Synthetix Aims to Bring Perpetual Trading to Ethereum Mainnet
Synthetix Aims to Bring Perpetual Trading to Ethereum Mainnet
馃幆 L1 Perps: The Next Frontier
Synthetix is preparing to launch perpetual futures trading directly on Ethereum's Layer 1, aiming to capture significant trading volume. This development follows the existing pattern of billions in daily ETH and token movements on mainnet.
- Current state: Ethereum mainnet handles billions in daily token transfers
- Next phase: Direct L1 settlement of perpetual futures via Synthetix
- Historical context: Recent Solidus Labs report revealed $2B+ in wash trading on Ethereum DEXs since 2020
This expansion could mark a significant evolution in on-chain derivatives trading, though success depends on market adoption and network capacity.
Billions in ETH and tokens move across Ethereum mainnet daily. Next up: billions in perps volume, settled directly on L1 with Synthetix.
Synthetix Mainnet Migration & Staking Upgrade Announcement
Synthetix has announced a significant platform evolution with three major updates: - Full migration to Ethereum mainnet - Major upgrade to staking mechanisms - Evolution of perpetual futures trading Join the Synthetix Biweekly community call on June 4th at 22:30 UTC via [X Spaces](https://x.com/i/spaces/1lPJqMpBmnnJb) to learn the details of these platform-defining changes. The updates aim to enhance the protocol's efficiency and user experience while maintaining its position in DeFi derivatives.
Synthetix Increases sUSD Staking Requirements for Debt Jubilee
**Key Updates on sUSD Peg Support:** - Debt jubilee participants must now stake 20% (up from 10%) of original debt in sUSD - Failure to meet requirement results in indefinite jubilee pause - Current sUSD yields reaching up to 59.29% **Multiple Initiatives Supporting $1 Peg:** - Treasury buybacks - Liquidity incentives - Infinex Campaign **Important Notes:** - sUSD can still be purchased below $1 - Open to all stakers, not just jubilee participants - Staking available at [420.synthetix.io](https://420.synthetix.io) Learn more about rewards: [sUSD Staking Blog](https://blog.synthetix.io/susd-staks-5-million-snx-rewards/)
Synthetix Liquidations Resume - 420 Pool Migration Update
Synthetix is re-enabling liquidations for existing stakers following the 420 Pool migration launch. Key updates: - Stakers with c-ratio below 160% are now at risk of liquidation - The 420 Pool offers complete debt forgiveness for migrators - Over 100m SNX already deposited in first day - New features include: * No liquidation risk * Protocol-managed sUSD liquidity * SNX-backed yield generation * Partnership with Ethena Labs for USDe minting Non-stakers will soon be able to participate with new incentives. A cross-chain Swap & Stake feature is coming to support deposits from multiple EVM chains. [Migrate to 420 Pool](https://420.synthetix.io/) [Read Documentation](https://docs.synthetix.io/welcome-to-synthetix-user-docs/snx-staking/deposit-snx-to-the-420-pool)
Synthetix Launches Redesigned Website with Enhanced Features
Synthetix has unveiled a comprehensive website redesign that consolidates its product ecosystem into a single hub at synthetix.io. Key updates include: - Access to 90+ Perps markets - Expanded liquidity opportunities - New leveraged tokens for 10+ assets The enhanced stats page now displays: - Real-time APRs and fees data - Liquidity rewards metrics - Perps volume analytics - SNX token performance The governance structure aligns with Vision 2025, featuring the Spartan Council with 6-month election terms and a 4/7 approval threshold. Visit synthetix.io to explore the new interface.