Synthetix activates layer-two alpha and launches an Olympic betting platform on its options platform

  • Users of the Thales platform, which is built on Synthetix, can now wager on the outcome of Olympic games
  • Synthetix, decentralized derivatives, and synthetic asset trading protocol, has begun trading on Ethereum’s Optimistic layer two scaling platform
  • On the Optimistic Ethereum platform, Uniswap has announced the release of version 3

Synthetix, a decentralized derivatives, and synthetic asset trading system, has begun trading on the Ethereum layer two scaling platform Optimistic. On July 30, the Synthetix protocol exchange Kwenta announced the long-awaited launch. Using optimistic roll-up technology allows the exchange to deliver speedier transactions and lower rates.

On layer two, only four synthetic assets will be available for trade at first: sUSD, sETH, sBTC, and sLINK. According to the statement, the data gathered during the alpha launch and testing phase will allow the protocol to optimize synth trading on layer two and prepare for the beta launch. Users should expect a 50X reduction in gas expenses and lightning-fast transaction speeds when trading on layer two.

About the Synthetix Community

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The Synthetix community will keep an eye on the platform’s early performance and vote in more synthetic assets for trading as they see fit. Instead of confirming each transaction, Optimistic Ethereum (O) utilizes a roll-up mechanism that thinks all of them are correct. Users can only interfere if they notice an incorrect transaction and provide a fraud-proof. Uniswap announced the introduction of its version 3 on the Optimistic Ethereum platform earlier this month.

In a similar development, the Thales platform, which is based on Synthetix, has now gone live. Thales is a DeFi platform that allows traders to speculate on the price movement of an underlying market or crypto-asset using binary options. Because there are only two conceivable outcomes, they are classified as binary.

Facilities provided by The Thales DApp

The Thales DApp allows users to build markets, manufacture binary options tokens, and trade them on the platform using more than 60 different assets, including cryptocurrencies, commodities, equities, and index products. It has launched certain test Olympic sports markets, allowing customers to wager on things like Will the United States win the most gold medals? or Will the Australian men’s basketball team take home the gold? The answers are binary, with a yes or no conclusion on which an sLONG or sSHORT token can be wagered.

Still, on the issue of layer two, the Loopring DEX has announced a partnership with StarkWare, a provider of layer two solutions. dAMM, a cross-L2 automated market maker that spreads liquidity across layers, was introduced by the collaboration. The d stands for decentralized. The platform, according to Loopring, will become “one of the most important primitives to scaling DeFi.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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