Kwenta, a leader in the decentralized finance sector, disclosed a radical upgrade on its user interface, from V2 to V2X. The platform-wide overhaul was designed to change the Kwenta user interface experience for its flagship Optimism product. The Kwenta core group has been working on the overhaul project for some time now, intending to redesign Kwenta before the launch of the new V3 Perps mechanism later in the year.
Kwenta has been crafting one of our most significant UI upgrades from the ground-up.
Step in to the new v2x, a masterfully built interface for our most popular product on @Optimism.
Check out the blog:
👉https://t.co/T86bQWa5dQ
Or read the highlights below. 🧵 👇
— Synthetix Exchange (@SNX_Exchange) May 3, 2024 Kwenta’s V2X Upgrade to Redefine Trading Convenience They started improving each part of the product, from the landing page, with meticulous care, and all the way through the platform. Today’s V2 Perps upgrade on Optimism, which you shall henceforth refer to as V2X, is Kwenta’s rained iteration yet. Since its initiation in December 2022, V2X has been Kwenta’s most comprehensive ever refinement. It remains true to the product’s devotion to refinement and dedication to an excellent user experience for its users and the general public at large.
V2X improvement strides an excellent addition to a new and improved landing page to welcome its users with brilliance. A renovated dashboard and portfolio overview display aids the user in seeing performance more clearly. With a clean trading UI, and a simpler trading experience display, customers have an easier time interacting. In addition to this, they also have better visibility in the persevering process, tracking, and depiction devices to track trade.
Improved Kwenta V2X Upgrade Elevates Trading Competence for All In addition, new trade confirmations have been developed, making the transaction process more secure and more confident for all users. All needed design improvements were powerfully made throughout the platform. In this way, the Perps V2 UI, revamped through this KIP, should in future serve as the Default trading interface used by the Kwenta traders.
Additionally, Kwenta’s initial landing page will be reinvented to welcome all the building and real users. For example, offering the market tickers’ briefing, recent blogs, significant information, and actions they could take while remaining plain and easy to follow.
This update is the outgoing effort to provide the traders all the tools they need to succeed by launching a new, refined, and enhanced dash. Ultimately, this launch of an improved Kwenta V2X upgrade signifies increasing the trading competence of all traders.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Grand Cayman, Cayman Islands, July 9th, 2024, Chainwire
In a step forward for the derivatives ecosystem on Arbitrum, two prominent DeFi projects, GMX and Gains Network, have unveiled bids to integrate their platforms into Kwenta’s upcoming perpetuals marketplace. Kwenta, the leading perpetual futures exchange on Optimism, expanded its reach earlier this year by launching the Base network, reflecting a larger plan to connect derivatives liquidity across multiple chains. This announcement follows the recent approval of a grant from the Arbitrum DAO aimed at supporting Kwenta’s initial expansion to the Arbitrum network.
Product Offerings from GMX and Gains Network Table of Contents
Product Offerings from GMX and Gains NetworkStrengthening the Arbitrum EcosystemLooking AheadAbout KwentaContact GMX and Gains Network have submitted their proposals to integrate their liquidity into Kwenta’s platform. These integrations aim to enhance the trading experience for Kwenta users by providing access to additional markets and liquidity, while taking advantage of Kwenta’s UX-focused roadmap, which includes allowing traders to log in with traditional web2 credentials and sponsoring gasless transactions.
GMX v2, Arbitrum’s flagship perpetual futures AMM (Automated Market Maker), built on the initial success of their v1 product by being the first to integrate Chainlink Data Streams, a low latency product from the leading oracle provider aimed at high-performance applications. The lower fees and wider selection of markets available on GMX v2 allowed the offering to quickly grow in popularity with onchain traders.
Gains Network, known for its gTrade platform, offers a wide variety of trading pairs, including cryptocurrencies, forex, and commodities, supported by their decentralized oracle network. Gains Network’s innovative approach to perpetual futures provides traders access to up to 150x leverage on a growing list of nearly 200 markets.
Strengthening the Arbitrum Ecosystem The integration of GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to drive growth in the onchain perpetuals space by allowing users to easily access advanced DeFi products from Kwenta’s easy-to-use UX layer. While retail-focused applications have made huge steps forward in allowing users to quickly access the best prices for token swaps and bridging, onchain leverage has remained a complex product for more sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular derivatives trading venues under a single platform, providing a simple and familiar experience for traders new to onchain products. Kwenta’s roadmap promises to build on these quality of life features, allowing users to interact with multiple protocols in a single application.
Looking Ahead Kwenta is currently inviting community feedback on these proposals as it moves towards finalizing its perpetuals marketplace. The potential integrations with GMX and Gains Network align with Kwenta’s mission to provide a superior decentralized trading experience. With these developments, Kwenta is aims to become a leading venue for DeFi derivatives trading on Arbitrum.
About Kwenta Kwenta is an onchain derivatives marketplace on Optimism, Base, and Arbitrum. The platform offers easy-to-use tools to access deep liquidity and low fees onchain, while users retain full custody of their funds. With over $50 billion in trading volume through its community-governed platform, Kwenta is committed to developing tools that bring DeFi to everyone.
For more details, users can follow Kwenta’s governance discussion channels on Discord.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
[PRESS RELEASE – Grand Cayman, Cayman Islands, July 9th, 2024]
In a step forward for the derivatives ecosystem on Arbitrum, two prominent DeFi projects, GMX and Gains Network, have unveiled bids to integrate their platforms into Kwenta’s upcoming perpetuals marketplace. Kwenta, the leading perpetual futures exchange on Optimism, expanded its reach earlier this year by launching the Base network, reflecting a larger plan to connect derivatives liquidity across multiple chains. This announcement follows the recent approval of a grant from the Arbitrum DAO aimed at supporting Kwenta’s initial expansion to the Arbitrum network.
Product Offerings from GMX and Gains Network GMX and Gains Network have submitted their proposals to integrate their liquidity into Kwenta’s platform. These integrations aim to enhance the trading experience for Kwenta users by providing access to additional markets and liquidity, while taking advantage of Kwenta’s UX-focused roadmap, which includes allowing traders to log in with traditional web2 credentials and sponsoring gasless transactions.
GMX v2, Arbitrum’s flagship perpetual futures AMM (Automated Market Maker), built on the initial success of their v1 product by being the first to integrate Chainlink Data Streams, a low latency product from the leading oracle provider aimed at high-performance applications. The lower fees and wider selection of markets available on GMX v2 allowed the offering to quickly grow in popularity with onchain traders.
Gains Network, known for its gTrade platform, offers a wide variety of trading pairs, including cryptocurrencies, forex, and commodities, supported by their decentralized oracle network. Gains Network’s innovative approach to perpetual futures provides traders access to up to 150x leverage on a growing list of nearly 200 markets.
Strengthening the Arbitrum Ecosystem The integration of GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to drive growth in the onchain perpetuals space by allowing users to easily access advanced DeFi products from Kwenta’s easy-to-use UX layer. While retail-focused applications have made huge steps forward in allowing users to quickly access the best prices for token swaps and bridging, onchain leverage has remained a complex product for more sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular derivatives trading venues under a single platform, providing a simple and familiar experience for traders new to onchain products. Kwenta’s roadmap promises to build on these quality of life features, allowing users to interact with multiple protocols in a single application.
Looking Ahead Kwenta is currently inviting community feedback on these proposals as it moves towards finalizing its perpetuals marketplace. The potential integrations with GMX and Gains Network align with Kwenta’s mission to provide a superior decentralized trading experience. With these developments, Kwenta is aims to become a leading venue for DeFi derivatives trading on Arbitrum.
About Kwenta Kwenta is an onchain derivatives marketplace on Optimism, Base, and Arbitrum. The platform offers easy-to-use tools to access deep liquidity and low fees onchain, while users retain full custody of their funds. With over $50 billion in trading volume through its community-governed platform, Kwenta is committed to developing tools that bring DeFi to everyone.
For more details, users can follow Kwenta’s governance discussion channels on Discord.
[PRESS RELEASE – Grand Cayman, Cayman Islands, July 26th, 2024]
Kwenta, the leading onchain perpetuals exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a substantial 1.9 million ARB grant, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in onchain perpetuals trading.
Kwenta and Perennial’s Expansion Strategy
Kwenta, known for being a UX layer for perps trading on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a comprehensive marketplace for onchain perpetuals. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by providing traders with a powerful, familiar interface to interact with smart contract liquidity.
Perennial’s vision is to create a single, global liquidity layer where all markets, all chains, and all liquidity converge into one decentralized nexus. By integrating Kwenta’s premier trading interface with Perennial’s advanced perps infrastructure, users on Arbitrum will benefit from an optimized trading experience. Trade orders on selected Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.
Incentive Program Details
The newly launched incentive program focuses on two main areas:
Trading Rebates: Active traders will benefit from substantial fee rebates, making it more cost-effective to trade on the platform. This initiative is expected to drive trading volume and retain users. Liquidity Boosting: Liquidity providers will receive incentives to supply liquidity, ensuring deep and efficient markets. For more details on how to potentially earn rewards, users can visit Kwenta’s Rewards Blog for trading rewards details, or visit Perennial’s Discord server for information about rewards for providing liquidity.
Team Insights
Burt Rock, Marketing Lead at Kwenta, highlighted how far onchain perps have come, stating, “We’ve seen a lot of new perpetuals markets focused on improving the user experience, but most are making huge sacrifices in terms of decentralization. We want to show people you really can build decentralized apps which are incredible to use, and even better than offchain versions.”
Kevin Britz, CEO & Co-Founder at Perennial, added, “Kwenta has been a market leader in the perp vertical, regularly pushing over $100M in OI. We’re excited to welcome them to our home on Arbitrum and expand the number of teams leveraging Perennial infrastructure. In a saturated perps landscape, combining our protocol with Kwenta’s interface will lead to increased volume, deeper liquidity, and a CEX-level user experience.”
Future Outlook
The introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to offer a decentralized trading experience that is both highly efficient and user-friendly. This model of specialization showcases how projects can synergize to deliver superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to elevate the standard of onchain perpetuals trading, making it more accessible and appealing to a wider audience.
For more information, users can visit Kwenta’s website and Perennial’s website. Users can also read Perennial’s launch announcement for additional details.
About Kwenta and Perennial
Kwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single app to compare and trade on multiple onchain venues.
Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of trading applications. Its modular and efficient design supports customized markets, leveraging fast execution and capital efficiency to power DeFi apps.
Synthetix is looking to regain control over its most popular front-end, with Kwenta driving $60 billion in volume over four years.
Synthetix, the veteran DeFi protocol, is looking to acquire Kwenta, a derivatives exchange that spun out of Synthetix in 2020.
On Oct. 29, a proposal outlining plans for Synthetix to acquire Kwenta, the top project within Synthetix’s ecosystem by trade volume, was published to the governance forums of both Synthetix and Kwenta.
Should both projects pass the proposals, Kwenta would be rebranded as a new incarnation of Synthetix Exchange, Kwenta’s treasury would be absorbed into the Synthetix treasury, and the Kwenta subdao would dissolve with governance over the front-end handed over to Synthetix’s Spartan Council.
Acquisition termsThe deal would comprise Synthetix purchasing 532,375 KWENTA — the token’s entire circulating supply — with roughly 9.05 million ($13.2 million) newly minted SNX tokens, resulting in SNX’s supply inflating by 2.8%.
The deal would be closed at a ratio of one Kwenta to 17 SNX, equating to a 19% discount compared to the price ratio of KWENTA/SNX based on a 30-day moving average. Synthetix said the discount reflects the disparity between the two assets’ trade volume, with SNX driving $20 million in daily volume on major centralized exchanges compared to just $100,000 for KWENTA.
As such, Kwenta acknowledges that it is currently “difficult for tokenholders to access the value for their assets,” meaning the token migration would benefit holders through deeper liquidity.
Following approval, a token migration contract would allow KWENTA holders to burn their assets in exchange for SNX vesting contracts. All SNX received by KWENTA holders would be subject to a three-month lockup and subsequent nine-month linear vesting schedule.
Synthetix told The Defiant that all remaining SNX that have not entered circulation are currently held by the Kwenta and Synthetix treasuries, and will be burned should the proposal go through.
Synthetix ExchangeIn 2020, Synthetix divested its Synthetix Exchange front-end in a bid to revamp itself as a liquidity provision protocol powering a diverse ecosystem of front-end integrations.
However, Synthetix now describes this move as a “strategic error” that created distance between the project end users, in addition to fostering poor economic models for front-end integrations. Despite Kwenta driving more than $60 billion worth of trade in the past four years, the project said it has struggled to establish a sustainable business model for the mid-long term.
“Synthetix lost control of the point where customers most interact with their perp engine, and the commercial model has historically not proven to be sustainable for front-ends,” Synthetix said. “This strategic acquisition will ensure Synthetix is closer to the end customer, so it can build better perp products, which will benefit all integrators… Reuniting Synthetix and Kwenta is the solution to offering a competitive perps product.”
Synthetix said the move would also realign the strategic objectives of it and Kwenta, noting that differences in roadmap priorities have previously resulted in delays for Synthetix shipping upgrades.
Synthetix added that it will continue to work closely with other front-ends and products that leverage its perp engine despite the acquisition.
The price of SNX is up 2.7% over the past 24 hours, while KWENTA is down 5% over the same period.
Synthetix has unveiled its multi-collateral perpetual futures (Perps) on Kwenta, featuring Threshold Network’s tBTC as the primary wrapped-Bitcoin collateral asset. The integration of tBTC marks a significant development for DeFi, expanding options for users seeking decentralized, permissionless, and Bitcoin-backed trading. This announcement has been announced via its official X account.
Why Synthetix Chose Threshold Network’s tBTC? Threshold Network’s tBTC offers a range of unique features that make it ideal for decentralized finance (DeFi) applications. It is backed 1:1 with Bitcoin (BTC) and enables users to mint and redeem tBTC without centralized control or KYC requirements. Furthermore, tBTC is backed by 24/7 on-chain, auditable reserves, ensuring transparency and building user trust in its decentralized custody system.
The DeFi community has already embraced tBTC widely, with 82 integrations across six blockchain networks and over 1,600 holders. Moreover, the supply is already exceeding $293 million as claimed y Synthetix. Threshold’s team is known for actively expanding decentralized Bitcoin applications and is broadening the possibilities with products such as stBTC, thUSD, and SATs.
New Collateral Options for Synthetix Perps Markets The new Perps markets on Kwenta come with additional collateral options beyond tBTC, including Ethereum (ETH), Ethena USD (USDe), and USDx, Synthetix’s stablecoin native to Arbitrum. In total, the rollout encompasses 81 new Perps markets, giving users access to a more diverse and flexible trading environment.
By integrating tBTC and expanding collateral options, Synthetix is reinforcing its commitment to decentralized, multi-collateralized markets that cater to a broad spectrum of DeFi users. This will further advance its role in the decentralized trading ecosystem.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Synthetix recently unveiled USDx, a stablecoin and collateral instrument for Synthetix on the Layer-2 Ethereum scaling solution called Arbitrum. USDx is the stablecoin in the Arbitrum ecosystem that is supposed to provide better liquidity and collateral for the platform.
Synthetix’s liquidity providers, popularly called LPs, can mint USDx by their deposits in Arbitrum pools on zero-interest loans. This setup enables LPs to access more DeFi opportunities on Arbitrum, making USDx a strategic instrument in the Synthetix universe.
Ensuring Stability Through Over-Collateralization For price stability, USDx is over-collateralized by staking the deposited funds to Synthetix liquidity pools. When the collateral for a position declines to the minimum required ratio, that position is closed out. This mechanism guarantees that USDx stays safely collateralized at all times, thus preventing its value from suffering the effect of shifting market situation. The over-collateralization mechanism is supposed to make the USDx a stable asset for its users and mitigate the fluctuations within the ecosystem.
USDx Powers Synthetix Perps on Kwenta In addition to this, USDx has been assigned as the reference currency for Synthetix perpetual futures (Perps) on Kwenta, one of the most used decentralized derivatives. PnL for traders is separated in USDx to help make trading more seamless on Arbitrum. The 1inch aggregator allows users to trade USDx for any other asset on the Arbitrum blockchain. Also, LPs offering liquidity to the USDx/USDe pool on Curve Finance earn fees on 1inch trade routing, with the claimed variable annual percentage rate (vAPR) for the USDe+USDx pool on Convex Finance above 16%.
Expanding Options with 81 Perp Markets This rollout includes USDx but also 81 new Perp markets and four collateral choices to improve trading on Kwenta. Besides USDx, the available collaterals include Wrapped Bitcoin (tBTC), Ethereum (ETH), and Ethena USD (USDe), which would ensure more convenience and variety for users. In this manner, working on these new assets has allowed the derivatives liquidity protocol to expand its target audience and help improve the general depth of Arbitrum’s DeFi market.
For instance, the public can try these offerings on Kwenta through the App and see the future of USDx in the Synthetix Arbitrum ecosystem. This growth is an achievement that puts the derivatives liquidity protocol on the list of players in the decentralized finance on Layer-2 solutions.
AUTHOR
With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.
The recent acquisitions are part of Synthetix’s plans to become a category leader among derivative exchanges.
Ethereum-based derivatives trading protocol Synthetix announced its acquisition of leveraged token platform TLX in a token-for-token transaction, Synthetix said in a Dec. 10 blog post.
The platform is completing a thorough review and audit of all TLX products. After that, it will implement parameter improvements and redeploy all contracts, the statement said. It also plans to kick off a leveraged token incentive program in 2025.
“The acquisition of TLX will mark the first end-customer, revenue-generating product built on top of Synthetix that will be owned and operated by Synthetix. This marks a significant milestone in Synthetix’s commitment to expand its product offering and generate additional value for SNX tokenholders,” the Synthetix team wrote in the blog post.
Synthetic’s TLX acquisition came just a month after it acquired the perpetuals trading platform Kwenta in a similar deal. Synthetix and Kwenta were once one platform until 2020, when they separated to allow Kwenta to focus solely on providing industry-standard trading experiences for Sythetix’s derivatives markets.
The acquisitions are part of Synthetix’s strategy to design a decentralized liquidity layer and become a primary product issuer on top of it.
Synthetix is the sixth largest derivatives exchange by total value locked (TVL), according to DeFiLlama data. The TVL of its v3 has increased by over 1,000% in the last month, likely due to Ethereum liquidity providers migrating from V2, as Messari reported.
Synthetix Leveraged TokensLeveraged tokens are crypto derivative products that offer exposure to the price movements of an underlying asset with leverage. They are designed to amplify a user’s gains or losses and offer a more convenient means to access leverage without dealing with margin trading or holding a collateral asset.
Synthetix’s TLX acquisition allows it to go to market with a leveraged token with six months of history and performance. It is also the first in a line of structured products that Synthetix plans to launch in the coming months as it positions itself as a category leader among derivative exchanges.
The Synthetix Exchange relaunch coincides with multi-collateral perps going live on Base.
Synthetix has relaunched Synthetix Exchange following its acquisition of Kwenta last month.
On Dec. 17, Synthetix announced it had relaunched Synthetix Exchange. The rebooted platform boasts an updated user interface and support for multi-collateral perpetuals (MCPs) on the Base Layer 2 network.
“Synthetix Exchange will become one of our new flagship products alongside Synthetix Leverage Tokens, providing a world-class trading experience with low fees and deep liquidity,” Synthetix said.
The Synthetix Exchange relaunch is coming as the project moves through its Reboot roadmap. Synthetix also launched a new website and is readying to launch leveraged tokens next year after acquiring the TLX leveraged token protocol last week.
“After two successful acquisitions, Synthetix now has two new trading products for users, a bold departure from the previous strategy of providing back-end liquidity and infrastructure to derivatives platforms,” Synthetix said.
Kwenta acquisitionSynthetix shifted to a strategy of providing liquidity for third-party ecosystem projects in 2020, leading to the creation of Kwenta when Synthetix divested Synthetix Exchange.
In October, Synthetix proposed acquiring Kwenta by purchasing the entire KWENTA supply with newly minted SNX at a ratio of one KWENTA to 17 SNX. Synthetix described its decision to spin out the exchange as a “strategic error,” noting that despite Kwenta driving more than $60 billion worth of trades in four years, the project struggled to establish a sustainable business model.
“Synthetix lost control of the point where customers most interact with their perp engine, and the commercial model has historically not proven to be sustainable for front-ends,” Synthetix said.
The proposal passed both project’s governance processes, paving the way for the finalization of the acquisition on Nov. 7.
Multi-collateral perps on BaseSynthetix first launched MCPs on Arbitrum in October, following the deployment of Synthetix v3 on the network in June.
MCPs allow users to use multiple digital assets as collateral to back leveraged perps positions. The Synthetix v3 liquidity layer went live on Base in April, initially supporting just USDC as collateral. The launch of MCPs also integrates support for cbBTC, WETH, cbETH, and wstETH as collateral.
On Dec. 10, Synthetix launched a four-week incentives program for liquidity providers on Base. The program offers weekly rewards in SNX and USDC, a 50% increase in v3 trading fee distributions to 60%, and bolstered stataUSDC yields. The program seeks to bolster Synthetix liquidity on Base amid the launch of MCPs.
Synthetix will also offer incentives to bootstrap the adoption of leveraged tokens next year.
