Synthetix Perps Data Report - February 6th, 2024

**Synthetix Trading Competition** eligibility list is now live with 100 confirmed participants competing for a **$1M top prize**. **Key Details:** - Competition starts **October 20 at 23:59 UTC** - Full wallet list available in [Google Sheets](https://docs.google.com/spreadsheets/d/1G0dCwVA2e0LXVnUZPirevAC2n_0Yhw5WuFNqV6D30oQ/edit?usp=sharing) - Eligible traders must contact [Synthetix Help Center](https://support.synthetix.io/) for details **Competition Structure:** - 50 invite-only spots for top crypto traders - 35 spots for pre-depositors (top 20 sUSD + top 10 sUSDe depositors) - 15 spots for Synthetix community members This marks Synthetix's return to **Ethereum Mainnet** with the first native perp DEX, featuring gasless trading and private order data. **Join the discussion:** - [Discord](https://discord.gg/synthetix) - [Telegram](https://t.me/synthetix_dao)

**Synthetix Mainnet Trading Competition Round 2** kicks off with a high-stakes rematch between prominent crypto traders @kaiynne and @crypto_bitlord7. The competition features: - **100 top crypto traders** competing head-to-head - **$1,000,000 top prize** up for grabs - **Leverage trading** on Synthetix's mainnet platform This marks the second face-off between these two well-known traders, building on the momentum from their previous competition. The event showcases Synthetix's synthetic asset trading capabilities while bringing together some of crypto Twitter's most recognized trading personalities. *Follow the competition to see who claims the million-dollar prize.*

**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)