Synthetix Launches First Perps DEX on Ethereum Mainnet

Synthetix has launched the first perpetuals decentralized exchange (perps DEX) on the Ethereum Mainnet, marking a significant shift back to the most secure settlement layer in decentralized finance (DeFi). This move comes after Synthetix initially shifted its focus from the Ethereum Mainnet to Layer 2 solutions like Optimism in 2019 due to scalability concerns. The return to the Mainnet is aimed at rebuilding the trading infrastructure, enhancing user experience, and unifying liquidity across the platform.

The launch of the perps DEX on the Ethereum Mainnet addresses a critical gap in DeFi infrastructure. Developers highlighted liquidity fragmentation as a major drawback of Layer 2 expansion, which drove the decision to return to the Mainnet. This shift leverages Ethereum’s unmatched settlement assurance and follows a renewed focus from validators, developers, and Ethereum co-founder Vitalik Buterin on strengthening Mainnet adoption. Synthetix joins a select group of protocols, such as EigenLayer and Ethena, that have launched directly on the Mainnet in recent years.

Synthetix’s new perps exchange on the Mainnet is designed to compete with centralized exchanges by prioritizing user experience. The protocol has acknowledged that its previous focus on decentralization at the expense of ease-of-use limited its growth to a niche audience. To address this, Synthetix has redesigned its staking mechanism, simplified onboarding, and eliminated legacy pools. The updated staking model allows users to stake SNX and earn protocol fees without managing debt, making the process more accessible.

Key architectural changes include off-chain order matching combined with on-chain custody and settlement. This hybrid model maintains decentralization while delivering performance. Orderbooks will replace automated market makers (AMMs), reflecting lessons learned about liquidity depth and trader expectations. These changes align with the broader industry push for institutional-grade DeFi products, aiming to attract a wider user base and enhance the overall trading experience.

The updated protocol restores sUSD as a central stablecoin with a renewed focus on utility and liquidity provision. Synthetix now mints sUSD through its Treasury Market, which handles dynamic issuance, burns, and peg maintenance. This shift removes the need for stakers to mint debt, making participation simpler and more accessible. sUSD will serve as the core deposit asset for liquidity providers on the new exchange, allowing traders and market makers to earn yield through trading fees and liquidation events. Additionally, sUSD will back pre-deposit campaigns that reward early participants in the launch phase, aiming to restore confidence in the stablecoin and position it as a foundational element of the upcoming trading ecosystem.

Synthetix has planned a reward-based early access system to attract liquidity and activity before the full deployment of the new perps DEX. Phase 0 of the relaunch will begin this month, with early sUSD and sUSDe depositors gaining invite codes for access to testnet and mainnet trading competitions. SNX incentives will be tied to performance, referrals, and participation. This phase also introduces a points-based reward system, where points convert to SNX rewards during the full launch. Initial deposits and invite code distributions will occur before the Ethereum Community Conference (ETH CC), targeting power users and partners to ensure robust engagement ahead of Mainnet trading.

Synthetix’s return to the Ethereum Mainnet marks a pivotal moment in DeFi. The launch of the first perps DEX on the Ethereum Mainnet challenges both centralized exchanges and the Layer 2-first approach. By refocusing on user experience, protocol simplicity, and Mainnet reliability, Synthetix sets the stage for a new wave of on-chain trading. This shift reflects growing confidence in Ethereum’s core infrastructure and a renewed push toward unified liquidity. With SNX staking revamped, sUSD utility restored, and reward incentives live, Synthetix is prepared to reassert its role as a DeFi pioneer. The upcoming launch signals a return to Ethereum roots and a commitment to building where DeFi began.