Synthetix has grown and developed over the previous six years—from humble beginnings as a pioneer of artificial property to turning into the premier alternative for liquidity and derivatives infrastructure, powering over half a dozen platforms throughout main blockchains.
Our group, which is on the coronary heart of all the things 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 provides perception into our present and near-future multi-chain technique. An extended-form roadmap shall 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 consists of stataUSDC (non-rebasing Aave aUSDC) and USDC, which merchants use as margin collateral. Resulting from this USDC focus, solely USDC-denominated property can be found for lending presently.
We’re enthusiastic about upcoming Multi-collateral Perps contracts on Arbitrum, which, alongside accepting non-USDC dealer margin collateral, will enable us to considerably develop open curiosity (OI) throughout long-tail property. As soon as dwell, we’ll prioritize this improve on Base, which is at present 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 shall be open-source to fulfill grant necessities. A full roadmap and timeline will observe quickly.
Arbitrum
Synthetix V3 on Arbitrum is nearly right here (keep tuned), providing multi-collateral liquidity positions and dealer margin assist.
Present supported collateral consists of:
WETHARBUSDCUSDeEtherFi weETHLido wstETH
Governance has additionally authorised 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 provides the prospect to mint USDx towards collateral and unlock unprecedented capital effectivity, whereas incomes Perps buying and selling charges. We’ll progressively elevate 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 charge via 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 Huge “Freaking” Perps (BFP) product.
BFP contracts are optimized for L1 execution, and supply a framework for delta-neutral yield vaults to again a completely decentralized, Ethena-style stablecoin. We consider BFP would be the most effective and cost-effective platform for leverage on Mainnet.
At present dwell on testnet, BFP contracts are being developed with a number of integrators for buying and selling frontends and vault interfaces. In case you’re an integrator seeking to leverage the subsequent technology of Synthetix perps on Mainnet, now’s the time to get in contact!
Optimism
Perps V2 is dwell 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.
Energetic 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 charge, 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 develop to Base and Arbitrum. OP-only growth shall be deprioritized as we push towards broader chain integration.
SNAX Chain
As Synthetix expands, the subsequent logical step is launching our personal blockchain—SNAX Chain—constructed on the Optimism Superchain.
The primary section started with migrating governance features 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 centered on the subsequent section of growth.
SNAX Chain will turn out to be the brand new dwelling for SNX staking and cross-chain price assortment, changing Optimism and Ethereum Mainnet. This migration shall be incentivized via a revised SNX worth accrual mechanism, dwelling on SNAX Chain.
Finally, 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 an in depth, we’re excited for the subsequent section of our multi-chain deployments. Observe us on X with notifications on and our new announcement channel on Telegram to get the most recent information about our upcoming releases.
