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 sooner and cheaper execution was compelling, the fact fell quick. Liquidity turned fragmented, communities splintered, and infrastructure proved unreliable.
Synthetix confronted frequent downtime resulting from unstable rollup infrastructure. Arbitrum turned little greater than a bridge to alt-L1 rivals. And as critical 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 will 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 change constructed natively on Ethereum, the world’s most safe good 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 part of us on Ethereum for early deposit vaults, factors rewards, and what we imagine will likely be a very powerful stage of the protocol so far.
Beneath is all the pieces it’s good to know concerning the deprecation timeline, how you can 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 Have to 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 will have minimal affect on present customers.
In the event you beforehand supplied liquidity on Arbitrum and haven’t withdrawn your collateral, you need to pay again any debt and declare your collateral inside the subsequent 6 months.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 be capable of shut positions however not open new ones. Funding charges could also be risky throughout this era.All markets will likely be deprecated on July 7. Margin will likely 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.If in case 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 supply assist in DMs or in exterior servers. Leverage TokensLeverage Tokens will turn out to be redeem-only on June 30. You won’t be able to mint new tokens after this date.Leverage Tokens will likely be totally deprecated on July 7, and any remaining worth returned to merchants.We advocate redeeming your tokens earlier than this deadline to keep away from delays or uncertainty throughout deprecation.
Liquidity Suppliers
LP vaults have not too long ago stopped accepting new deposits.Please withdraw LP collateral by July 7. Remaining LP positions will likely be liquidated on July 7. LPs who haven’t withdrawn by this time may have their collateral returned by the treasury.
What About Optimism?
Optimism’s time will come, will come, however not in the present day.
There aren’t any modifications to Synthetix on Optimism at the moment. If you’re buying and selling on Optimism, we advocate subscribing to this weblog and following our Twitter to remain up to date on future modifications.
sUSD will play a vital function within the Synthetix Mainnet system, and sUSD holders will likely be incentivized emigrate their holdings to mainnet and take part within the upcoming L1 perps system. To start, sUSD will likely be accepted for early deposits in Synthetix Mainnet Vaults. Extra instruments and incentives to assist sUSD holders on Optimism bridge their sUSD to Synthetix Mainnet will likely be introduced within the coming weeks.
Trying Forward
Ethereum Mainnet is now the only focus of protocol improvement. Merchants and LPs are inspired emigrate belongings to Ethereum Mainnet with us, the place you may take part in:
Early deposit vaults for sUSD and sUSDeIncentives for early members by 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 tip of June, 2025.
Observe Synthetix carefully as we speedrun to mainnet:
