Synthetix is pleased to announce the addition of Lido Finances’ stETH as the latest asset for leverage trading on Synthetix Perps.
This new perpetual futures market “has been approved by SIP 2021 and had parameters set in SCCP 2015.”
Synthetix Perps claims it is “the only protocol supporting stETH perps.”
As mentioned in a blog post, no other decentralized, or centralized, perpetual futures protocol currently supports stETH.
Trading Synthetix Perps
Synthetix Perps can be “traded on front-ends that integrate with SNX liquidity and support perps trading: Kwenta, Polynomial, Decentrex, and dHEDGE.”
As mentioned in the update, Synthetix DAO does “not provide any trading front-ends directly and instead relies on third-party user-facing protocols to serve traders.” For more information on integrating with Synthetix Perps, you can check out the Synthetix Docs.
stETH Parameters & Information
As explained in the announcement, the addition of these new markets “expands the number of assets available for leverage trading through Synthetix Perps.” Prices will be “set by the decentralized off-chain Pyth Network oracle, and fees may vary depending on the asset.”
The latest configurable values, “including fees, open interest, and more, can be found in SCCP-2015.” These are configurable governance values and “can be changed at any time.”
For more details, check here.
The process for “adding new Synths to Synthetix is based on demand, liquidity, and volatility. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables.”
Additionally, data feeds from Pyth and Chainlink “are necessary for any proposed assets to be considered for inclusion.”
As reported earlier this year, Synthetix announced “the decentralization of frontends within the Synthetix Ecosystem by introducing the Synthetix IPFS Node.”
This will enable users “to access fully decentralized and resilient frontends, like Synthetix Staking V2 and Kwenta, without having to rely on centralized hosting services, providing a more secure and seamless experience in the Synthetix Ecosystem.”
By running your own Synthetix IPFS Node, you can contribute “to this decentralization and improve front-end loading speeds for a better user experience.”
For more details on this update, click here.