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Synthetix Resorts to Desperate Measures: Because What’s a Few More Worthless Tokens Among Friends?

Crypto NewsDeFi Doug Martinez August 25, 2024

A cartoon Synthetix logo is shown with multiple tokens floating around it, each one being accepted as collateral by the platform's derivatives market. The tokens are depicted as different colored blocks or coins that are all connected to the central Synthetix symbol.

One would think that the crypto bros have finally realized their shiny new toys don’t actually bring them any value beyond what they paid for it. Synthetix is desperately trying to differentiate itself from other DeFi protocols by introducing a feature called ‘multi-collateral’ perps, because apparently buying and selling worthless tokens isn’t exciting enough anymore. This means users can now margin their perpetual futures with Ether and Bitcoin instead of just USDC – yay!.

Source: cointelegraph

Synthetix betting on new ‘multi-collateral’ perps ahead of Arbitrum rollout
https://cointelegraph.com/news/sythetix-betting-new-multi-collateral-perps-arbitrum-rollout
Synthetix is betting that its ability to accept a variety of tokens as collateral will differentiate its v3 derivatives platform as it launches in Arbitrum’s competitive decentralized finance (DeFi) ecosystem, Matt Losquadro, a Synthetix core contributor, told Cointelegraph.  “Arbitrum is the home of DeFi derivatives. There’s no doubt about that. There’s a large number of protocols there, [and] the competition is fierce,” Losquadro said. “The big question has been ‘Why […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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