Synthetix Makes a Comeback on Ethereum Mainnet to Establish a Robust and Integrated Derivatives Platform

Synthetix, a prominent decentralized derivatives protocol, has introduced the inaugural perpetuals decentralized exchange (DEX) on

Mainnet, signifying a notable transition away from Layer 2 (L2) solutions. By moving to Mainnet, the protocol seeks to capitalize on its robust security and deep liquidity, while also resolving the fragmentation experienced in previous L2 implementations. The relaunch features a $1 million contest designed to encourage early involvement, rewarding users for initial deposits and trading participation. This initiative supports Synthetix’s larger objective of reconstructing institutional-level derivatives infrastructure on Ethereum’s primary network.

The DEX is built on a hybrid model, integrating offchain order execution with onchain settlement to deliver improved efficiency and a smoother user journey. This approach brings gasless trading—a capability first piloted on Base—and removes the necessity for cross-chain bridges. After facing persistent issues such as fragmented liquidity and unstable infrastructure on L2s, Synthetix opted to consolidate on Mainnet. This move aims to unify liquidity pools and enhance settlement dependability, demonstrating renewed faith in Ethereum’s scalability post-merge.

Among the major technical changes is the reinstatement of sUSD as the core stablecoin, now underpinned by the Treasury Market for flexible issuance and peg stability. The update streamlines the staking process by eliminating debt management, enabling participants to directly receive protocol fees. Furthermore,

has opened early deposit vaults for both sUSD and sUSDe, giving contributors the chance to earn Synthetix Points, which can later be exchanged for tokens after the full platform launch. The DEX’s support for multiple collateral types—including assets such as cbBTC and wstETH—broadens its appeal to both institutional and individual market participants.

The $1 million campaign is structured to boost liquidity and attract users ahead of the official rollout. Those who deposit sUSD or sUSDe from July to September 2025 will be eligible for rewards, with additional bonuses linked to trading activity and referral efforts. Early users can participate in both testnet and mainnet trading competitions, where top performers will be awarded SNX tokens. This phase, scheduled before the Ethereum Community Conference (ETH CC), targets advanced users and partners to ensure strong onchain engagement prior to the DEX’s main launch.

Synthetix’s shift back to Mainnet is in line with broader market shifts, such as Ethereum’s enhanced gas efficiency and an uptick in institutional investments. With average gas fees on Ethereum dropping by 99% since 2021 and growing maturity in MEV protection, the move coincides with increased attention on Mainnet-centric infrastructure. By emphasizing gasless trades and interoperability with major DeFi protocols like

and Synthetix is well-positioned to capture a substantial portion of the derivatives sector.

This launch highlights Synthetix’s dedication to transforming onchain trading by focusing on security, deep liquidity, and an enhanced user experience. With plans to go live in early Q4 2025, the protocol sets out to rival centralized exchanges and nurture an integrated derivatives landscape on Ethereum. By overcoming previous hurdles and exploiting Mainnet’s strengths, Synthetix is prepared to cement its status as a key player in the next wave of DeFi progress.