Synthetix has grown and developed over the previous six years—from humble beginnings as a pioneer of artificial belongings to turning into the premier alternative for liquidity and derivatives infrastructure, powering over half a dozen platforms throughout main blockchains.
Our neighborhood, which is on the coronary heart of every little thing we do, has requested for a consolidated view of what has been constructed on every chain, what’s coming, and what to get enthusiastic about. This report presents perception into our present and near-future multi-chain technique. An extended-form roadmap might be shared quickly.
Base
The house of our first deployment of Synthetix V3, Base is USDC-denominated for each LPs and merchants. Supported LP collateral contains stataUSDC (non-rebasing Aave aUSDC) and USDC, which merchants use as margin collateral. Because of this USDC focus, solely USDC-denominated belongings can be found for lending at the moment.
We’re enthusiastic about upcoming Multi-collateral Perps contracts on Arbitrum, which, alongside accepting non-USDC dealer margin collateral, will enable us to considerably broaden open curiosity (OI) throughout long-tail belongings. As soon as stay, we’ll prioritize this improve on Base, which is presently present process checks on Base Sepolia testnet. Keep tuned for extra particulars on migration and integration updates.
In parallel, Kwenta is working towards an open beta of Orderbook Perps, concentrating on a late October launch, aligned with Optimism’s Mission Request timelines. The work might be open-source to satisfy grant necessities. A full roadmap and timeline will observe quickly.
Arbitrum
Synthetix V3 on Arbitrum is sort of right here (keep tuned), providing multi-collateral liquidity positions and dealer margin assist.
Present supported collateral contains:
- WETH
- ARB
- USDC
- USDe
- EtherFi weETH
- Lido wstETH
Governance has additionally accredited new LP additions:
- stataUSDT (Aave interest-bearing USDT)
- stataUSDC (Aave interest-bearing USDC)
- Ethena sUSDe
Kwenta will combine as the primary frontend for Multi-collateral Perps, turning into the primary Perps DEX to assist multi-collateral margin throughout any EVM chain.
Merchants on Arbitrum can use WETH, tBTC, SOL, USDe, and USDx as margin collateral. We additionally plan to introduce yield-bearing collateral like weETH, wstETH, and sUSDe quickly.
For liquidity suppliers, Arbitrum presents the possibility to mint USDx towards collateral and unlock unprecedented capital effectivity, whereas incomes Perps buying and selling charges. We’ll regularly increase USDx provide caps as demand grows and its use in different DeFi protocols will increase.
Mainnet
Synthetix V3 is now deployed on Ethereum Mainnet, with the Treasury Council migrating their staking positions. V2 stakers can migrate their positions and sUSD (quickly to be renamed “Legacy sUSD”) at a 1:1 price by way of the LP app, which additionally manages Mainnet positions.
V2 stakers will nonetheless earn charges from Perps V2, however migrating to V3 positions will present entry to our upcoming Massive “Freaking” Perps (BFP) product.
BFP contracts are optimized for L1 execution, and provide a framework for delta-neutral yield vaults to again a completely decentralized, Ethena-style stablecoin. We imagine BFP would be the best and cost-effective platform for leverage on Mainnet.
Presently stay on testnet, BFP contracts are being developed with a number of integrators for buying and selling frontends and vault interfaces. When you’re an integrator seeking to leverage the following technology of Synthetix perps on Mainnet, now’s the time to get in contact!
Optimism
Perps V2 is stay on Optimism, with SNX stakers offering liquidity. SNX stakers mint sUSD, which can be utilized for buying and selling perps, minting leveraged tokens, buying and selling parimutual markets, and incomes yield.
Lively platforms embrace:
As we wrap up the Mainnet V3 migration, we’ll shift our focus to migrating Optimism to V3. SNX stakers will be capable of migrate their positions and sUSD to the brand new contract at a 1:1 price, with sUSD used for debt administration of LP positions. Optimism will proceed to assist Perps V2, with SNX LPs incomes charges.
With the Superchain technique evolving, it’s essential that integrators broaden to Base and Arbitrum. OP-only growth might be deprioritized as we push towards broader chain integration.
SNAX Chain
As Synthetix expands, the following logical step is launching our personal blockchain—SNAX Chain—constructed on the Optimism Superchain.
The primary section started with migrating governance capabilities throughout a number of chains, utilizing Wormhole messaging for each EVM and non-EVM deployments. The primary election cycle has concluded, and we’re now targeted on the following section of growth.
SNAX Chain will turn into the brand new dwelling for SNX staking and cross-chain price assortment, changing Optimism and Ethereum Mainnet. This migration might be incentivized by way of a revised SNX worth accrual mechanism, dwelling on SNAX Chain.
Ultimately, SNAX Chain will assist cross-chain liquidity, leveraging pooled liquidity throughout a number of chains. Optimism’s interoperability will allow Synthetix to share liquidity throughout Superchain deployments, making SNAX Chain the hub for yield technology within the Synthetix ecosystem.
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As Q3 involves a detailed, we’re excited for the following section of our multi-chain deployments. Comply with us on X with notifications on and our new announcement channel on Telegram to get the most recent information about our upcoming releases.
