The decentralized finance (DeFi) protocol Synthetix has approved two proposals to broaden its product offerings among various blockchain ecosystems.
The first proposal, STP-17, calls for the creation of a working group on SUI Perpetuals (Perps) to integrate Perps into the SUI blockchain. To integrate Synthetix Perps on the Solana blockchain, the second proposal, STP-18, focuses on forming the Solana Perps Working Group.
Now that both ideas have been approved, Synthetix is prepared to move beyond the Ethereum blockchain. These programs demonstrate Synthetix’s dedication to accessibility and interoperability in the DeFi environment.
As per the proposals, rebuilding the Synthetix logic will enable the Synthetic Protocol to be implemented in almost any chain. To move and deploy to Sui and Solana, this proposal aims to construct a stand-alone vault and market factory contract implementation for Synthetic perps.
The STP-17 stated, “Allocate 290,000 SNX to fund the completion, deployment and operation of Synthetic Prps on Sui, for a period of 12 months.”
On the side, the STP-18 says, “Allocate 430,000 SNX and 400,000 USDC to fund the development, deployment and operation of Synthetic Preps on Solana for a period of 12 months.”
The community is excitedly awaiting the launch of Synthetix Perps on Solana and SUI, which will be a major turning point in the protocol’s path toward wider acceptance and usefulness when the working groups go to work.
Also Read: Synthetix Rolls Out Perpetual Protocol V3 on Base