Synthetix Announces Redemption Process for Non-USD Synths on Ethereum Mainnet

**Degen Spartan officially ends retirement** to compete in Synthetix's mainnet trading competition. The legendary trader will face **99 other competitors** for a chance at the **$1,000,000 prize pool**. - Competition launches **October 20** - Features synthetic asset trading on mainnet - Spartan previously transitioned to pump.fun streaming This marks a significant return for one of crypto's most recognizable trading personalities.

**Synthetix reveals another competitor** for their upcoming mainnet trading competition with a **$1,000,000 top prize**. A prominent figure from the **Chinese crypto Twitter community** has secured one of the 100 spots in the high-stakes trading battle. The competition structure includes: - **50 invite-only spots** for top traders - **35 spots for pre-depositors** into sUSD/sUSDe vaults - **15 spots for Kwenta point holders** This follows previous announcements of a **semi-retired trading legend** turned pump.fun streamer also joining the competition. The event will **battle-test the first perp DEX on Ethereum**, with pre-deposit winners selected October 13th at 00:00 UTC. [Pre-deposit here](https://predeposit.synthetix.io/)

**Synthetix Mainnet** is launching multi-collateral margin trading, allowing users to deposit portfolios of assets as collateral while keeping them productive. **Three supported collateral types:** - **sUSDe** - Ethena's yield-bearing synthetic USD stablecoin - **wstETH** - Lido's liquid staked ETH - **cbBTC** - Coinbase's Wrapped Bitcoin **Key benefits:** - Trade without selling underlying assets - Retain upside potential and yield generation - Improved capital efficiency - Lower capital gains implications The architecture supports any ERC-20 token with sufficient Ethereum liquidity, opening opportunities for partnerships with core Ethereum protocols and positioning Synthetix perps as a critical tool in the ETH ecosystem. Read more: [Multi-Collateral Margin Blog](https://blog.synthetix.io/multi-collateral-margin-on-synthetix-mainnet/)

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 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.