2, 2020, Synthetix says it plans to integrate more exciting features into its platform including differential fees, Eher/DAI/BTC collateral, to enable traders to borrow sUSD using ether bitcoin or DAI as collateral, advanced order types, and trading incentives in the form of “SNX token inflation diverted to a weekly pool and dispersed to traders based on their trading volume,” to attract new users to the platform.

That’s not all, in Q3, 2020, Synthetix will add binary options trading, futures trading on supported assets, and Optimistic Rollups.

At press time the price of Synthix’s native altcoin, SNX is the 49th largest cryptocurrency in the world by market cap. The price of SNX is up by a massive 20.74 percent on the 24-hour time frame, trading at $749077, as seen on CoinMarketCap.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.