Announcing Furucombo and Synthetix Cooperation

Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets in the form of synthetic assets. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets.

Since its inception in 2018, Synthetix has become one of the leading derivatives liquidity protocols in the DeFi space with the highest total value locked. Moreover, Synthetix has recently launched its L2 initiative, enabling its users to enjoy a trading environment with lower cost and higher throughput.

Today, we are very thrilled to announce our cooperation with Synthetix. We believe that our synergy will not just bring tremendous value to both of our users, but also expand the composability of DeFi.

The integration has started from the sUSD Curve LP token staking. As the Synthetix staking contract has been widely used by many other DeFi farming protocols, the integration could also benefit other upcoming cooperations. This would spread out the best practice of Synthetix and create a great DeFi momentum.

The next chapter will focus on the integration with Synthetix v3, the new SNX staking mechanism could empower the tokenized debt swap strategy just like those collateral-debt position swapping strategies on Furucombo. More importantly, the collaboration will bring derivatives to composability. Can’t wait to see how flashloan, automation, and derivatives could produce an exciting symphony in the near future.

Links

• Website: furucombo.app
• Discord: discord.furucombo.app
• Twitter: @furucombo