Synthetic asset protocol Synthetix launched the alpha version of Synthetix V3 Spot markets, which allow anyone to exchange the V3 protocol’s stablecoin with a synthetic asset (or “synth”). Now a synthetic ETH spot market and the snxETH token have been deployed to Optimism.
Though the spot market has been built with the same tooling and tech stack as the core system, it is technically a standalone system which integrates with the core system for the stablecoin and liquidity provisioning.
The spot market implements asynchronous orders, which complicate composability but effectively solve for front-running. Here, two transactions are required to complete a trade: a commitment and a settlement. Markets can utilize an array of settlement strategies. Regardless of the settlement strategy used, a reward can be set such that bots will be incentivized to settle orders, improving end-user experience.
In addition to asynchronous order functionality, this spot market implementation adds some dynamic fees which may be enabled optionally, per-market.
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