Share this article
DeFi Liquidity Protocol Synthetix Deploys Version 3 on Ethereum
Synthetix holds over $450 million in locked tokens over the Ethereum and Optimism networks.
Updated Feb 23, 2023, 5:04 p.m. Published Feb 23, 2023, 10:49 a.m.
Make us preferred on Google
On-chain liquidity and derivatives trading protocol Synthetix has deployed version 3 (v3) on the Ethereum mainnet following security audits, developers said Wednesday.
is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain – allowing users to mint, hold, and trade a wide range of derivatives – including commodities, fiat currencies, and even stocks.
STORY CONTINUES BELOW
The protocol holds over $450 million in locked tokens over the Ethereum and Optimism blockchains as of Thursday. It held just shy of $3 billion in total locked value (TVL) at its February 2021 record high.
Developers previously stated said that Synthetix v3 will have much more efficient architecture to allow developers to create faster, complex and more efficient decentralized financial (DeFi) applications.
V3 will allow the creation of products that offer a liquid market for any financial derivative that developers want to build, from traditional financial markets to more exotic markets such as no-loss lotteries or even wholly separate protocols.
V3 will also offer simplified staking and differentiated debt pools, allowing network stakers to supply collateral to, and receive fees from, specific asset pools without having to be exposed to every Spartan Council-supported asset.
The Spartan Council (SC) is the central governing body of the Synthetix protocol that votes on overall improvement proposals and parameter changes.
Synthetix’s native SNX tokens saw nominal price changes in the past 24 hours.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
MegaETH mainnet to go live Feb. 9 in major test of ‘real-time’ Ethereum scaling
This follows its October 2025 $450 million token sale that was heavily oversubscribed.
What to know:
- MegaETH, the much-watched high-performance Ethereum layer-2 network, announced that its public mainnet will go live Feb. 9, marking a major milestone for a project that has gained a lot of attention in the scaling landscape.
- MegaETH positions itself as a “real-time” blockchain for Ethereum, designed to deliver ultra-low latency and massive transaction throughput.
Top Stories
