<p><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDkvMDE5MWM4YjgtNmI1YS03ODcyLWI3NjItMDIxZmJlNDM3YTE0.jpg"></p><p>Competition is mounting among DeFi derivatives protocols after Synthetix launched on Arbitrum in July.</p>