Synthetix launches third version of its protocol on Ethereum mainnet and Optimism

The Synthetix team launched the third version of the protocol on the Ethereum mainnet and layer-2 networks Optimism.

The Road to Synthetix V3 has officially begun!

Learn more ?https://t.co/y1CLOG1TRF https://t.co/ZoJukjKQlR pic.twitter.com/6LrCanqZeQ

— Synthetix ⚔️ (@synthetix_io) February 22, 2023

Audits of the v3 protocol were conducted by Open Zeppelin, Iosiro and Macro.

Synthetix is a DeFi platform that enables liquidity provision and the creation of derivative markets based on ERC-20 tokens.

The third iteration of the protocol features a more efficient architecture that broadens developers’ ability to build dapps (decentralized applications). It is expected that Synthetix v3 will serve as the foundation for further expansion of the platform’s features.

Developers have already prepared cross-chain integration with Chainlink for cross-network transfers of stablecoins and have successfully completed several transfers on testnets. Going forward, this will enable a liquidity layer spanning an arbitrary number of networks.

According to DeFi Llama, the protocol’s TVL stands at almost $428 million. A large share is on Ethereum.

Earlier, in February, Synthetix raised $12 million in funding via a direct sale of native SNX tokens.