Account Management

Account Management

Understanding Accounts

Synthetix Exchange's Smart Margin v3 (SMv3) introduces a new account system where accounts are represented as NFTs. These NFTs are created and minted through the Synthetix protocol and act as tokenized forms of authentication. Owning one of these accounts is essential for trading in Synthetix Perps v3 markets and accessing the features of the SMv3 system.

Creating a Synthetix v3 Account

To create an account, users must interact directly with Synthetix's Perps v3 market proxy. This process is outlined here. Once an account is created, users are required to assign administrative privileges to Synthetix's Engine, enabling enhanced trading functionalities.

Further details about the Synthetix mechanism are available in their documentation.

Role in SMv3

SMv3 operates using an account-based permission structure. This system is central to the initial configuration of accounts and supports delegation processes for enhanced trading management. By relying on this structure, SMv3 ensures secure and efficient interactions within the Synthetix ecosystem.

Additional Advantages

One of the key benefits of this new account system is that users retain complete control over their account NFTs. Permissions granted to the SMv3 Engine can be revoked at any time, providing flexibility and security. This approach to account ownership is a significant improvement over previous models, enhancing decentralization and reinforcing Synthetix Exchange's commitment to empowering its users.