DeFi
Polynomial to Roll Out On-Chain Decentralized AMM
Polynomial Finance, a decentralized finance protocol, announced to launch its perpetual trading platform on Optimism through Synthetix on March 27.
27.3.2023 pic.twitter.com/jNjCUePO9y
— Polynomial Protocol (@PolynomialFi) March 20, 2023
According to the protocol, the Polynomial Decentralized Exchange (DEX) would include features typically found in Centralized Exchanges (CEXs).
The platform also recently announced to launch power perpetuals on its platform. As per the protocol. the Polynomial Power Perps will introduce a new delta-hedged Automated Market Maker (AMM).
Polynomial’s AMM will reportedly offer tighter spreads, lower funding rates, and consolidate market liquidity into one instrument, thereby enabling better portfolio management and diversification. The platform would use Synthetix Perps V2 for hedging LP’s against directional risks.
Worth noting, Synthetix recently reached $490 million in daily trading volume for the first time on March 17 and generated $511,000 in fees.
In terms of trading volume, $479.8 million was traded on the Kwenta platform. The Polynomial platform, however, came third in terms of volume after Decentrex, generating $184.5k on the same day.
In addition, Synthetix has launched V3 on the Ethereum Mainnet and Optimism after completing a security audit. Synthetix developers claim the new version offers better architecture for the development of faster, more complex, and more efficient decentralized financial applications (DeFi).
Synthetix currently has a Total Volume Locked (TVL) of $428.63 million and a market cap of $687.734 million. Synthetix (SNX) is trading at $2.55, down 6.87% in 24 hours.
What is Polynomial Finance:
Polynomial is developing a decentralized finance protocol to enable a more equitable, accessible, efficient, and transparent financial system. Polynomial automates financial derivative strategies to produce products that provide passive yield on various assets.
