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Synthetix V3 Goes Live On Base

Users can deposit USDC as collateral to the Spartan Council Pool to earn trading fees.

Quick Take

  • Synthetix V3 goes live on Base.

  • The ZK Stack supports Valadium Mode.

  • Lattice deploys Redstone to mainnet.

  • Form Network introduces its SocialFi L2.

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Synthetx V3 Goes Live On Base

Synthetix V3, the latest iteration of the protocol, is now live on Base mainnet, introducing support for multiple collaterals, cross-margin trading, account-based access controls, and new liquidation mechanisms. Users can deposit a minimum of 100 USDC as collateral to the Spartan Council Pool to earn trading fees. Synthetix is incentivizing liquidity providers with 50,000 USDC monthly and 200,000 SNX spread across 10 weeks. The pool has already seen over 3 million USDC in total deposits. Synthetix Perps V3 is also live on Base and can be accessed through the Kwenta interface. This initial version is marked as experimental and does not yet support the capability to mint stablecoin debt.

ZK Stack Supports Valadium Mode

The ZK Stack by zkSync now supports Valadium Mode, enabling the capability to handle data availability offchain. The ZK Stack is a modular framework designed for building custom L2 and L3 ZK-powered chains. Developers now choose between ZK Rollup Mode for onchain data or Valadium Mode for offchain data storage. Valadium is a type of scaling solution that uses validity proofs while keeping data offchain for further cost savings. The ZK Stack features account abstraction, data compression, EVM compatibility, and advanced scalability options through shared provers and fractal scaling. The ZK Stack will also support native ERC-20 token deployments.

Lattice Deploys Redstone L2

Gaming studio Lattice deployed its Redstone gaming-focused L2 network to mainnet. Redstone is now available for developer use ahead of a full public release set for May 1. Inspired by Plasma, Redstone is an Alternative Data Availability (Alt-DA) chain built on the OP Stack, designed for ultra-low-cost transactions. Unlike traditional methods, Redstone commits a data hash to L1 but maintains its input state offchain. The chain aims to empower developers to seamlessly create blockchain-based games and autonomous virtual worlds. Eight early adopters are set to deploy on Redstone including Small Brain Games.

Form Introduces SocialFi L2

Form Network introduced its SocialFi-focused L2 network built on the OP Stack. The network will leverage Celestia for data availability, striving to provide a low-cost and interoperable solution designed for SocialFi creator tokens. Scheduled for a mainnet release in Q2 2024, Form Network also anticipates releasing a native governance token within the year.

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