The Subsequent Chapter of Synthetix Begins Now
In 2022, Synthetix left Ethereum Mainnet, lured by the low charges and plentiful blockspace of Optimism. However we shortly (slowly) discovered that the layer two scaling roadmap had some harsh trade-offs for functions.
On December 17, Synthetix is coming dwelling. We’re excited to announce the official launch of Synthetix’s canonical perp DEX on the one true blockchain: Ethereum.
We’re Simply Getting Began
The previous couple of months have been electrifying.
Synthetix has efficiently executed Season 1 of the Synthetix Mainnet buying and selling competitors, handing out over $1,000,000 in prizes to the highest 10 merchants from a roster of 100 of X’s finest and most influential voices, in addition to the core, historic energy customers of Synthetix and Kwenta.
With a whole lot of merchants nonetheless competing in Season 2 for a share in a $1,000,000+ prize pool, we’re placing the ending touches on our model new, lightning-fast, gasless perp DEX. Right here’s what to anticipate on day one.
At launch, Synthetix can be restricted to a most of 500 customers. These 500 customers will include historic Synthetix/Kwenta energy customers, sUSD and 420 pool stakers, buying and selling competitors individuals, and a choose few Synthetix Groups depositors.
Initially, we’ll launch with help for 3 markets: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), with as much as 100X leverage. Deposits on Synthetix can be capped at $100,000 per person.
The variety of customers allowed, the variety of markets supplied, and deposit and OI limits will all quickly improve because the alternate matures.
Please notice: Withdrawals is not going to be enabled on day one, so that you gained’t have the ability to instantly withdraw funds from the alternate. It is a precautionary measure to observe the on-chain deposit contract. We’ll look to allow withdrawals inside roughly one week following launch.
Synthetix Liquidity Supplier (SLP), our community-owned market-making engine, may even be stay on launch; nonetheless, entry to SLP can be whitelisted, with plans for public entry to our neighborhood market-making vault (so you possibly can earn actual yield) as quickly as doable.
That is only the start for Synthetix, with a lot extra to return in 2026.
Over the approaching weeks and months, we can be rolling out an unimaginable pipeline of latest merchandise and options: multicollateral margin, extra markets each week, RWAs, deep composability with DeFi, partnerships with main protocols on Ethereum, optimistic and trust-minimized orderbooks, and extra.
Characteristic Highlights
Portfolio
Synthetix Portfolio permits you to handle all of your positions, view all your balances, and lively orders in a single central hub. You can even view all your open/closed orders, order/commerce historical past, funding funds, and extra.
The portfolio web page is so good that a number of merchants who competed in Seasons 1 & 2 of our buying and selling competitors stated their liquidations harm lower than common as a result of the UX is simply that clear.
Markets Dashboard
The markets dashboard is the one dashboard you’ll must view top-line worth motion and establish the markets others are buying and selling most. You may simply see the full open curiosity and 24-hour buying and selling quantity on the prime of the web page, in addition to the highest property by quantity, finest efficiency, and worst efficiency property in three clear sections.
A blue fireplace icon will seem subsequent to the most-traded / excessive quantity property to let you realize what different market individuals are buying and selling.
You can even record your favourite property, so it’s simple and intuitive to leap proper to the markets you like to commerce.
Chase Orders
Uninterested in seeing the ebook run away out of your restrict orders? Now you can ‘chase’ the ebook along with your orders. Within the order entry panel, you may now discover a ‘chase’ possibility on the far proper. This can place your restrict order on the prime of the ebook (finest bid or ask).
Entrance-run The Competitors With Synthetix Groups
If you happen to’d prefer to commerce on Ethereum’s canonical perp DEX on day one (earlier than the plenty come flooding in) and unlock elite buying and selling perks and doubtlessly share in a staggering 500,000 SNX prize pool. Head to Synthetix Groups and deposit USDT beneath your favorite dealer’s workforce code.
The extra USDT you deposit and the longer you maintain, the bigger your share. Deposits are prorated by measurement and length; $1 locked for 7 days is equal to $7 for 1 day.In case your workforce chief wins, the five hundred,000 SNX prize pool is distributed to the profitable Staff’s members.
Word: To say your share, you may must commerce 10X the amount of your ultimate deposit quantity and execute over 10 trades inside the first 3 months of launch.
Don’t fear, even in the event you don’t choose the profitable dealer, the primary 100 depositors with over $5k will get whitelist entry to Synthetix for day considered one of launch.
New Market Mondays
Each Monday, we’ll add new markets to the alternate (and sneak in some new options and high quality of life upgrades as effectively).
These markets can be chosen based mostly on broad-scope dealer urge for food for property, which can be certain that you’re in a position to commerce the preferred, unstable or best-performing tokens as quickly as bodily doable.
Regulate the official Synthetix X web page and our weblog to remain updated with all upcoming updates and new releases.
Anticipate to see some unimaginable new incentives as we plug into Infinex within the very close to future as effectively…
Revitalizing SNX and sUSD within the Synthetix Ecosystem
During the last yr, the SNX token has reclaimed its place on the coronary heart of the Synthetix ecosystem as a supply of yield, liquidity, and governance alignment. We’ve overhauled SNX staking to be intuitive: stake SNX, earn protocol charges. No PhD in DeFi required. The staking providing is easy, without having for hedging, lively debt administration, or advanced onboarding.
Synthetix additionally has the third longest residing stablecoin, sUSD.Whereas Synthetix v3 experimented with exterior collateral, different protocols adopted the Synthetix instance and launched their very own stablecoins. Synthetix Mainnet restores the crucial operate of sUSD, unlocking thousands and thousands in staked SNX liquidity to supercharge the alternate.
Stakers not mint sUSD; that function now sits with the Treasury Market, which dynamically mints, burns, and deploys sUSD to keep up the peg and gasoline buying and selling liquidity within the orderbook. sUSD would be the deposit asset for AMMs to market-make on the alternate, producing yield from buying and selling exercise, from sharing charges, and from liquidations.
Synthetix has been a DeFi pioneer since its inception. With >50% of SNX now staked, Treasury-funded buybacks, and a Mainnet launch coming in simply 5 days, SNX is poised for a renewed function in DeFi.
Observe Synthetix as we usher in perps on Ethereum Mainnet.
Be part of the dialog: discord.gg/synthetix
Subscribe to Telegram: t.me/+v80TVt0BJN80Y2Yx
Observe on X: x.com/synthetix
