Synthetix was one of many first protocols to launch on an Ethereum rollup again in 2021—a lifetime in the past in DeFi phrases. Whereas the promise of quicker and cheaper execution was compelling, the truth fell quick. Liquidity grew to become fragmented, communities splintered, and infrastructure proved unreliable.
Synthetix confronted frequent downtime as a consequence of unstable rollup infrastructure. Arbitrum grew to become little greater than a bridge to alt-L1 opponents. And as severe builders struggled to ship, the market drifted into memecoins and short-term narratives. Within the wake of the generalized rollup experiment, each Synthetix and the broader Ethereum neighborhood got here to a tough realization: we are able to do higher.
As Ethereum core builders refocused on scaling Layer 1, Synthetix started reassessing its strategy to derivatives. The reality? The market is saturated with perps DEXs scattered throughout customized rollups and sidechains. What it lacks, surprisingly, is a single high-performance perps alternate constructed natively on Ethereum, the world’s most safe sensible contract platform.
Synthetix is stepping as much as change that.
The L2 Celebration of Life Schedule
As a part of the transition to Synthetix Mainnet, all L2 deployments are being wound down. To assist merchants and LPs put together, we’ve put collectively a brief information. We hope you’ll be a part of us on Ethereum for early deposit vaults, factors rewards, and what we imagine shall be a very powerful stage of the protocol up to now.
Beneath is all the pieces it’s good to know concerning the deprecation timeline, easy methods to handle your positions, and what’s coming subsequent.
Base Deprecation Timeline
DateComponentActionJune 12LP vaultsNew deposits disabledJune 30Leverage TokensRedeem-onlyJuly 7Leverage TokensFully deprecatedJune 30Perpetual Futures (Perps)Shut-only modeJuly 7Perps & LP vaultsFully deprecated
What You Must Know
Arbitrum
Yesterday, the Synthetix deployment on Arbitrum was totally deprecated. This transfer comes a number of months after the preliminary wind down of Arbitrum buying and selling, and may have minimal affect on present customers.
When you beforehand supplied liquidity on Arbitrum and haven’t withdrawn your collateral, you will need to pay again any debt and declare your collateral throughout the subsequent 6 months. To say your collateral from the treasury, please go to us in Discord and open a assist ticket. For governance particulars, see particulars in SIP-416.
Base
Perpetual Futures
Perps enter close-only mode on June 30. You’ll have the ability to shut positions however not open new ones. Funding charges could also be risky throughout this era.All markets shall be deprecated on July 7. Margin shall be auto-returned in USDC after July 7 if not withdrawn, minus any debt owed. To keep away from delays, please shut positions and withdraw your margin earlier than this date.When you have questions or particular circumstances, please go to us in Discord and open a assist ticket. Please bear in mind core contributors won’t ever provide assist in DMs or in exterior servers. Leverage TokensLeverage Tokens will change into redeem-only on June 30. You won’t be able to mint new tokens after this date.Leverage Tokens shall be totally deprecated on July 7, and any remaining worth returned to merchants.We suggest redeeming your tokens earlier than this deadline to keep away from delays or uncertainty throughout deprecation.
Liquidity Suppliers
LP vaults have lately stopped accepting new deposits.Please withdraw LP collateral by July 7. Remaining LP positions shall be liquidated on July 7. LPs who haven’t withdrawn by this time can have their collateral returned by the treasury.
What About Optimism?
Optimism’s time will come, will come, however not at this time.
There are not any adjustments to Synthetix on Optimism presently. In case you are buying and selling on Optimism, we suggest subscribing to this weblog and following our Twitter to remain up to date on future adjustments.
sUSD will play an important function within the Synthetix Mainnet system, and sUSD holders shall be incentivized emigrate their holdings to mainnet and take part within the upcoming L1 perps system. To start, sUSD shall be accepted for early deposits in Synthetix Mainnet Vaults. Further instruments and incentives to assist sUSD holders on Optimism bridge their sUSD to Synthetix Mainnet shall be introduced within the coming weeks.
Wanting Forward
Ethereum Mainnet is now the only real focus of protocol improvement. Merchants and LPs are inspired emigrate belongings to Ethereum Mainnet with us, the place you’ll be able to take part in:
Early deposit vaults for sUSD and sUSDeIncentives for early contributors via the Synthetix factors programEarly perps entry and gated buying and selling competitions (with invite code)
Search for the early deposit marketing campaign earlier than the top of June, 2025.
Comply with Synthetix carefully as we speedrun to mainnet:
