Kain Warwick, founder of Synthetix Protocol has recently published an long-form blog post detailing the protocol’s 2021 roadmap. It covers everything from layer-2 scaling to new features that users can expect in the long awaited V3 update.

I just published Synthetix 2021. Which is nothing more than a veiled attempt to cling to a sense of power in this ever more decentralized world. https://t.co/qCaWwGqBzI

One focus of this announcement is the protocol’s decision to push for layer 2 adoption through their decision to eventually move to Optimistic Ethereum upon it’s launch. The hope is that Optimistic Ethereum enables low gas transactions for all Synthetix users and greater efficiency for the protocol.

Synthetix V3 will introduce features like a new staking mechanism, transferable SNX escrow vouchers, tokenized debt, continuous staking rewards, continuous vesting, open interest caps, order matching, siloed debt pools, and price thresholds.

Besides being full of new features, Synthetix V3 is also a complete ground-up rework of the past smart contracts. According to the article, this will enable the protocol to escape past technical debt and make it easy to deliver new features like synthetic futures.

Some of the new features like synthetic futures that offer minimum 10x leverage will only be feasible after the protocol transitions to Optimistic Ethereum. Along with new financial products version 3 will also introduce new synthetic assets that users can trade.

In order to improve liquidity for options on Synthetix, the protocol will engage with 3rd party builders to spin out optionsDAO as a standalone protocol. To ensure that this gets built out the synthetixDAO will provide the upfront funding for another team to take on project, as long as there is a path towards value capture by SNX token holders in the future.

To end the 2021 overview, the article also hints that the synthetixDAO will look to acquire other protocols and developer resources. Since the article points to Yearn’s recent ecosystem merger activities as reference, we could potentially see Synthetix acquire other protocols and build out a full DeFi ecosystem on Optimistic Ethereum.

To keep up with Synthetix, follow them on Twitter.

The post Synthetix V3 and Scaling appeared first on DeFi Rate.

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