Synthetix Mainnet: Returning to Ethereum to Launch a Perpetuals DEX

·

The Homecoming: Why Synthetix Is Returning to Ethereum Mainnet

In 2019, Synthetix made a bold move—shifting operations to Optimism. At the time, Ethereum’s scalability challenges were real, and Layer 2 (L2) solutions offered a necessary escape valve. While this decision solved transaction throughput and gas cost issues, it came with an unforeseen cost: liquidity fragmentation.

The rapid rise of multiple L2 chains scattered user activity, capital, and attention across isolated ecosystems. Ethereum mainnet—the original home of DeFi—began to lose its gravitational pull. As focus drifted, alternative blockchains like Solana gained momentum, capturing developer interest and retail adoption.

But now, the tide is turning.

Validators, core developers, and even Vitalik Buterin are rallying behind a renewed focus on Ethereum mainnet. With upgrades like EIP-4844 and proto-danksharding significantly improving block space efficiency, Ethereum is once again becoming viable for high-frequency DeFi applications.

What’s been missing? Innovative DeFi protocols relaunching directly on mainnet.

Despite holding over 50% of total DeFi value—more than seven times the TVL of any single L2—Ethereum has seen few novel protocol launches in recent years. Exceptions like EigenLayer and Ethena have proven there's demand for mainnet-native innovation. Now, Synthetix is rejoining that elite group.

👉 Discover how the next evolution of decentralized trading is unfolding on Ethereum.

Launching the First Perpetuals DEX on Ethereum Mainnet

Synthetix is coming home—not just symbolically, but architecturally and strategically. This return means shedding four years of accumulated technical debt: winding down L2 operations, sunsetting legacy pools, and fully refocusing on Ethereum’s core strengths.

Since 2017, Synthetix has been a DeFi pioneer—introducing synthetic assets, liquidity mining, yield farming, and decentralized stablecoins. But after years spent optimizing for L2 environments, the team has recognized their limitations: fragmented liquidity, bridge risks, and subpar user experience.

Now, Synthetix is returning to its roots to launch something unprecedented: the first high-performance perpetual futures DEX on Ethereum mainnet.

Perpetual contracts have become the dominant financial instrument in crypto, yet no major decentralized exchange has successfully delivered a seamless, scalable perps experience directly on Ethereum. That changes now.

Core Keywords:

Rethinking User Experience: Competing With Centralized Exchanges

For years, Synthetix prioritized decentralization above all else—even at the expense of user experience. While ideologically sound, this approach limited growth. Clunky interfaces and slow performance drove users back to centralized platforms offering speed, simplicity, and reliability.

We now know a hard truth: user experience is non-negotiable.

No amount of decentralization—real or perceived—can compensate for poor UX. If DeFi feels difficult, users won’t adopt it. To attract mainstream capital and challenge centralized incumbents like Binance or Bybit, DeFi must be intuitive, fast, and trustworthy—without sacrificing self-custody.

Infinex demonstrated that it’s possible to build non-custodial trading platforms with exceptional UX. Synthetix aims to go further: creating a trading experience so smooth users forget they’re interacting with onchain infrastructure.

Our mission? Make Ethereum mainnet trading feel instant, responsive, and familiar—meeting users where they are, not where we wish they were.

A New Architecture: Offchain Matching, Onchain Settlement

To deliver this experience while maintaining security and decentralization, Synthetix is adopting a hybrid architecture:

This design eliminates bridge risk, consolidates liquidity on mainnet, and delivers the performance professional traders expect. As Ethereum scales further through future upgrades, more components will gradually move onchain—ensuring a clear path toward full decentralization.

👉 See how cutting-edge architecture is redefining what’s possible in decentralized finance.

“The Relaunch”: The Biggest Synthetix Event Yet

This isn’t just another upgrade—it’s the largest launch in Synthetix history. A significant portion of SNX tokens will be allocated to incentivize early participation through a multi-phase campaign beginning with Phase 0.

Users can start earning points by:

Points will determine eligibility for rewards, including SNX, stablecoins, and exclusive access opportunities.

A limited number of 500 early access invite codes will be distributed to:

These grants provide priority access to:

Phase 0 launches this month, with deposit contracts going live ahead of ETH CC.

Welcome to Mainnet Perp Summer.

Revitalizing SNX and sUSD: Restoring Core Utility

The SNX token is reclaiming its central role in the protocol—not just as collateral, but as a source of yield, governance, and alignment.

We’ve simplified staking: stake SNX, earn protocol fees—no complex hedging or debt management required. This new model lowers barriers to entry and makes participation accessible to a broader audience.

Meanwhile, sUSD—the third longest-running stablecoin in DeFi—is being revitalized. Previously sidelined during v3 development, sUSD is now being repositioned as a core liquidity engine.

Key updates:

With over 50% of SNX already staked and treasury-backed buybacks in motion, the foundation is set for a powerful resurgence.

Frequently Asked Questions (FAQ)

Q: Why is Synthetix moving back to Ethereum mainnet now?
A: Thanks to recent scalability upgrades like EIP-4844, Ethereum can now support high-performance DeFi applications. Combined with growing institutional interest and ETF inflows, mainnet offers unmatched security and liquidity concentration.

Q: Is the new perps exchange fully decentralized?
A: It starts as a hybrid model—offchain order matching with onchain custody and settlement—to ensure speed and safety. As Ethereum scales, more components will transition onchain over time.

Q: How can I participate in the launch incentives?
A: Begin by depositing sUSD or sUSDe into official vaults during Phase 0. Points earned from deposits, trading activity, and referrals will unlock rewards and early access.

Q: What happened to Synthetix’s L2 operations?
A: All L2 operations are being phased out to consolidate focus and liquidity on Ethereum mainnet—the protocol’s original home.

Q: Can I still stake SNX under the new system?
A: Yes—and it’s simpler than ever. Stake SNX to back synthetic assets and earn a share of protocol fees without complex debt management.

Q: Why does sUSD matter again?
A: sUSD is being restored as a key liquidity asset. It will power AMM pools on the exchange and generate yield from trading activity and fee sharing.

👉 Get ready for the future of decentralized perpetual trading—start exploring today.

Conclusion: Cementing Ethereum as the Heart of Global Finance

The irony of the L2 scaling era is that it created space for innovation to return to L1. As attention refocuses on Ethereum mainnet, protocols that enhance its utility are poised for impact.

Synthetix isn’t just returning—we’re delivering a missing piece: a high-performance, non-custodial perpetuals DEX built for Ethereum’s future.

By combining institutional-grade trading infrastructure with onchain settlement and self-custody, we’re setting a new standard for what DeFi can be.

Follow our journey as we speedrun toward mainnet deployment—and help redefine the future of decentralized finance.