Decentralized finance has proven to be quite popular among cryptocurrency enthusiasts. Everyone wants to make big money in a passive manner, and Synthetix may allow for doing just that.
Synthetix is not a new entrant in the DeFi industry.
Major DeFi Plans for Synthetix
This Australian provider has been around for a while now and is looking to expand in an aggressive manner.
If everything goes according to plan, it will become a decentralized version of derivatives exchange BitMex.
Before such a goal can be achieved, several core improvements will need to take place.
One option being explored is the use of Optimistic Rollups on the Ethereum blockchain.
This will allow for a throughput of potentially thousands of transactions per second.
Achieving these lofty goals will prove incredibly challenging for Synthetix.
There is nothing wrong with being ambitious, but getting the job done is something else entirely.
Going from a decentralized trading platform using synthetic tokens to rivaling BitMex is a very big leap.
The team also plans to explore options such as equities, ETFs, Indices, and so forth.
After 11 years, it is evident that centralized trading platforms need to be replaced sooner rather than later.
What Synthetix aims to do is just an example of how different this ecosystem may look in a few years.