August 6, 2025
The next publish accommodates a recap of reports, tasks, and essential updates from the Spartan Council and Core Contributors from final week.
👉TLDR
Synthetix MainnetICYMI: Synthetix is launching the primary Ethereum Mainnet settled CLOB (central restrict order e book) perp exchangeTarget launch: Early Q4Supports gasless buying and selling, subaccounts, multi-collateral (wstETH, cbBTC, sUSDe), and dealer privacyBuilt for efficiency: ~100k TPS and <50ms commerce latencyPart of broader pivot kicked off by SR-2: new workforce, OG management, full-stack technique, L2s phased outDeprecating Leveraged Tokens on OptimismAugust 4: Minting disabledAugust 4 — August 11: Last redemption window (positions could be manually closed)August 11: Redemption window closes & remaining tokens shall be liquidatedsUSD airdrops will observe based mostly on ultimate token balances
Spartan Council and SIP updates
Beginning off with the large one: Synthetix returning to Ethereum Mainnet. As we’ve mentioned in earlier posts, and after years of pushing boundaries on L2s, the protocol is heading again to its roots to launch a high-performance perpetual futures change instantly on Ethereum. The upcoming change makes use of a hybrid structure with off-chain matching and on-chain custody — giving merchants CEX-level efficiency with out compromising on decentralization or belief assumptions.
The goal launch is early This autumn, and the brand new design displays years of studying from operating a perps AMM. It’s quick, composable, non-custodial, and constructed for severe quantity.
The return to Mainnet isn’t simply symbolic — it’s strategic. Ethereum nonetheless holds over half of all DeFi TVL, and it’s the place the deepest liquidity and most battle-tested apps reside. Deploying a perp change on L1 means on the spot composability with protocols like Uniswap, Curve, and Aave, with no bridges and no fragmentation.
The product will help multi-collateral and cross-margin from day one, together with help for wstETH, cbBTC, and sUSDe. Subaccounts are additionally within the works for merchants trying to isolate methods or handle consumer funds. All of this shall be accessible by means of gasless buying and selling, privacy-preserving order books (Degree 2 information solely), and Mainnet-native deposits and withdrawals.
This newest push follows the reset initiated by SR-2 in late 2024. After years of grinding by means of decentralization-maxi experiments and AMM constraints, Synthetix has totally pivoted:
16 of 20 contributors on the present workforce joined within the final 12 monthsKain and Jordan are again, bringing strategic oversightSynthetix is now working as a full-stack protocol, proudly owning the frontend and buying and selling interfaceL2s are being phased out in favor of Mainnet, the place DeFi lives and breathes
At ETHcc, the workforce had a number of conversations that strengthened what many already suspected: folks need Synthetix to win. However the market wants greater than nostalgia — it wants supply. That is precisely what the workforce is now laser-focused on.
After all, the return to Mainnet is occurring simply because the CLOB (central restrict order e book) wars are heating up. Hyperliquid’s $13B breakout has made it clear that pace and UX nonetheless matter greater than maximalist beliefs. New rivals like Bullet, Ambient, Paradex, and Gasoline are coming into the sector with their very own variations on the hybrid mannequin.
And the widespread thread appears to be that everybody is making related trade-offs: off-chain matching engines, centralized sequencers, privateness concessions. What units Synthetix aside is the mix of expertise (5+ years in perps), deep understanding of protocol-level tradeoffs, and a refusal to compromise on core DeFi rules like composability and non-custodial entry.
Anticipate extra element quickly on the matching engine benchmarks (early numbers present ~100k TPS and <50ms commerce latency), deployment timelines, and testnet launches. The structure additionally leaves room for future upgrades, together with trust-minimized off-chain proofs powered by ZK tech like Succinct’s zkVM.
In parallel with the brand new construct, the L2 sundown continues. This week marks the deprecation of all leveraged tokens on Optimism, a part of the ultimate steps to totally retire Synthetix’s L2 deployments. Base and Arbitrum have already been sundown, and it’s time for Optimism. Right here’s the present timeline:
As of August 4th, minting has been disabledAugust 4th to August eleventh would be the ultimate redemption window the place you may manually shut positionsAugust eleventh is when the redemption window closes and any remaining tokens shall be liquidatedsUSD airdrops will exit inside a few weeks of liquidation, based mostly on ultimate token balances
So if you happen to’re nonetheless holding leveraged tokens, it’s strongly beneficial to redeem them in the course of the open window to keep away from counting on computerized liquidation.
Momentum is choosing up quick, and the workforce is transport rapidly. Anticipate common updates — Soonthetix Mainnet!
