Synthetix Network officially announces that its classic perpetual contract DEX has returned to the Ethereum mainnet. This marks Synthetix’s first return to Ethereum Layer-1 since migrating to Layer-2 networks in 2022 due to Gas cost issues. The team believes that with the ongoing Ethereum scalability upgrades, the mainnet is once again capable of supporting perpetual contract trading.
According to the official announcement released on December 19, Synthetix Perps has launched on the Ethereum mainnet but is currently still in internal testing. This version supports perpetual contract trading for Bitcoin, Ethereum, and Solana, with leverage up to 50x. Initially, it is only open to 500 users, mainly contributors, stakers, and experienced traders. The deposit limit per account is 40,000 USDT, and withdrawals are not supported during the initial phase of mainnet launch. It is expected to open within about a week after the team completes on-chain fund monitoring.
Synthetix states that the current mainnet version is just an early form. In the coming months, the protocol will add new trading markets weekly, gradually increase leverage and deposit limits, and introduce more advanced trading features. This return also follows the team’s internal restructuring, with founders Kain Warwick and Jordan Momtazi resuming core leadership roles.
In 2022, Synthetix left the mainnet due to high Ethereum Gas fees, which were unfavorable for high-frequency and derivatives trading, and migrated to Layer-2 networks such as Optimism, Arbitrum, and Base. However, the team points out that over time, issues like cross-chain liquidity fragmentation and fragmented user experience have become apparent.
The new Synthetix architecture adopts an off-chain order matching and on-chain settlement model, with user assets always custody on the Ethereum mainnet. Trades are settled on Layer-1, and withdrawals are permissionless. This design ensures Ethereum’s security and composability while providing a lower-latency trading experience. Coupled with recent mainnet upgrades (such as Fusaka) that have reduced Gas costs, the team believes Ethereum has once again become an ideal infrastructure for perpetual contract DEXs.
Looking ahead, Synthetix plans to expand to multi-collateral staking, more order types, real-world asset (RWA) markets, and deepen integration with the Ethereum DeFi ecosystem by 2026. This return to the Ethereum mainnet is seen as a key bet by Synthetix on the long-term value of Layer-1 perpetual contracts, Ethereum DEXs, and decentralized derivatives.
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